SAN FRANCISCO, March 23, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Luxury Goods - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
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- Global competitiveness and key competitor percentage market shares
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Edition: 19; Released: February 2022
Executive Pool: 18630
Companies: 175 - Players covered include Burberry Group Plc; Chanel S.A.; Cie Financiere Richemont SA; Giorgio Armani SpA; HermÃ¨s International S.A.; Kering S.A.; L'Oréal S.A.; Luxottica Group S.p.A.; LVMH Moët Hennessy Louis Vuitton; Mulberry Group PLC; Prada S.p.A.; Ralph Lauren Corporation; Rolex SA; The Estée Lauder Companies Inc.; The Swatch Group Ltd.; Gianni Versace S.r.l. and Others.
Coverage: All major geographies and key segments
Segments: Product Type (Apparel, Cosmetics & Perfumes, Watches & Jewelry, Leather Goods, Other Product Types); Distribution Channel (Offline, Online)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.
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Global Luxury Goods Market to Reach $296.9 Billion by 2026
Luxury goods are products that can be defined as a non-essential and expensive good or service purchased by wealthy consumers in the higher income bracket. Demand in the global luxury goods market is primarily driven by a rise in sales supported by growing affluence of people in several countries across the world. The global luxury goods industry is in a transformative stage, due to factors such as digital advancements, new technologies, increasing wealth of individuals, fluctuating currencies, changing marketing strategies of players and growing media influence. The popularity of e-commerce platforms for purchase of luxury goods is also expected to spur growth. Several luxury companies have been utilizing the current crisis for the development and execution of an omnichannel and online strategy. During the COVID-19 crisis, e-commerce has managed to attract new markets and customer segments in China, and a similar trend is also expected to be witnessed in other geographies. Further the pent-up demand for especially amongst Millennials and Generation Z customers is expected to positively impact the market in the post COVID period. Though online sales of luxury goods are increasingly cannibalizing physical store sales, brick and mortar sales are expected to continue contributing to a high share in the coming years.
With the COVID-19 pandemic once again raising concerns of long drawn economic recession, luxury goods industry is likely to be one of the most hit industries by the crisis. While lockdowns, travel restrictions, and supply disruptions are affecting availability of luxury goods, consumers are likely to hold back on their purchases amidst the crisis situation. Disposable incomes of people, improving standards of living and increasing spending capacity will be vital determinants of demand for luxury goods around the world. Sustained advances in online marketing efforts and growing use of digital platforms for promotional and marketing campaigns will also be vital for supporting market growth. Amid the COVID-19 crisis, the global market for Luxury Goods estimated at US$242.8 Billion in the year 2022, is projected to reach a revised size of US$296.9 Billion by 2026, growing at a CAGR of 4.8% over the analysis period. Apparel, one of the segments analyzed in the report, is projected to record a 6.2% CAGR and reach US$93.9 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Cosmetics & Perfumes segment is readjusted to a revised 5.1% CAGR for the next 7-year period. Global market for luxury apparel is significantly influenced by consumer spending levels and spending of high net worth consumers. The sales of luxury apparel are being fostered by the growing influence of social media platforms and rising sales through e-commerce channels.
The U.S. Market is Estimated at $53.1 Billion in 2022, While China is Forecast to Reach $31.6 Billion by 2026
The Luxury Goods market in the U.S. is estimated at US$53.1 Billion in the year 2022. China, the world`s second largest economy, is forecast to reach a projected market size of US$31.6 Billion by the year 2026 trailing a CAGR of 6.7% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.8% and 5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.5% CAGR. Europe accounts for the largest regional market for all types of luxury goods. Italy and France especially are the major markets for luxury goods in the continent. The Middle East and Asian countries are currently showing immense potential for future growth. With increasing purchasing power of individuals and growing number of high net worth individuals, these two regions hold positive prospects for luxury goods market growth in future.
Watches & Jewelry Segment to Reach $58.2 Billion by 2026
Luxury watches market benefits from the product being perceived as a status symbol among wealthy adults. Increasing penchant for lifestyle products and growing prevalence of gift giving culture are also fueling sales of luxury watches. Popular brands in this segment include Rolex, Baume & Mercier, Cartier and Omega. In the global Watches & Jewelry segment, USA, Canada, Japan, China and Europe will drive the 3.8% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$34.2 Billion will reach a projected size of US$44.5 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$8.5 Billion by the year 2026, while Latin America will expand at a 4.8% CAGR through the analysis period.
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SOURCE Global Industry Analysts, Inc.