Personal Luxury Goods Market Scope
Personal Luxury Goods, also known as Veblen goods or Superior Goods are the goods for which the demand increases with the increase in wealthier lifestyles and increase in disposable incomes. In the case of luxury goods, the demand is directly proportional to the income of the people. Moreover, in technical terms, it is not necessary that every luxury good will have better quality. Some markets have luxury goods segment including wine, automobile, food & beverage, apparels, and many others.
According to AMA, the Global Personal Luxury Goods market is expected to see growth rate of 3.8%Personal Luxury Goods market is a fragmented market due to the presence of various players. Companies are focusing on developing innovative products and solutions to improve quality, enhances and promotes performance. The companies are coming up with partnerships or agreements along with planning strategic activities such as partnerships, product launch, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge. Research Analyst at AMA estimates that United States and European Vendors will contribute to the maximum growth of Global Personal Luxury Goods market throughout the predicted period.
Estee Lauder Companies (United States), L'Oreal (France), Luxottica Group SpA (Italy), LVMH (France), Richemont (Switzerland), The Swatch Group (Switzerland), BURBERRY (United Kingdom), Breitling SA (Switzerland), Chanel (France), Giorgio Armani (Italy) and Kate Spade (United States) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are Kering (France), COACH (United States), Nina Ricci (France), Prada Holding B.V. (Italy), Tiffany & Co. (United States), Valentino Fashion Group (Italy), Hermes (France), Ralph Lauren Corporation (United States) and VF Corporation (United States).
Segmentation Overview
The study have segmented the market of Global Personal Luxury Goods market by Type (Designer Wear and Footwear, Accessories, Jewelry, Cosmetics, Beverages, Travel Goods and Others), by Application (Specialty Retailers, Department Stores, Hypermarkets and Supermarkets, E-commerce and Other) and Region with country level break-up.
On the basis of geography, the market of Personal Luxury Goods has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Influencing Trend:
Inclination towards Gifting Personal Luxury Goods and Availability of Customizations and Personalized Luxury Goods
Market Growth Drivers:
Increasing Tourist Pending, Wealthier Economic Conditions and Strong Marketing Strategies by Personal Luxury Goods Providers
Challenges:
Stringent Government Taxation Policies for Luxury Products and Higher Maintenance and Operational Cost in case Luxuries Automobiles
Restraints:
Expensive Offerings and Minimum Availability across the Globe
Opportunities:
Manufacturers Keep High Profit Margin and Strengthened Economic Conditions
Market Leaders and their Expansionary Development Strategies
On 26th November, 2018, Richemont, the Swiss luxury goods group, and Alibaba Group has announced a global strategic partnership with the world’s leading online luxury retailers such as YOOX NET-A-PORTER GROUP S.P.A. (YNAP) to bring the retail offerings to Chinese consumers.
The world’s leading luxury products group ‘LVMH Moet Hennessy Louis Vuitton’ has recorded a 10% increase in revenue, reaching € 33.1 billion in the first nine months of 2018. For the same period in 2017, LVMH has shown 13% increase in the overall revenue excluding the impact of the airport concession closures in Hong Kong at the end of 2017.
The world’s leading luxury products group ‘LVMH Moet Hennessy Louis Vuitton’ has recorded a 10% increase in revenue, reaching € 33.1 billion in the first nine months of 2018. For the same period in 2017, LVMH has shown 13% increase in the overall revenue excluding the impact of the airport concession closures in Hong Kong at the end of 2017.
Key Target Audience
Personal Luxury Good Manufacturers, Luxury Goods Distributors and Traders, Automobile Industry, Apparel Industry, Government Agencies and Others
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.