DUBLIN, Nov. 12, 2014 /PRNewswire/ -- Research and Markets has announced the addition of the "Global Luxury Goods Market - Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2014 - 2020" report to their offering.
Despite economic turbulence in developed markets and currency devaluation in emerging markets, growth of luxury goods is projected to remain positive over the forecast period. The global market for luxury goods was valued at USD 296.15 billion in 2013 and is expected to reach USD 374.85 billion in 2020, growing at a CAGR of 3.4% from 2014 to 2020. The overall market is expected to demonstrate healthy growth during the forecast period due to increase in the number of high net-worth individuals worldwide, and resilient economy of some of the major developed markets.
The demand for luxury goods is increasing globally due to the superior standards of living in developing countries. Moreover, increasing use of innovative marketing campaigns and activities through digital media platforms in the travel retail industry are acting as drivers for luxury goods. Currently, growth of this market is hampered by unavailability of raw materials and high tariffs in some potential markets such as Brazil, India, and China. .
Among the different segments, fragrances, premium liquors and luxury watches/jewelry are expected to witness rapid growth, primarily in emerging markets. Currently, leather goods and apparels is the largest application segment for the global luxury goods market, followed by luxury watches and jewelry and is expected to dominate the market by 2020. Luxury goods companies are offering a perfect mix of absolute and affordable luxury goods to capture maximum number of customers in all segments.
Key Topics Covered:
Chapter 1 Preface
Chapter 2 Executive Summary
Chapter 3 Global Luxury Goods Market: Product Segment Analysis
Chapter 4 Luxury Goods Market: Geographic Analysis
For more information visit http://www.researchandmarkets.com/research/3mqplj/global_luxury
Media Contact: Laura Wood, +353-1-481-1716, [email protected]
SOURCE Research and Markets