New York, NY, June 17, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Hard Luxury Goods Market by Product Type (Watches, Jewelry, and Others), by Distribution Channel (Online Stores, Department Stores, Specialty Store, and Monobrand Stores), and by Gender (Male and Female): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2026”. According to the report, the global hard luxury goods market accounted for USD 79.65 billion in 2018 and is expected to reach USD 174.49 billion by 2026, at a CAGR of around 10.3% between 2019 and 2026.
The world’s economy is strengthening and there has been a significant rise in the count of newly listed high net worth individuals, which are the key factors driving the hard luxury goods market globally. Moreover, the rapid product distribution on e-commerce websites is also aiding the hard luxury goods market by fuelling the ease of convenience. The flourishing fashion industry is the major force propelling this market, as the influencers and trendsetters market and use these products. The hard luxury goods like watches, jewelry, etc. are not essential for basic human needs but are acquired to maintain one’s status and enhance self-worth. However, limited product availability, volatile product prices, and inefficient channels of distribution may restrain the global hard luxury goods market growth. Alternatively, the increasing bandwidth of the upper-class society both in developed and developing nations is expected to provide new growth opportunities for the key market players in the upcoming years.
Browse through 60 Tables & 25 Figures spread over 110 Pages and in-depth TOC on “Global Hard Luxury Goods Market Size, Share, Industry Trends, Growth, Analysis and Forecast, 2018–2026”.
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The global hard luxury goods market is fragmented based on product type, distribution channel, and gender. By product type, the market includes watches, jewelry, and others. On the basis of the distribution channel, the hard luxury goods market includes department stores, specialty stores, online stores, and monobrand stores. Though most potential customers prefer buying hard luxury goods offline through department stores, specialty stores, etc., the online distribution channel is expected to register remarkable growth over the forecast time period due to the convenience. Additionally, the influx of e-commerce websites has played a key role in recent years to propel this market, as these online stores sell the latest products at competitive prices. By gender, the hard luxury goods market is segmented into male and female.
North America is the leading region in the global hard luxury goods market, due to a high per capita income of the regional population. The end-users in North America prefer quality products, which is increasing the demand for premium-priced goods across the region. Moreover, the huge influence of the global fashion industry is expected to further drive the North American hard luxury goods market over the forecast time period.
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The European hard luxury goods market is expected to grow substantially in the future, owing to the increasing product demand by the fashion-conscious youth, the presence of several key market players, increasing number of offline stores. France and Italy are known for their premium products and the countries’ population experiment more with their fashion than any other country in Europe, which makes them a prominent target audience for the hard luxury goods market. Many leading companies of hard luxury goods, such as Giorgio Armani, are Italy-based which makes them easily available in various European countries.
The Asia Pacific hard luxury goods market is expected to witness significant growth in the future, owing to the large demand of these products for the fashion-conscious upper-class youth and a growing number of high net worth individuals in region’s emerging economies. Developing countries like China and India are expected to drive this regional market. Men are breaking the fashion cliché and using hard luxury goods, which, in turn, is also expected to increase the demand for these products. The region’s hard luxury goods market is flourishing due to rapid urbanization and the growing need for quality products by people with high disposable income in recent years.
Browse the full “Hard Luxury Goods Market by Product Type (Watches, Jewelry, and Others), by Distribution Channel (Online Stores, Department Stores, Specialty Store, and Monobrand Stores), and by Gender (Male and Female): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2026” Report at https://www.zionmarketresearch.com/report/hard-luxury-goods-market
The Latin American hard luxury goods market is expected to witness moderate growth over the forecast time period. In recent years, the region’s hard luxury goods market saw a downfall due to a low per capita income. Brazil is rising steadily from the catastrophe in the hard luxury goods market.
Some key participants operating in the global hard luxury goods market are Bulgari, Bottega Veneta, Chanel, Graff Diamonds, Giorgio Armani, Hermes International, Harry Winston, Louis Vuitton, Richemont, Ralph Lauren, Swatch, and Tiffany.
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This report segments the global hard luxury goods market into:
Global Hard luxury goods market: Product Type Analysis
- Watches
- Jewelry
- Others
Global Hard luxury goods Market: Distribution Channel Analysis
- Online Stores
- Department Stores
- Specialty Stores
- Monobrand Stores
Global Hard luxury goods Market: Gender Analysis
- Male
- Female
Global Hard luxury goods Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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