Luxury Goods Market - Global Industry Analysis And Forecasts 2012 - 2018
The global luxury goods market is unique in that many of the market forces that influence other consumer goods do not affect luxury goods. The research report on the global luxury goods market discusses and analyzes the way ahead for various product categories in this sector. Given that the luxury goods market essentially caters to the socio-psychological needs of consumers, their demand dynamics differ between affluent nations and emerging ones. Thus, it becomes imperative to study the luxury goods market keeping in mind the economic status of consumers in various geographical regions.
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This market research report brings to the fore trends and opportunities that can be harnessed by companies in the luxury goods market to widen their global or regional footprint. The report also helps market players anticipate threats, and gain a competitive advantage. Our analysts lay special emphasis on macroeconomic indicators such as GDP, disposable income, wealth and other factors such as tourism. All of these, in one way or another, have an impact on the luxury goods market.
This report profiles leading names that dominate the global luxury goods market. TMR’s analysts provide insight into the existing and pipeline products of luxury goods brands, their SWOTs, and financial standing.
Overview of the global luxury goods market
At the turn of 2012, the luxury goods market registered a CAGR of 7%. This growth rate was regarded as being healthy in the backdrop of the 2008 economic crisis that had created an adverse impact on several businesses worldwide. The luxury goods market continues to rise, mainly owing to heightened consumer awareness about personal attire, style, and fashion trends. Higher GDPs in emerging economies, a larger disposable income, and rising living standards (and aspirations) are other factors pushing the luxury goods market ahead.
China ranks as the leading luxury goods manufacturer worldwide, and the Chinese luxury goods market is expected to register a growth rate of nearly 20%. The United States, which is the second-largest global market for luxury goods, is poised to witness a growth rate of 5% to 7% in this sector. The luxury goods market in Europe grew at a mere 2%-4% in Europe in 2012.
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