Dublin, Oct. 12, 2021 (GLOBE NEWSWIRE) -- The "Global Luxury Goods Markets, 2016-2020 & 2021-2026" report has been added to ResearchAndMarkets.com's offering.
The Global Luxury Goods Market valued at USD258.12 billion in 2020 and is expected to reach USD429.81billion in 2026, growing at a CAGR of 9.22% during the forecast period.
The Global Luxury Goods Market is driven by rising disposable income, increasing social media penetration, increasing per capita expenditure and evolution in fashion industry.
Moreover, globalization of entertainment industry through televisions shows and online video content has changed the consumer preferences toward the luxury goods across the globe. The demand for luxury goods has witnessed a considerable increase worldwide, due to various social, economic, and cultural changes across the globe.
The Global Luxury Goods Market is segmented on the basis of type, distribution channel, company, and region. In terms of type the jewelry & watches segment is dominating the Global Luxury Goods Market due to growing focus on changing lifestyle and latest fashion trends. However, cosmetics & fragrances segment is expected to grow at the fastest rate due to growing concerns regarding appearance and increasing aging population.
Europe is the leading market followed by North America and Asia-Pacific, due to the presence of large number of millennial consumers, strong economic condition and presence of various brands.
The major players operating in the Global Luxury Goods Market are LVMH Moet Hennessy Louis Vuitton, Compagnie Financiere Richemont SA, Kering, The Estee Lauder Companies Inc., L'Oreal S.A, and others. To remain competitive in the market companies are continuously engaging in mergers & acquisitions, store network expansion, new brands and product launches, and are shifting towards e-commerce and adopting other strategic developments.
In June 2021, Swatch Group introduced the first bio ceramic watch, which reflects a new era of sustainability and design in the watch industry. This latest bio ceramic watch is made from two-third ceramic and one-third bio-sourced plastic which is soft and silky to touch and resilient for everyday wear. Thus, the companies are introducing various models that suit the evolving consumer demand. Additionally, during the pandemic the companies were taking virtual initiatives to get closer to customers.
During March 2020, Prada Group opened two flagship stores, one for Prada brand and one for Miu Miu fashion label and these stores attracted approximately 47000 followers for Prada brand and 24000 followers for Miu Miu within couple of weeks after the launch. Likewise, during the coronavirus crisis, Gucci brand designed a new app to engage with customers which has variety of features including wall papers, video games, stickers, emojis and motifs and AR virtual try-on and virtual interior decorating capabilities.
The brand has also launched Spotify and playlists for customers with 'music to cook to' during quarantine. Nowadays, sustainability becomes a core value for luxury goods companies since fashion designers and companies have started adopting sustainability as a part of their corporate strategies, which is changing mindset in the industry.
Company Profiles: Detailed analysis of the major companies present in the Global Luxury Goods Market.
LVMH Moet Hennessy Louis Vuitton
Compagnie Financiere Richemont SA
The Estee Lauder Companies Inc.
The Swatch Group Ltd.
Years considered for this report:
Historical Years: 2016-2019
Base Year: 2020
Estimated Year: 2021E
Forecast Period: 2022F-2026F
Global Luxury Goods Market, By Type:
Jewelry & Watches
Clothing & Footwear
Bags & Accessories
Cosmetics & Fragrances
Global Luxury Goods Market, By Distribution Channel:
Others (Departmental Stores, Hypermarket/Supermarket, Multi-Branded Stores, etc.)
Global Luxury Goods Market, By Region:
Middle East and Africa
For more information about this report visit https://www.researchandmarkets.com/r/n91w7w
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