The key players within the global luxury goods market are The L’Oréal Group, Hermes International S.A., Rolex S.A., LVMH, Coty, Inc., Prada S.p.A., Tiffany & Company, Richemont, and Kering Group. These players are competing with each other by trying to develop one-to-one relationships with younger generations, tourists, and local consumers. Players operating in the luxury goods market are striving to increase their consumer base by introducing more affordable luxury products in all of the product segments, states a new report by Transparency Market Research (TMR). It is suggested that market players make use of an omnichannel approach for distributing and also offer redesigned distribution footprint.
As per this new research report by Transparency Market Research (TMR), the global luxury goods market will cross US$374.85 bn by the end of 2020. The apparel and leather goods segment has been leading in the market, leaving behind other segments such as luxury pens, tableware, wines, champagne, and spirits, luxury watches and jewellery, fragrances, and luxury personal care and cosmetics.
On the basis of geography, the market for luxury goods will be led by Europe. Europe has been leading in the market in the past and is expected to continue to do so in the rest of the forecast period. The established presence of a large number of manufacturers from the luxury goods sector in countries such as Switzerland, Italy, Germany, and France is one of the key factors boosting the growth of this market in Europe. The presence of a large number of duty free shops in Europe is another factor driving its prominence in the world map. The dense travel retail network will also push the growth of the luxury goods market of the European region.
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The markets in Asia Pacific and the Rest of the World are also swiftly growing in the luxury goods market on account of the growing number of high net-worth individuals who reside in these two regions. The travel retail sector is growing in these two regions within the fragrance segment market and this will help push the growth of the market in these two regions. Moreover, the demand for champagne, wine, and spirits is also increasing on account of the growing number of bars and pubs. This will further propel the growth of the luxury goods market in these two regions.
As per the lead author of this report, “the growth in the per capita income of the people worldwide is behind the growth of the global luxury goods market.” The market is also benefitting significantly from the introduction of several digital platforms. The efforts taken by key players to tailor their offerings as per the culture of the consumers in a particular region is also going a long way towards helping this market to grow at a healthy pace.