Global Luxury Goods Market 2020 (Includes Business Impact of COVID-19)

                                          
“Global Luxury Goods Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by Trusted Business Insights. The global luxury goods market report has been segmented as per product type, end user, and region.

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Global Luxury Goods Market: Overview

Luxury goods refers to products with superior quality. These products have unique craftsmanship and exclusivity that attract consumers towards these products. The luxury goods are highly desired by consumers and individuals to raise their social status and self-worth. These products are widely available and can be purchased through various sales channel such as wholesale, retail, or e-commerce.

Global Luxury Goods Market: Dynamics

Increasing number of high-net-worth individuals across the globe, rising disposable income of individuals, and rising spending on luxury goods are major factors fueling growth of the global market. In addition, increasing consumer preference towards various luxury products such as jewelry, fragrance and perfumes, cosmetics, apparels, and many more due to improved standard of living and lifestyle is a key factor expected to drive growth of the target market.

Increasing penetration of e-commerce industry along with rising number of smartphone users across the globe resulting in growing demand for various luxury products are some other factors expected to proliferate growth of the global market over the forecast period. In addition, rising inclination towards purchase of luxury products among jewelry, cosmetics, watches, wine and spirit products across the globe owing to their premium quality, uniqueness in design, and socioeconomic importance is another key factor expected to support growth of the global luxury goods market during the forecast period.

Furthermore, rising product advertisement through social media and increasing awareness about personal appearance are other factors expected to propel growth of the target market in next 10 years.

However, rising availability of counterfeit products in the market, economic turbulence in developed and developing countries across the globe, and currency depreciation are some key factors may restraint growth of the global market.

Global Luxury Goods Market: Segment Analysis

Preference shift towards the designer wear apparels, increased disposable income, and increasing awareness about social status among individuals across the globe are primary factors driving revenue growth of the apparels and leather goods segment among product type segment.

Among end user segment, female segment is expected to account for significant growth in the global luxury goods market, owing to increasing demand for various luxury products among female population such as cosmetics products, apparels and leather goods, and jewelry and watches as per current fashion trends across the globe.

Global Luxury Goods Market: Region Analysis

The market in Europe is expected to dominate in the global market in terms of revenue during the forecast period followed by market in the North America, owing to high disposable income among individuals, high spending capacity on luxury products, and wide availability of luxury goods in countries such as Germany, France, US, and Canada in the region. Market in Asia Pacific is expected to register a significant growth in the global market followed by market in Latin America and Middle East & Africa, owing to rising spending on luxury goods by individuals, growing E-commerce industry, and increasing consumer base in countries in these regions.

Global Luxury Goods Market Segmentation:

Segmentation by product type:

Apparels and Leather Goods
Jewelry and Watches
Cosmetics and Personal Care Products
Champagne/Wine and Spirits

Segmentation by end user:

Female
Male