Luxury Goods Market Recent Trends, In-depth Analysis, Market Size Research Report Forecast up to 2024 Leading By LOral International, LVMH Group, Kering SA, The Shiseido Company, Ltd., Prada S.p.A.

The main objective of this report is to define, describe, and forecast the global “Luxury Goods” market on the basis of types of applications, major sectors, deployment models, organization size, and regions. The report contains an analysis of the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges). It aims to strategically analyze the micromarkets with respect to individual growth trends, prospects, and their contribution to the market. The report attempts to forecast the market size for 5 major regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. It contains key vendor profiles and comprehensively analyzes their core competencies. The report also tracks and analyzes competitive developments, including partnerships, collaborations, acquisitions, new product developments, and R&D activities in the market. According to report the global luxury goods market is projected to grow at a CAGR of 2.9% over the forecast period of 2018-2024.

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Growing disposable income is boosting the growth of this market

Growing disposable income of an individual is the main influencing factor for the luxury goods industry. It allows the consumer to spend more on luxury items. The demand for luxury goods is projected to increase, considering the further rise in disposable income. Additionally, the growth of financial services is helping the potential consumer to purchase these articles at easy payment options. This is helping to increase the affordability by several consumers.

Growing urbanization and continually improving the lifestyle of urban people

Growing urban population with a deep pocket is one of boosting factor for the growth of the luxury products market. Urban culture influences the individuals living style. As per data released by the United Nations, about 54% of the world's population was living in the urban areas in 2014, and it is expected that more population will shift in urban areas during the forecast period. Additionally, after shifting from rural to urban area they try to change their lifestyle through several luxurious items which were not available in the rural area.  Hence this factor is helping to grow this market globally. 

Europe to influence the Global luxury goods market through 2018-2024

Europe dominates the global market for luxury goods. It is expected that during the forecasted period Europe will maintain its dominance in this market. As Europe is considered one of the best market for costly fashion and luxury brands items, due to the fondness of European people towards luxury goods and precious items. In addition, the rising number of high-end departmental stores and increasing use of online stores within Europe will further benefit the market to gain traction. Additionally, Asia Pacific’s luxury goods market is growing at the highest CAGR, due to the growing number of neo-rich, increasing disposable income among middle-class consumers, the growth of financial services. Additionally, several luxury brands companies are approaching towards Asia-Pacific due to low manufacturing cost, and growing market of luxuries items are helping to boost the market. Further, advertisement companies are targeting these middle-class people for their luxurious products, which is inducing the demand for luxury goods in these regions.

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Kingaru Sleep Expanded its portfolio with Launch of Pillows and a Duvet

October 2018, Kingaru Sleep, Asia’s largest online luxury mattress startup, launched its new pillows and Duvet. Kingaru Sleep furthers Kingaru’s luxury sleep experience with 100% cotton pillows in two sizes as well as a duvet. Both feature the same level of craftsmanship and quality that people have come to expect from Kingaru. With this introduction, Kingaru Sleep becomes one of the first online mattress companies to include organic fabrics as part of its brand offering.

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