View Report Details Global Luxury Goods Market Report ----------------------------------------2015
View Report Details Executive Summary
Luxury goods refer to products which are commonly characterized by their premium quality, craftsmanship, recognizability, exclusivity and reputation. These high-end goods tend to satisfy socio-psychological needs in greater form and bring esteem to the owner. Fondness for all forms of luxury like fashion products, accessories, bags & cases, cosmetics & fragrances, vehicles, utility gadgets, beverages and interior decoration products, has been seen since many centuries. In economic terms, luxury goods are the ones for which the law of demand is reverse i.e. the demand for such products increases with price. Luxury is usually stratified in three layers viz. Accessible, Aspirational and Absolute. A few other factors which determine the degree of luxury are price, uniqueness, availability, promotion, and brand among others. Moreover, the luxury industry usually covers products like perfumes and cosmetics; hard luxury; cognac; handbags and cases; furniture; vehicles, etc. These products are sold through wholesale, retail or online channels. Improving global economy, rising disposable income and wealth, growing consumption of luxury goods by middle class population and continuous global urbanization are all major factors that are fueling the development of global luxury goods market. Growth of this market is directly associated with macro indicators, including real GDP, tourist arrivals, wealth, and disposable income. One of the main drivers to propel the growth of this market is the booming business of online personal luxury goods. The emergence of an off-price pricing strategy in the global online luxury goods market is making personal luxury goods accessible to a greater number of individuals since they can compare the prices of different products and make the final deal. Further, men are increasing their contribution to this market by making more purchases. This report analyzes the development of the "global luxury goods market", with a focus on some of the major segments including cars, wines and spirits, and jewelry. The mature market of Europe along with emerging market of China is being discussed in the report. The major trends, drivers facilitating growth of the luxury goods market as well as the issues being faced by the industry are being presented in this report. The four major players in the luxury goods industry include LVMH, Kering Group, Hermes International and Richemont are being profiled in the report highlighting their key financials and strategies for growth. By combining SPSS Inc.’s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the industry. We employed various significant variables affecting this industry and created regression models with SPSS Base to determine the future direction of the industry. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.
The global luxury goods market has been benefitting from the revival in GDP growth across developed markets like the US, Germany, the UK, etc., increasing Chinese tourists and accessories market… Global Personal Luxury Goods Market Value (2007-2014E) In 2014, global personal luxury goods market’s valuation totaled US$… billion, an increase of …% over 2013 and is expected to rise towards US$... billion by 2015.
US$ Billion
Apparel accounted for the largest share of global personal luxury goods market in 2014. In 2014, Europe continued to be the largest market (…%) for luxury industry, followed by Americas (…%) and Asia Pacific (…%). In 2014, the percentage share of Chinese consumers was the highest with …%, followed by North America …%.
2007
2008
2009
2010
2011
2012
2013 2014E
Luxury Goods Industry Percentage Share by Customer Nationality (2014E)
Japanese
Chinese
North American
European
Others
With each passing year, the retail format share is steadily increasing, in 2014, it increased to …%, from the earlier …%.
Global Personal Luxury Goods Market Breakdown by Sub-Segment (2014E)
Leather Goods Fragrances & Cosmetics
Shoes Others
Jew ellery
Watches
Fashion
Moreover, the luxury market is also being supported by growing online luxury goods consumption, increasing HNWI population and the rising demand from the expanding Chinese middle class population… Global Online Personal Luxury Goods Market (2007-2014E) The online personal luxury goods market sales grew at a CAGR of …%, from 2011—2014, with US$...billion in sales.
US$ Billion
In 2013, the HNI population registered a year-on-year growth of …%, from …million in 2012 to …million in 2013. In 2013,US, Japan, Germany registered the highest increase in HNI population growth, on a YTY basis. The rising number of cities with >5MN population and income per capita >RMB 17K in China is expected to further drive the demand for luxury goods in the country.
2007
2008
2009
2010
2011
2012
The luxury men’s market in premium bag and accessories segment is expected to increase to …% by FY18.
2013 2014E
China: Number of Cities with Disposable Income Per Capita
Growing Number of HNI Population (2008-2013)
US$ Million
US$ Million
>RMB 17K and >5M Population (2008-2014E)
2008
2009
2010
2011
2012
2013
2014E
2008
2009
2010
2011
2012
2013
Growing demand for alternate and second-hand luxury goods, improving American economy and development of new high-end productsare further enhancing the penetration levels…
US$ Billion
Global Personal Luxury Goods Market Forecast (2012-2017E)
2012
2013
2014E
2015E
2016E
2017E
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The global luxury market is forecasted to grow at a CAGR of ….% and is forecasted to reach US$... billion by 2017.
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The global luxury market is expected to grow at a sustained pace in the next 2-3 years due to the moderate revival of the economy in both developed and developing nations.
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However, the continued high import tariffs and duties and the counterfeiting of luxury goods is expected to act as a challenge for the luxury industry in the coming years.
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