Dublin, March 21, 2022 (GLOBE NEWSWIRE) -- The "Global Luxury Goods Market, By Type (Jewelry & Watches, Clothing & Footwear, Bags & Accessories, Cosmetics & Fragrances), By Distribution Channel, By Region, Competition, Forecast & Opportunities, 2026" report has been added to ResearchAndMarkets.com's offering.
The Global Luxury Goods Market stood at USD258.12 billion in 2020 is forecast to grow at a CAGR of 8.52% in value terms to reach around USD429.81 billion by 2026.
The increasing young working-class population, growing consumer awareness about the benefits of using quality products, and the surge in purchasing power of consumers are the primary factors driving the demand for the Global Luxury Goods Market in the forecast period.
Globalization has increased the accessibility and reach of consumers to purchase from international and national brands, which has positively impacted the demand for luxury goods worldwide. The rising prevalence of skin-related disorders, growing pollution levels, and the surge in consumer awareness about the benefits of taking preventive measures bolster the adoption of high-priced skincare products among consumers.
High internet penetration and the proliferation of smart devices have spurred the e-commerce industry's reach to each and every corner around the globe. The market players are making quick doorstep deliveries and providing huge discounts on their products, thereby creating huge potential for growth in the Global Luxury Goods Market.
However, continuous change in consumer preference is lowering the brand loyalty rate, which may hinder the growth of the Global Luxury Goods Market in the forecast period.
The Global Luxury Goods Market is divided into type, distribution channel, regional distribution, and competitive landscape. Based on the distribution channel, the market is divided into exclusive stores, airports, e-commerce, specialty store and others. The exclusive stores are expected to hold the largest market share in the forecast period, 2022-2026.
Visiting an exclusive store gives consumers a choice to check the quality of products and compare the prices to make the right shopping decisions. The presence of a large number of stores at easily accessible locations, growing urbanization, and increased expenditure capacity of consumers are driving the demand for exclusive stores all around the globe.
Key companies are developing advanced technologies and launching new products to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new service developments.
Some of the leading players in the Global Luxury Goods Market are
- LVMH Group
- Compagnie Financiere Richemont SA
- Kering SA
- L'Oreal S.A.
- Chanel Limited
- PVH Corp.
- The Estee Lauder Companies Inc.
- The Swatch Group Ltd.
- Rolex SA
- Prada S.p.A
Report Scope:
Years considered for this report:
- Historical Years: 2016-2019
- Base Year: 2020
- Estimated Year: 2021E
- Forecast Period: 2022F-2026F
Global Luxury Goods Market, By Type
- Jewelry & Watches
- Clothing & Footwear
- Bags & Accessories
- Cosmetics & Fragrances
Global Luxury Goods Market Size, By Distribution Channel:
- Exclusive Stores
- Airports
- E-Commerce
- Specialty Store
- Others
Global Luxury Goods Market, By Region
- Europe
- France
- Italy
- Germany
- Spain
- Switzerland
- North America
- United States
- Canada
- Mexico
- Asia Pacific
- China
- Japan
- South Korea
- India
- Singapore
- Middle East and Africa
- UAE
- Saudi Arabia
- South Africa
- Turkey
- South America
- Brazil
- Argentina
- Colombia
For more information about this report visit https://www.researchandmarkets.com/r/98avr8
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