Pune, India, Nov. 09, 2021 (GLOBE NEWSWIRE) -- Luxury Goods Market:
According to study by Fortune Business Insights™, the global luxury goods market is set to gain traction from the introduction of fashion-forward and innovatively created products. The report further states that the market size was USD 316.16 billion in 2019. It is projected to grow from USD 257.26 billion in 2020 to USD 352.84 billion in 2027 at a CAGR of 4.6% in the forecast period.
Increasing Demand from High-income Groups to Favor Growth
Luxury goods are mainly purchased by the high-income group across the globe. Oxfam International’s data, for instance, declared in January 2020 that approximately 2,153 billionaires residing worldwide possess more wealth than around 4.6 billion people who make up 60% of the global population. Hence, the increasing wealthy population would bolster the luxury goods market growth in the near future. However, the trends of selling and buying counterfeit products at cheaper rates that resemble original ones may hamper growth.
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List of all the renowned luxury goods manufacturers operating in the global market:
- LVMH Moët Hennessy-Louis Vuitton SA (Paris, France)
- Compagnie Financière Richemont SA (Geneva, Switzerland)
- Kering SA (Paris, France)
- Chow Tai Fook Jewellery Group Limited (Central, Hong Kong)
- The Estée Lauder Companies Inc. (New York, U.S.)
- Luxottica Group SpA (Milan, Italy)
- The Swatch Group Ltd. (Biel / Bienne, Switzerland)
- L’Oréal Group (Clichy, France)
- Ralph Lauren Corporation (New York, U.S.)
- Shiseido Company, Limited (Tokyo, Japan)
Clothing Segment to Remain at the Forefront Backed by High Demand from Men & Women
Based on the product type, the clothing segment generated 28.79% in terms of the luxury goods market share in 2019. This growth is attributable to the increasing demand for men and women globally. The bags segment is anticipated to exhibit rapid growth in the upcoming years stoked by the high demand for leather-based products.
Rising Disposable Incomes to Drive Growth in Asia Pacific
Geographically, Europe earned USD 103.86 billion in 2019 in terms of revenue. It is likely to lead the market throughout the forthcoming years because of the presence of numerous manufacturers in the region, such as Burberry, LVMH, and L’Oréal. In North America, the presence of many rich people in the U.S. would accelerate growth. The market in Asia Pacific is likely to grow at a fast pace fueled by the high disposable incomes of people. Besides, the increasing number of working women in the region would propel growth.
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Key Players Aim to Compete with Rivals by Launching Unique Products & Merging with Others
The global market for luxury goods houses a large number of companies that are mainly aiming to strengthen their positions worldwide. To do so, they are adopting the merger and acquisition strategy. Also, some of the others are introducing novel luxury brands to attract more customers.
PART 2:
Luxury Outdoor Furniture Market:
The global luxury outdoor furniture market size is projected to witness monumental growth in the forthcoming years. The rising trend of possessing a comfortable and relaxing outdoor seating experience is expected to be the key growth driver for the luxury outdoor furniture market. Fortune Business Insights™ has presented this information in an upcoming report, titled, “Luxury Outdoor Furniture Market, 2021-2028”.
The luxury outdoor furniture market is gaining immense popularity due to several reasons. For instance, the growing income levels of consumers and the rising socialization are expected to fuel the demand for luxury outdoor furniture and fuel market growth.
Key Players in the Luxury Outdoor Furniture Market are:
- Brown Jordan Co.
- Coco & Wolf Ltd.
- GLOSTER FURNITURE GMBH
- Roda srl
- Sunset West USA
- Kettal Group
- Woodard Furniture
- DEDON GmbH
- TUUCI LLC
- Garden House Funriture
- Royal Botania
- EGO SAS
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Regional Insights-
North America to Gain the Largest Share Backed by Presence of Summit Furniture
North America is anticipated to attain the largest portion of the global luxury outdoor furniture market share. The high imports of furniture seating products and the presence of major market players like Summit Furniture Inc., SEIGER GmbH, and others are anticipated to bolster market growth.
Europe is projected to gain significant growth in the global market for luxury outdoor furniture. The expanding imports of garden furniture are anticipated to fuel market growth in the forthcoming years. Additionally, the escalating sales revenues from household and office furniture products are projected to bolster market growth.
Asia Pacific is expected to gain swift growth in the forthcoming years. The rising product demand due to the expanding housing facilities is projected to augment market growth. As of January 2020, around 1 billion homes were sanctioned by the Indian government in the financial year 2019-2020 under the Pradhan Mantri Awas Yojana Scheme.
Additionally, the growing numbers of manufacturing facilities in China are anticipated to complement market growth.
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Increasing Income Levels to Augment Market Growth
The increasing income levels and the rising consumer inclination towards aesthetic high-quality outdoor seating are expected to bolster the global luxury outdoor furniture market growth. The rising socialization is expected to be another major growth driver for the market.
The increasing infrastructural facilities across hotels and restaurants, public auditoriums, offices, and residential properties are projected to augment market growth in the forthcoming years. The Committee on Climate Change Organization estimates the U.K. government to develop approximately 1.5 million new household living spaces by the year 2022. Additionally, the growing numbers of nuclear families are anticipated to foster the market growth in the forthcoming years.
The rising focus of manufacturers to develop durable, weather-proof, and waterproof luxury outdoor furniture is expected to fuel market growth. Additionally, the rising focus on sustainable furniture production is expected to foster market growth.
However, stringent government regulations for environmental degradation due to woodcutting for furniture production may impede market growth.
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