The luxury goods market has been witnessing an upward trend for the last many years. This market includes fashion accessories, drinks, cosmetics, perfumes, watches, jewelry, handbags, etc. These things cater to the requirements of rich people and are considered very superior in quality. The luxury goods market has a forecast period from 2014 to 2020.
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It has been experiencing high expansion owing to the adding up of new high-net value clients. The luxury goods market is sliced into two major categories. These include types and geographies. The types market consists of apparels and leather goods, luxury watches and jewelry, luxury personal care and cosmetic products, perfumes, wines/champagnes and spirits and others.
Others consists of luxury pens, tableware, etc. The luxury goods market is estimated to grow reasonably through the forecast period. However, the regions, Asia Pacific and rest of the world are anticipated to rise healthily on account of primary modifications in the lifestyles of customers in these regions. Moreover, clients in the aforementioned regions are also totally conscious about various fashion trends.
This factor pushes further development of the luxury goods market. Both these regions are projected to expand quickly from 2014 to 2020. The market was predicted to have collected around USD 296 billion in 2013. It is projected to attain about USD 375 billion by 2020. The market is all set to register a decent CAGR during the forecast phase.
It faces certain obstacles in the forms of wavering fiscal conditions in certain regions of the world and depreciation of currencies in developing economies. North America is observing steady expansion.
Luxury Goods Market Share
Information Source: Radiant Insights