According to Goldstein Research, “Growing high net worth income of people and emerging luxury goods market such as UAE, China and Russia favourably driving the growth of global luxury goods market.” Mature markets such as U.S and Europe are the hotspots for the global luxury brands which are expanding their business to vast opportunistic regions such as China, Russia and UAE where people's high net worth income is rising and they are readily spending on luxury goods.
“Global Luxury Goods Market Outlook 2024”
The global luxury goods market is segmented based on products and by distribution channel. Distribution channel is further bifurcated into online and offline channel. Offline channels or physical stores accounted for 63% revenue share in global luxury brands market. Online portals accounted for 37% share in global luxury goods market. This also reflects that luxury brands are focusing more on establishing their physical store network in new markets and territories.
The global luxury goods market accounted for the USD 214.5 billion in 2016 and the market is expected to expand at a compound annual growth rate of 4.0% over the forecast period i.e. 2016-2024. Further, the market is projected to reach USD 295.7 billion by the end of 2024.
Middle East region representing the vast opportunities for the luxury brands: shopping destination such as Dubai and luxury malls in Abu Dhabi is significantly driving the growth of luxury goods market in the region. Additionally, higher currency value of Dirham as compare to USD significantly tend the local residents to make their luxury purchases while travelling abroad.
More than 60% luxury good sales are digitally influenced
The luxury goods sales through online channel is expected to expand at a CAGR of 15% annually through 2024, compared to 3.5% to 4% compound annual growth rate projected for the luxury goods market overall. More than 60% of luxury good sales are now digitally influenced, as shoppers either researched online and then bought at the store or purchased online outright. With low penetration of e-commerce and social media by luxury peers, there is an huge opportunity to boost direct-to-customer engagement, particularly younger consumers who spent significant of time online.
“Global Luxury Goods Market Outlook 2024” contains detailed overview of the global luxury goods market in terms of market segmentation by products type and by distribution channel.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Global Luxury Goods Market Report also provides competitive outlook of some of the major players which includes profiling of companies such as Luxottica Group, Kering SA, The Swatch Group Ltd., Ralph Lauren corporation, Hermes International Group, L'Oreal Luxe, Rolex SA, Prada Group, Burberry Group plc etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global luxury goods market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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