Luxury goods are considered to have high income elasticity of demand as people tend to buy these as they become wealthier. Significant growth of the online distribution channel is expected to change the role of physical stores in the near future. Brands or companies need to restructure themselves better to engage with customers. Luxury brands are expected to transform stores into places that feel like home for online buyers. Sales person in offline stores need to occupy customers in a sincere dialogue so that customers buy from physical stores.
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The global luxury goods market is projected to expand at a high CAGR during the forecast period. Demand for luxury goods is anticipated to increase due to factors such as rise in urban population, improvement in economic conditions/increase in disposable income, surge in online sales, changing lifestyles and behavior of consumers, change in packaging designs, and attractive marketing strategies. Furthermore, the disposable income of an individuals has increased and due to which people are living an improved lifestyle in developing countries such as China, and India. Disposable income influences decision making among individuals and people tend to buy stylish and new luxury products at premium prices.
Furthermore, increased disposable of individuals allows customers to spend on luxury products and on attractive lifestyle which leads to increased sales of luxury accessories and travel goods. Urban culture stimulates an individual’s living style. The standard of living of the global population is rising due to increase in disposable income, surge in corporate culture, and upgrade in lifestyles. Global expansion and increase in the corporate entities in developing nations has promoted the use of exclusive and luxurious products among consumers. Furthermore, customers in developing countries are gaining importance of personal appearance such as stylish clothes, products etc. These factors have induced companies to manufacture products such as apparels, jewelry, accessories, and cosmetics that are expensive, stylish, and represent a status symbol in a society. Increase in cost of raw materials is expected to act as a restraint to of the global luxury goods market. Rise in air traffic and untapped markets in Asia Pacific, Latin America, and Middle East & Africa are likely to boost the growth of the global market.
The global luxury goods market can be segmented based on end-user, product type, distribution channel, and region. In terms of end-user, the global market can be bifurcated into men and women. The women luxury goods segment generates higher revenue than the men luxury goods segment. Based on product type, the global luxury goods market can be classified into jewelry & timepieces, designer apparels, accessories, fine wines/champagne, cosmetics and spirits, travel goods, and others. In terms of distribution channel, the global market can be categorized into online and offline. The offline segment can be divided into boutiques, hypermarkets, and specialty stores. In terms of region, the global luxury goods market can be segmented into North America, Middle East & Africa, Europe, Asia Pacific, and South America.
Key players in the global luxury goods market include Compagnie Financire Richemont SA, Kering SA, Girard-Perregaux, L’Oreal Group, Luxottica Group, LVMH Moët Hennessy Louis Vuitton SE, Prada S.p.A., Ralph Lauren Corporation, Shiseido Company, Limited, Swatch Group AG, and The Estée Lauder Companies, Inc. These players focus on innovation in design, type, and texture of luxury goods to remain competitive in the market. New product launch and acquisition are the key strategies adopted by luxury goods manufacturers to meet consumer requirements and increase consumer base. Furthermore, the companies introduce exciting offers to promote their products and adopt new marketing strategies to attract consumers.
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