Rising Affluence among Consumers Benefitting Global Luxury Goods Market

Published Date : May 02, 2017

ALBANY, New York, May 2, 2017 – MarketResearchReports.biz announces the addition of a new report to its depository, titled “Global Luxury Goods Market: Industry Analysis & Outlook (2017-2021)”. This 81-page publication discusses the development of this market, while shedding light on the major regions – the Americas, Europe, the Middle East, and Africa (EMEA), and Asia Pacific. The most prominent trends, growth boosters, and inhibitors have been evaluated in depth and recommendations based on the same have been provided by the analysts.

The main thing that differentiates luxury goods from regular goods is the reputation associated with the product and superior craftsmanship. Exclusivity is also a key ingredient setting luxury goods apart, and consumers opt for these products for their scarcity, status, quality, personal history, price, uniqueness, and ancestral heritage. Luxury goods may be sold to customers via wholesale, retail, or online methods, each presenting an advantage unique to its channel. While retail networks give the chance for direct consumer contact, wholesale outlets possess greater market exposure and online commerce allows a certain level of flexibility to its customers.

The global luxury goods market is primarily fueled by increasing consumer consciousness and their rising affluence, especially in emerging economies. Other key factors boosting the demand as well as market for luxury goods include growing wealth of the overall household, an increase in Internet users, rising population of high net worth individuals, and expanding inequality of wealth. On the down side, the need for improved data assessment, fluctuating geopolitical scenarios, and weakening Chinese currency. Nevertheless, the luxury goods market will find solace in the fact that the e-commerce sector continues to expand at a rapid and massive rate. Increasing sales with the help of off-price stores also lend the luxury goods market a significant boost. E-commerce has emerged as one of the fastest growing channel for sales and luxury goods vendors have been gaining greater traction in countries where the Internet penetration is high.

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Analysts observe that there has been a major shift in consumer spending, with a rising number of people in developing countries loosening their purse strings on sports, outdoor activities, cruising, travelling, and dining. This more materialistic way of living is proving to be immensely beneficial for the luxury goods market. Some of the more popular spending categories are footwear, cosmetics, and skin care products.

Even though there are a number of companies penetrating the luxury goods market, there are a handful of established players enjoying dominance at a global level. These include LVMH Moët Hennessy Louis Vuitton SE, Compagnie Financière Richemont SA, Kering SA, and Luxottica Group SpA. These companies have been studied in detail in the report, with sharp insights on aspects such as major brands, key business segments, net income, revenue, leading operating segments, and overall sales.

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