Personal Luxury Goods Market in the US 2015-2019
About personal luxury goods
Personal luxury goods include luxury items used for personal use. Luxury could be defined by different individuals differently based on perceptions about products which could give them comfort and pleasure. On a larger scale, luxury is sometimes defined as products that have quality and have a high value attached to them. Luxury goods are products and services that are associated with affluence. The demand for luxury goods tends to increase more than proportionately as the income of an individual increases. However, with booming availability and accessibility of products at a lower price point and mass distribution, the concept of luxury goods has been refined. As economy grows, the personal luxury goods, which cover half of the luxury goods, are seeing a growing demand.
Technavio’s analysts forecast the personal luxury goods market in the US to grow at a CAGR of 5.00% during 2014-2019.
Covered in this report
The report covers the present scenario and the growth prospects of personal luxury goods market in the US for 2015-2019. To calculate the market size, the report considers revenue generated from sales of personal luxury goods in the market.
The market is divided into the following segments based on product:
Technavio Announces the Publication of its Research Report – Personal Luxury Goods Market in US 2015-2019
Technavio recognizes the following companies as the key players in the Personal Luxury Goods Market in US: Christian Dior, Estée Lauder, Loreal, Luxottica, LVMH and Ralph Lauren
Other Prominent Vendors in the market are: Burberry, Breitling, Chanel, Coach, Giorgio Armani, Kate Spade, Kering, Nina Ricci, Prada, Richemont, Swatch, Tiffany, and Valentino.
Commenting on the report, an analyst from Technavio’s team said: “There is an emerging group of customers that could give the US luxury market a boost. It is the new group of metrosexual men. With the rise of the metrosexual customer, certain luxury categories that were traditionally focused on women have started to focus on male customers. In the field of super-premium fragrances, the retail volume of men’s fragrances has risen relatively faster than that of women.”
According to the report, the growth of the personal luxury goods in the US market is expected to be driven by increasing tourist spending in the country and high disposable income.
Further, the report states that the market will likely encounter weak sales over the next five years with increasing adoption of sensible spending by the US population. Increased price differentials due to currency fluctuations and aging baby boomers will also negatively affect market growth during the forecast period.
Christian Dior, Estée Lauder, Loreal, Luxottica, LVMH, Ralph Lauren, Burberry, Breitling, Chanel, Coach, Giorgio Armani, Kate Spade, Kering, Nina Ricci, Prada, Richemont, Swatch, Tiffany, Valentino.
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