This global study conducted by GMI Research provides an overview of the existing market trends, drivers, restrictions, and metrics and also offers a viewpoint for different segments. The market report tracks the overall demand growth during the forecast period. A regional study of the market is also carried out in North America, Asia-Pacific, Europe, and the Rest of the World. The report indicates growth parameters in the regional markets, along with leading players that are dominating the industry.
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The leading organizations covered in the Personal Luxury Goods Market are:
- The Estee Lauder Companies Inc.
- Loreal S.A.
- Christian Dior
- Ralph Lauren
- Tiffany & Co.
- Swatch Group
Drivers of the Personal Luxury Goods Market:
The growing disposable income and enhanced living standards of people is promoting them to opt for luxury goods, are the major factors driving the growth of the global personal luxury goods market. The drastic shift in the consumer’s preference towards quality brands encourages the manufacturers to mainly emphasize on innovation to capture the shifting demand of the target customers. Moreover, several organizations are focusing on implementing various marketing strategies on numerous platforms to gain a competitive benefit over other organizations in the market.
The growing consciousness among the consumers related to fashion, along with rapid urbanization and adoption of modern lifestyle, will enhance the demand for luxury personal goods during the forecast period. Furthermore, the increasing population growth rate, followed by the growing trend for luxury goods, will further propel the growth of the market globally. Several luxury brands are expanding their product portfolios to offer higher flexibility to the customers to choose products as per their needs. On the other hand, the variations in the prices of raw materials and the increasing labor cost will hinder the growth of the market in the upcoming years.
Based on region, the Asia-Pacific is expected to dominate the market during the forecast period due to rising disposable income leading to rising spending on luxury goods and the rapid increase in the working women population across the Asian economies. The fundamental shift in the consumer’s preference for personal luxury goods, along with the growing middle-class population, will further propel the demand of the market.
Key Benefits offered by the Personal Luxury Goods Market report:
- This study represents the analytical depiction of the Personal Luxury Goods Market along with the ongoing trends and future estimations to determine the imminent investment pockets.
- The report provides detailed information related to market drivers, restraints, and growth opportunities, followed by the analysis of the Personal Luxury Goods Market share.
Segmentation of the Personal Luxury Goods Market:
The Personal Luxury Goods Market has been categorized into the following segments:
Breakup by Product Type:
- Cosmetics & Fragrances
- Hard Luxury
Breakup by Distribution Channel:
- Online Stores
- Specialized Stores
Breakup by Region:
- North America
o United States of America
- Asia Pacific
o Rest of APAC
o United Kingdom
o Rest of Europe
o South Africa
o Saudi Arabia
o Rest of the world (remaining countries of the LAMEA region)
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