Factors Considered by Market Research Outsourcing Experts For Future Growth of the Luxury Goods Industry

By | January 20, 2021

Luxury Goods Market Trends is a comprehensive study of the latest luxury goods market evolution and expansion in the world. The report offers information and an intricate impact study of luxury goods market trends. The value chain study illustrates the major intermediaries involved in the supply chain, the end consumers, and the pricing. It also analyzes factors affecting the diversification of the market such as brand name, price, competition and other factors. It provides the essential information needed by luxury goods marketers, manufacturers, wholesalers, retailers, and buyers.

luxury goods market trends

The global luxury goods market was estimated at $USTrading billions annually. There has been tremendous growth in the past decade but with significant challenges remaining in terms of access to raw materials, refining and production costs, as well as environmental sustainability. The report provides an overview of the current global luxury goods market trends and the outlook for the future. The outlook is presented by segmentation analysis, which provides a brief description of luxury goods segments and their current and forecasted sales, availability and consumption. The segmentation also provides an overview of the key players in the luxury goods market as well as an overview of the segment’s sales growth.

Luxury Goods segmentation is broadly divided into five categories: Original Design, Specialty, Celebrity Brand Clothing, Women’s Clothes, and Accessories. The study then proceeds to provide an overview of the global distribution and market share of each segment. Specialty luxury goods include fashion houses, handbags and accessories from Calvin Klein, Gucci, Louis Vuitton, Tiffany & Co., Nike, Burberry, Versace, and Dolce and Gabbana. Original Design luxury goods include watches and purses from Gucci, Fendi, Prada, Dior, Yves Saint Laurent, Calvin Klein, Lacroix, Ralph Lauren, and Aquascutum. Celebrity Brand clothing and accessories from Ed Hardy, Mike Minor, Rihanna, Lindsay Lohan, Selena Gomez, and Avril Lavigne are also included. Women’s clothing includes evening wear from Juicy Couture, Gucci, and Dolce and Gabbana, casual wear from Diesel, Nike, Levi’s, and Asics, plus size clothing and plus size women’s apparel from Mellow Yellow, Capezio, and Calvin Klein.

One of the important factors that influence the luxury goods market size is the competition level. Certain segments gain popularity through the different factors that influence their popularity like celebrity glamour, status, style, trends in fashion and the location and demographics. Competition can be either stable or fluctuating depending on the nature of products and services offered by a brand.

One of the factors that influence the market growth is the number of technology applications that are becoming available. This is mainly because of smartphones and tablet computers, which have become very popular with common consumers. Another important factor is competition from electronic brands like LG, Samsung, Motorola, Sony, Apple, and Etron. The smartphone market growth is expected to rise due to strong application and games applications, as users’ demands for communication and entertainment are increasing day by day.

One of the most important market trends to watch out for is the future of the tourism industry. Luxury hotels in particular are gaining popularity among tourists from all over the world because of the excellent facilities offered by them. The forecast for hotel industry growth shows a consistent growth in the coming years. Other key growth factors include the increase in the number of people visiting London every year, higher spending on travel tickets by tourists, and increase in hotel accommodations to accommodate the visitors.

Luxury goods exporters expect the luxury goods market to expand in the next two to five years due to the high demand for newly manufactured designer handbags and accessories by affluent customers around the world. Some of the global luxury brands such as Prada, Burberry, Chanel and Louis Vuitton have already moved their manufacturing base to Asia and are offering their products in local markets at attractive prices. Consumers are searching for authentic luxury brands and are ready to pay handsomely to acquire them. Expanding overseas distribution channels is another area that is expected to contribute towards the growth of the global second-hand luxury goods market.

Some of the most important market indicators that are used by luxury goods industry professionals to determine the growth and expansion prospects of the business include the following. These include – import and export prices, foreign direct investment (FDI) and the forecast period for which the forecast is made. This is because different factors affect the rates of exports and imports and thus the forecast period is determined as per these factors. However, it must be noted that even if a country’s goods trade is affected by external factors, it is possible for it to gain popularity among customers through the quality of its products, services and promotions or through its perceived social value.