Luxury Goods Market Will Grow due to Economic Growth and Rising Incomes and Wealth | Kering SA, Loral International, Luxottica Group S.P.A., Prada S.P.A.

Luxury goods are items that are not considered essential for everyday life but are desired for their high quality, exclusivity, and/or desirability. Luxury goods are often seen as status symbols and can include items such as clothing, jewelry, watches, cars, homes, and vacations.

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Key Trends

Some key luxury goods technology trends include:
1. Increased use of mobile devices and apps for shopping and research purposes.
2. Increased use of social media for marketing and product discovery.

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Key Drivers

The main drivers of the luxury goods market are economic growth, rising incomes and wealth, and increased global tourism.

Economic growth leads to increased demand for luxury goods, as people have more money to spend.
Rising incomes and wealth also lead to increased demand for luxury goods, as people have more money to spend on discretionary items.
Increased global tourism leads to increased demand for luxury goods, as people from all over the world visit luxury destinations and purchase luxury items.

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Market Segments

The luxury goods market is segmented by type, mode of sale, gender, and region. By type, the market is classified into accessories, cosmetics, fine wines, and others. Based on mode of sale, it is bifurcated into retail, and online. On the basis of gender, it is divided into male, and female. Region-wise, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.

Key Players

The global luxury goods market includes players such as Compagnie Financiere Richemont SA, Kering SA, Loral International, Luxottica Group S.P.A., Lvmh Group, Prada S.P.A., Ralph Lauren Corporation, Shiseido Company Ltd, Swatch Group, The Estee Lauder Companies Inc, and others.

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