About Hard Luxury Goods
Growing preferences for front-line as well as sophisticated products among customers will help to boost global hard luxury goods market all over the world in the forecasted period. Hard luxury goods are the product that signifies prosperity and copiousness. Hard luxury goods aren’t necessary for human living but are interlinked with extremely desired and rich persons. The growing number of high net-worth people in established nations and the increasing disposable income of customers in emerging nations. These are key drivers of hard luxury goods market.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia- Pacific |
Unit | Value (USD Million) |
CAGR | 10.9% |
The global market is highly competitive and consists of some key players. In terms of market share, few of the key players presently dominate the global market. These market players are leveraging on strategic collaborative creativities to intensify their market share and escalate their profitability. Analyst at AMA Research estimates that European Vendors will contribute the maximum growth to Global Hard Luxury Goods market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Graff Diamonds Ltd. (United Kingdom), LVMH (France), Giorgio Armani (Italy), Swatch Group (Switzerland), Richemont (Switzerland), Bulgari (Italy), Chanel S.A. (France), Ralph Lauren Corp. (United States), Tiffany & Co. (United States) and Harry Wintson (United States) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Bottega Veneta (Italy), Tod's S.p.A (Italy), While Christian Dior SE (France) and Hermes International SCA (France).
Segmentation Overview
AMA Research has segmented the market of Global Hard Luxury Goods market by Type (Watches, Jewelry and Other) and Region.
On the basis of geography, the market of Hard 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). North America region held largest market share in the year 2023. Europe, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement. If we see Market by Sales Channel, the sub-segment i.e. Monobrand Store will boost the Hard Luxury Goods market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Gender, the sub-segment i.e. Men will boost the Hard Luxury Goods market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Consumer Changing Preferences towards Experiencing Luxury and Premium Products, Rising Inclination towards Brand and Increasing Dependency on E-Commerce
Market Growth Drivers:
Extremely Dense Retail Network, Advance Progress in New Product Development and The Escalation in Buyers Inclined Towards Copious and Premium Goods
Challenges:
Concern about Fluctuation in Prices
Restraints:
Inefficient Distribution Channels and Lack of Raw Material
Opportunities:
Huge Opportunity for New and Innovative Designs and Global Brands Emphasizing On Expansion in Every Potential Market
Market Leaders and their expansionary development strategies
On April 2019, Graff Diamonds Ltd. has introduced a new diamond called The Graff Lesedi La Rona. The 302.37 carat Graff Lesedi La Rona is the largest highest color, highest clarity diamond ever certified by the GIA, and the world’s largest square emerald cut diamond, expertly cut and polished by Graff’s world-leading team of gemologists and master polishers.
In March 2019, Graff Diamonds Ltd. has acquired a remarkably rare 13.33-carat pink rough diamond. This stone was discovered at the Letseng mine in the African Nation of Lesotho, by Gem Diamonds in February 2019. The purchased value is 8,750,360, dollars, breaking the record dollar per carat price of any Letseng diamond.
Key Target Audience
Hard Luxury Goods Manufactures, Distributors and Suppliers, Government Regulatory Bodies, Government and Private Research Organizations and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.