NEW YORK, Jan. 24, 2022 /PRNewswire/ -- The luxury goods market is estimated to grow by USD 33.53 billion, progressing at a CAGR of over 2.59% between 2020 and 2025. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment.
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The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. The convenience of using personal luxury goods will offer immense growth opportunities. To leverage the current opportunities, market vendors must strengthen their foothold in the fast-growing segments, while maintaining their positions in the slow-growing segments.
Personal Luxury Goods Market 2021-2025: Segmentation
The personal luxury goods market is segmented as below:
The accessories segment will be significant in the growth of the personal luxury goods market during the forecast period. Accessories consist of luxury leather goods, including bags, wallets, purses, belts, and shoes. Factors such as the increasing middle-class population and their high purchasing power, owing to the rising disposable income, are expected to drive the accessories segment. Thus, the increased purchasing power has a positive impact on the demand for luxury accessories such as leather shoes. Therefore, changing fashion trends, innovations in designs and product launches will drive the sales of luxury accessories during the forecast period.
APAC will contribute to 48% of the market growth during the forecast period. The increased number of high-net-worth individuals, rising of middle-class income group along with increasing disposable income, growth of consumer interest in luxury products, wider portfolio of product offering, new product launches, and increase in the number of tourist arrival and receipts are some of the factors expected to personal luxury goods market growth in the APAC region.
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Personal Luxury Goods Market 2021-2025: Vendor Analysis and Scope
To help businesses improve their market position, the personal luxury market report provides a detailed analysis of around 25 vendors operating in the market. Some of these vendors include Coty Inc., Hermès International, Kering SA, LOreal SA, LVMH Moet Hennessy Louis Vuitton, PRADA Group, Ralph Lauren Corp., Compagnie Financière Richemont SA, Rolex SA, and The Estee Lauder Companies Inc.
The report also covers the following areas:
The increasing number of new product launches is likely to emerge as one of the primary drivers of the market. However, the high price of personal luxury goods and the availability of cheaper substitutes may threaten the growth of the market.
Backed with competitive intelligence and benchmarking, our research reports on the personal luxury goods market are designed to provide entry support, customer profile & M&As as well as go-to-market strategy support.
Personal Luxury Goods Market 2021-2025: Key Highlights
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Personal Luxury Goods Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3% |
Market growth 2021-2025 |
$ 33.53 billion |
Market structure |
Fragmented |
YoY growth (%) |
1.45 |
Regional analysis |
APAC, North America, Europe, MEA, and South America |
Performing market contribution |
APAC at 48% |
Key consumer countries |
US, China, Japan, Italy, and France |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Coty Inc., Hermès International, Kering SA, LOreal SA, LVMH Moet Hennessy Louis Vuitton, PRADA Group, Ralph Lauren Corp., Compagnie Financière Richemont SA, Rolex SA, and The Estee Lauder Companies Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table of Contents:
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Product
Customer Landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
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