Hard Luxury Goods Market - Rising Demand for Innovative Craftsmanship and Superior Quality Cements Growth
As per a study presented in the report, TMR has envisaged the global hard luxury goods market to bag spectacular revenue of a total of US$126.11 bn by the completion of 2022. The market could expand at a 10.90% CAGR between 2017 and 2022. In 2017, it accounted for earnings worth a US$75.24 bn. Consumers of hard luxury goods could place a higher value on watches which have been predicted to rise at an 8.30% CAGR. With a significant presence of players in the region, Europe could achieve a king’s share of the market.
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Increasing Preference for Branded Items Propels Demand
As observed by seasoned analysts, the world hard luxury goods market has been prognosticated to gain impetus with the rising trend of a higher inclination toward branded products. You could see the sales of branded products improving greatly on the back of a large count of consumers placing a magnified emphasis on superior quality and innovative craftsmanship. Furthermore, the retail industry has been investing heavily on the marketing of products, which has led to an increase in the number of ad campaigns held with the help of digital media platforms. Retailers have also been taking product marketing initiatives to amplify their sales. All of these factors could positively impact the market in the coming years.
Regions with an enormously dense retail network such as Europe have been foretold to lavishly contribute toward the growth of the world hard luxury goods market. However, there could be other regions such as Asia Pacific excluding Japan (APEJ) increasing growth while riding on the rising count of newly listed high net worth individuals.
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Lack of Raw Materials and Price Volatility Impede Growth
The international hard luxury goods market has been prophesied to stay healthy. However, players may encounter some challenges on the way. Brazil, China, India, and other rewarding markets in Latin America and Asia have been continually increasing tariffs in the recent years. Moreover, volatility in prices and lack of raw materials could hamper the demand for hard luxury goods.
However, increasing disposable income of consumers in developing regions and improving global economy have been envisioned to create ample of opportunities in the international hard luxury goods market. Companies could expand their customer base by offering budget and affordable luxury products in the capacity of hard luxury goods. Thus, players could expect the market to offer handsome prospects despite the expected slowdown in demand.
The information presented in this review is based on a TMR report, titled “Hard Luxury Goods Market (Product - Watches and Jewelry; Gender - Men and Women; Sales Channel - Monobrand Store, Department Store, Specialty Store, and Online Store) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2022.”
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Watches to remain as one of the most valued products of the market.
Europe to gain an upper hand in terms of share with a greater presence of leading players.
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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