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Luxury Goods Market Dynamics, Industry Projections, Trends, Forecast 202; Europe Leads Luxury Goods Market in Terms of Revenue Contribution
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Leather Goods and Apparels Hold a Dominant Share in Global Luxury Goods Market
In terms of product, the report segments the market into apparels and leather goods, luxury watches and jewelry, wines/campaigns and spirits, fragrances, luxury personal care and cosmetics, and others. At present, the segment of leather goods and apparels is the top segment in the market for luxury goods and is trailed by the segment of luxury jewelry and watches. The companies operating in the luxury goods market are presenting numerous affordable and sophisticated goods for capturing the attention of huge count of customers in all the key segments.
Proliferation of High-End Departmental Stores to Bode Well for Market Growth
In terms of geography, the market is segmented into Europe, North America, Asia Pacific, and Rest of the World (RoW). Of these, the Europe luxury goods market holds the most dominant share and is trailed by North America. Europe is predicted to maintain its superiority all through the forecast period. This is owing to the fact that Europe is considered to be amongst the top destination for international and domestic luxury good consumers. In addition, the proliferation of high-end departmental stores and online stores within Europe will also boost the development of the market in this region. On the other hand, Asia Pacific and RoW are also swiftly developing markets, and had a huge number of high net worth customers in the past five years. The customers residing in these regions have huge purchasing power and are aware about the latest trends and fashions.
The prominent players in the global luxury goods market are LVMH Group, Kering S.A., Rolex S.A., Revlon Inc., Tiffany & Co., L’Oreal Group, Prada S.p.A, Coty Inc., and The Swatch Group Ltd., Hermes International SCA, Compagnie Financière Richemont S.A., Burberry Group plc, Avon Products Inc., and Graff Diamonds, among others.
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