Global Luxury Goods Market, By Type (Jewellery & Watches, Apparel & Footwear, Bags & Accessories, Cosmetics & Perfumes), By Distribution Channel (By Distribution Channel (Exclusive Stores, Airports, E-Commerce, Specialty Store, and Others ( department stores, Hypermarket/supermarket, multi-brand stores, etc.
New York, Jan. 26, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Luxury Goods Market, By Type, By Distribution Channel (By Distribution Channel, By Region, Competition, Forecast & Opportunities, 2026” – https://www.reportlinker.com/p06156161/?utm_source=GNW
)), by region, competition, forecast and opportunity, 2026
The global luxury goods market was worth USD 258.12 billion in 2020 and is expected to grow at a CAGR of 8.52% in value to reach USD 429.81 billion by 2026. of the working class, growing consumer awareness about the benefits of using quality products and increasing consumer purchasing power are the major factors driving the demand for the global luxury goods market during the forecast period.
Globalization has increased the accessibility and scope for consumers to buy from international and domestic brands, which has positively impacted the demand for luxury goods worldwide. The increasing prevalence of skin disorders, rising pollution levels, and growing consumer awareness of the benefits of taking preventative measures are driving consumer adoption of high-priced skin care products.
High internet penetration and the proliferation of smart devices have boosted the reach of the e-commerce industry to every corner of the world. The market players are providing fast door-to-door deliveries and offering huge discounts on their products, creating huge potential for growth in the global luxury goods market.
However, the continuous shift in consumer preferences is reducing the brand loyalty rate, which may hamper the growth of the global luxury goods market during the forecast period.
The global luxury goods market is segmented into type, distribution channel, regional distribution, and competitive landscape. Based on the distribution channel, the market is divided into exclusive stores, airports, e-commerce, specialty store and others.
Exclusive stores are expected to hold the largest market share during the forecast period, 2022-2026. Visiting an exclusive store gives consumers the choice to check product quality and compare prices to make the right buying decisions.
The presence of a large number of stores in easily accessible locations, increasing urbanization and the increase in the purchasing capacity of consumers are driving the demand for exclusive stores all over the world.
Some of the major players in the global luxury goods market are LVMH Group, Compagnie Financière Richemont SA, Kering SA, L’Oréal SA, Chanel Limited, PVH Corp., The Estée Lauder Companies Inc., The Swatch Group Ltd., Rolex SA, and Prada SpA, etc. Companies are developing advanced technologies and launching new products to stay competitive in the market. Other competitive strategies include mergers and acquisitions and new product development.
Years considered for this report:
Historical years: 2016-2019
Reference year: 2020
Estimated year: 2021E
Forecast period: 2022F-2026F
Goal of the study:
• To analyze historical market size growth of the global luxury goods market from 2016 to 2020.
• Estimate and forecast the global luxury goods market size from 2021 to 2026 and the growth rate till 2026.
• To classify and forecast the global luxury goods market based on type, distribution channel, region and company.
• To identify the dominant region or segment in the global luxury goods market.
• Identify drivers and challenges for the global luxury goods market.
• Examine competitive developments such as expansions, new product launches, mergers and acquisitions, etc., in the global luxury goods market.
• Identify and analyze the profile of key players operating in the global luxury goods market.
• Identify key sustainable strategies adopted by market players in the global luxury goods market.
The analyst conducted extensive primary and secondary research for this study. Initially, the analyst procured a list of manufacturers across the world.
Subsequently, the analyst conducted primary research surveys with the identified companies. During the interviews, the respondents were also asked about their competitors.
Using this technique, the analyst could include manufacturers that could not be identified due to secondary research limitations. The analyst looked at the manufacturers and the presence of all major players across the world.
The analyst has calculated the size of the global luxury goods market using a bottom-up approach, in which data from various segments has been recorded and forecasted for the coming years. The analyst obtained these values from industry experts and company representatives and validated them externally by analyzing historical data for these types and other segments to derive an appropriate overall market size.
Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by the analyst.
Key target audience:
• Manufacturers, distributors and end users
• Market research and consulting firms
• Government bodies such as regulators and policy makers
• Organizations, forums and alliances related to the luxury goods market
The study is helpful in providing answers to several critical questions which are important for industry stakeholders such as manufacturers, partners, end users, etc., besides enabling them to form strategies for investment and capitalize on market opportunities.
In this report, the global luxury goods market has been segmented into the following categories, in addition to industry trends which have also been detailed below:
• Global luxury goods market, by type:
o Jewelry & Watches
o Clothes and shoes
o Bags & Accessories
o Cosmetics & Perfumes
• Size of the global luxury goods market, by distribution channel:
o Exclusive shops
o Specialty store
• Global luxury goods market, by region:
o North America
o Middle East and Africa
United Arab Emirates
o South America
Company Profiles: Detailed analysis of the major companies present in the global luxury goods market.
With the market data provided, we offer customizations based on a company’s specific needs. The following customization options are available for the report:
• Detailed analysis and profiling of other market players (up to five).
Read the full report: https://www.reportlinker.com/p06156161/?utm_source=GNW
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