Published Date : May 27, 2016
The luxury goods market is the largest and fastest growing market in the global consumer goods industry. The growth of the luxury goods market is driven by the constant introduction of new products by leading players in the global market. Prominent players in the luxury goods market are responding well to the economic pressure and competition. After the economic breakdown in 2008, the global luxury goods market has recovered considerably well to be one of the well-performing markets across the globe. Going forward, companies are expected to focus on introducing innovative products to balance the slowdown in the economy.
As per a recent report, sales of personal luxury goods slowed down in 2015 due to the high prices of many products. Last year, the sales of luxury goods were triggered by the fall in the demand for high-priced personal luxury products such as fragrances, perfumes, leather goods, watches, jewelry, wines, and spirits.
However, the demand for luxury goods is steadily increasing due to the improvement in the standard of living. Moreover, innovative advertising campaigns and promotional activities have led to the growth of the global luxury goods market in the recent past.
Future of Global Luxury Goods Market
Including fashion accessories, the demand for fine art products, home ware, costly jewelry, and cosmetics is expected to be on the higher side in the years to come. Sales of luxury goods in China is expected to bounce back after two years of decline. This is predicted to benefit the global luxury goods market in the long run. Cosmetics, leather goods, and other accessories are expected to be the best-selling luxury products in the near future.
On the contrary, the growth of the global luxury goods market is expected to be hampered due to high tariffs and lack of raw materials in some of the potential markets.