Luxury Goods Market Will Reflect Significant Growth during 2024 - 2031 | LVMH Group, Chanel, Burberry Group, Prada, Kering SA, Coty, Estée Lauder, L'Oréal S.A., Hermès International

Luxury goods are high-value products in terms of price and quality. These goods are mostly considered as status symbols for individuals. The global luxury goods market has significantly benefited from the economic growth in the Asia-Pacific and LAMEA regions. Increase in spending capacity of consumers and rise in living standards are expected to boost the market growth.

Countries in the developing regions, such as China, India, South Korea, UAE, and Brazil exhibit promising opportunities for luxury goods manufacturers. Increase in GDP along with growth in sales of luxury brands have boosted the market growth. The luxury goods industry has witnessed an upsurge in their demand in the recent years, owing to inclination of consumers towards luxury goods and increased preference for premium products over cost-effective products.

The global Luxury Goods market is estimated to grow at a CAGR of +7% during forecast period.

Ask for Free Sample Copy of this Report:
https://www.theresearchinsights.com/request_sample.php?id=524778

Top Key Players Profiled in this Report:
LVMH Group, Chanel LTD, Burberry Group PLC, Prada S.p.A, Kering SA, Coty Inc., Estée Lauder Companies Inc., Shiseido Company, Limited, L'Oréal S.A., Hermès International S.A., Audemars Piguet Holding SA, PATEK PHILIPPE SA, Rolex SA, Omega, RALPH LAUREN, Richemont S.A., Swarovski, Pandora Inc., Hugo Boss AG.

The low-income group of the population usually avoids investment in extravagant items. Being non-essential products, luxury products experienced a negative demand during the pandemic, as people struggled to purchase daily required goods.

The loss of employment and reduction in salaries led to changes in the income level of the working groups in the year 2020. Similarly, stay-at-home orders decreased the need to own such premium products. The lockdown also led to the cancellation or postponement of several fashion-related events and celebrations, impacting the demand for personal luxury goods. Besides, the cancellation of tours and trips also harmed the purchase of such products during travel, such as those purchased in duty-free shops on airports or cruises.

The increasing urbanization, changing lifestyles, and a growing aspirational consumer base have contributed to the region's prominence in luxury consumption. North American markets boast a strong appetite for luxury products, driven by high disposable income levels, a strong luxury retail presence, and a culture that values status and exclusivity.

The European Union (EU) is another prominent market insight, home to several iconic luxury brands and renowned fashion capitals like Paris and Milan. The EU's affluent consumers appreciate the rich heritage and craftsmanship associated with luxury products. Additionally, Latin America (LA) has shown potential, with countries like Brazil and Mexico exhibiting a taste for luxury fashion and premium products.

Get 30% Discount on this Report: https://www.theresearchinsights.com/ask_for_discount.php?id=524778

Luxury Goods Market Segmentation by Product:
• Apparels
• Watches
• Jewellery
• Handbags
• Perfumes & Cosmetics
• Footwear
• Others

Luxury Goods Market Segmentation by End-user:
• Men
• Women

Luxury Goods Market Segmentation by Distribution Channel:
• Online
• Offline

Luxury Goods Market by Regions:
• North America (United States, Canada and Mexico)
• Europe (Germany, France, UK, Russia and Italy)
• Asia-Pacific (China, Japan, Korea, India and Southeast Asia)
• South America (Brazil, Argentina, Colombia etc.)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)

Key Reasons to Buy this Report:
• Access to date statistics compiled by our researchers. These provide you with historical and forecast data, which is analyzed to tell you why your market is set to change
• This enables you to anticipate market changes to remain ahead of your competitors
• You will be able to copy data from the Excel spreadsheet straight into your marketing plans, business presentations, or other strategic documents
• The concise analysis, clear graph, and table format will enable you to pinpoint the information you require quickly
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry concerning recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market from various perspectives through Porters five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post-sales analyst support

Access Complete Report @:
https://www.theresearchinsights.com/checkout?id=524778

Contact us:
Robin
Sales manager
+91-996-067-0000
sales@theresearchinsights.com
https://www.theresearchinsights.com

About us:
The Research Insights - A global leader in analytics, research and advisory that can assist you to renovate your business and modify your approach. With us, you will learn to take decisions intrepidly. We make sense of drawbacks, opportunities, circumstances, estimations and information using our experienced skills and verified methodologies. Our research reports will give you an exceptional experience of innovative solutions and outcomes. We have effectively steered businesses all over the world with our market research reports and are outstandingly positioned to lead digital transformations. Thus, we craft greater value for clients by presenting advanced opportunities in the global market.

This release was published on openPR.