Global Luxury Goods Market – Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2014 – 2020
The global luxury goods market was valued at USD 296.1 billion in 2013 and is expected to reach USD 374.85 billion in 2020, growing at a CAGR of 3.4% from 2014 to 2020. Europe was the largest market for global luxury goods in 2013 due to substantial sales through travel retail and duty free shops. As of 2013, North America was the second-largest market for global luxury goods.
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The global luxury goods market is driven by under-penetrated emerging markets of Asia Pacific and Rest of the World (RoW). The luxury goods market demonstrated high growth for the period 2009–2012, but growth slowed down in 2013. Growth is expected to be moderate in 2014, and emerging markets such as the UAE, Saudi Arabia, Egypt, Singapore, Malaysia, Thailand, India, Brazil, South Africa, Vietnam, and Indonesia are expected to drive growth during forecast period 2014–2020. The North American market is witnessing decent growth for absolute luxury goods in contrast to Europe, where per capita expenditure on luxury goods has decreased. Customers in Europe are either buying premium luxury goods or affordable luxury goods. Most luxury goods companies are currently focusing on emerging markets, as these are scarcely penetrated, though consumers have both knowledge of luxury items and buying power for the same.
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However, this market faces certain challenges and one major restraint includes unstable economic conditions in various regions of the world, and currency devaluation in emerging markets. In addition, there is lack of training and development to frontline store executives, who can potentially convert prospective customers into buyers. Furthermore, customers are looking for luxury goods that come with a mix of tradition and modernity in design and packaging. Luxury goods manufacturers are expected to demonstrate robust growth globally through a strategic blend of absolute and affordable luxury and the use of digital platforms for marketing and promotions.
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By type, the global luxury goods market is segmented into: luxury watches & jewelry, apparels and leather goods, luxury personal care & cosmetics, wines/champagne and spirits, fragrances, and others. Apparels and luxury goods was the biggest segment in terms of revenue in 2013, and it is expected to maintain its position through 2014–2020. Most of the large luxury goods manufacturers are acquiring suppliers and partners in hard luxury segments in order to develop their product offerings since these segments are likely to grow rapidly over 2014–2020. Travel retail is expected to boost sales in the fragrances and personal care products segments. Consumers prefer to purchase these products at duty free shops and repeat users go for online purchases more frequently. Liquors sales is expected to grow rapidly in Latin American and Asian markets due to growth in numbers of personal parties and sophisticated pubs/bars.
Geographically, Europe is the biggest market for global luxury goods as most of the major companies are located in this region. In addition, robust tourism in most European countries stimulates growth of luxury brands. North America is projected to demonstrate moderate growth for absolute luxury goods. Row and Asia Pacific are set to witness robust growth during the forecast period as these regions are characterized by high number of wealthy customers with high standard of living.
LVMH, Hermes International S.A., Prada S.p.A., Compagnie Financière Richemont S.A. (hereby referred as Richemont), Kering Group, The L’Oréal Group, Coty, Inc., Tiffany & Company, Rolex S.A., and others are the popular players in the global luxury goods market, where LVMH enjoys maximum revenue share. LVMH has a long history of revamping acquired brands. For instance, LVMH acquired jewelry company Bulgari in 2011. They worked on its store design, marketing communication and thus were able to make it a profitable brand. In addition, limited edition products of companies such as Tiffany & Co., Prada S.p.A., Burberry Group plc, and Zara are popular in the luxury goods category.
The global luxury goods market has been segmented as follows for better understanding and to formulate winning strategies for the market players:
Global luxury goods market analysis, by type, market size, and forecast, 2012 – 2018
- Luxury Watches & Jewelry
- Apparels and Leather Goods
- Luxury Personal Care & Cosmetics
- Wines/Champagne and Spirits
- Others (Tableware, Luxury Pens)
In addition, the report provides a cross-sectional analysis of all the above segments with respect to the following geographical markets:
- North America
- Rest of the World
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