Press release
High-End Report of Luxury Goods Industry in USA
Luxury Goods Market that thrives on its Elite position in the luxury business
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Segmentation
Based on the product type, the market for luxury goods is divided into watches & jewelry, perfumes & cosmetics, clothing, bags/purses, and others. Out of these, the clothing segment earned 28.79% in terms of share in 2019. By end-users, it is divided into men and women. On the basis of distribution, it is segmented into online and offline. In terms of geography, the market is categorized into North America, South America, Europe, Asia Pacific, and the Middle East & Africa.
Highlights of the Report
The report gives a thorough analysis of the latest market trends, top market segments, and factors that are majorly driving the market. The different market segments and their regional analysis are also comprehensively discussed in the report. Additionally, the report talks about the dominant strategies adopted by key market players and the impact of COVID-19 on the market.
Drivers and Restraints
Rising Demand for Sustainable Products to Promote Market Growth
The new trend of sustainable products is making its mark in the luxury business. Leathers made from plants and fruits, such as pineapple are used to make jackets, shoes, and handbags replacing the use of animal leather.
Top luxury goods manufacturers, such as Prada signed an agreement with Credit Agricola Group to lower the usage of water and electricity. It is using safer raw materials to manufacture its products. It also promotes the usage of regenerated nylon. Such sustainable measures taken by these companies will benefit them in the longer run due to the current climatic crisis around the world and thus these environment-friendly initiatives are expected to fuel the luxury goods market growth.
On the flip side, the availability of second-hand products and their dupes are negatively affecting the market.
Regional Insights
Europe to Hold Leading Market Position Stoked by Presence of Various Luxury Brands
The European market stood at USD 103.86 billion in terms of the luxury goods market share in 2019. It’s due to the presence of a large number of luxury brands in this region. As per a report by Savills Global Luxury Retail 2019 Outlook, London was on the list of top cities globally as it accounted for a total of 9.6% of the global luxury store openings in the year 2018. Paris was on number four in this list. This is positively promoting the luxury goods market in this region.
The Asia Pacific region, especially China's luxury goods consumption, is high. Last year, a U.K.-based luxury brand Burberry opened its first retail store in Shenzhen.
Competitive Landscape
New Collaborations and Product Launches by Key Players to Energize the Market
In an attempt to deepen their foothold in the market, several luxury good companies are engaging in innovative collaboration with different brands and organizations. These partnerships are enabling luxury brands to develop unique offerings for customers and widen their market reach. For example:
• In the year 2019, Chow Tai Fook Jewelry launched its new line of jewelry associated with Marvel. The line features Captain America, Doctor Strange, Thanos, Iron Man, Thor, and Avengers with 18k gold and silver jewelry.
• L’Oréal, in 2020, signed an agreement with Prada to collaborate over luxury beauty products that will come into the market in the near future.
Industry Development
October 2020: LVMH acquired Tiffany &co. for USD131.50 per share. By this acquisition, the company is expected to strengthen its range of luxury jewelry items.
List of Key Players Covered in the Luxury Goods Market Report:
• LVMH Moët Hennessy-Louis Vuitton SA (Paris, France)
• Compagnie Financière Richemont SA (Geneva, Switzerland)
• Kering SA C (Paris, France)
• Chow Tai Fook jewelry Group Limited (Central, Hong Kong)
• The Estée Lauder Companies Inc. (New York. U.S.)
• Luxottica Group SpA (Milan, Italy)
• The Swatch Group Ltd. (Biel / Bienne, Switzerland)
• L'Oréal Group (Clichy, France)
• Ralph Lauren Corporation (New York, U.S.)
• Shiseido Company Limited (Tokyo, Japan)
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