Hard Luxury Goods Market Overview:
Luxury products are considered primarily as status symbols for individuals. The global Hard Luxury Goods market has greatly benefited from economic growth in the Asia-Pacific and LAMEA regions. The increase in consumption capacity and the rise in living standards should stimulate market growth.
Countries in developing regions, such as China, India, South Korea, the United Arab Emirates and Brazil, offer promising opportunities for Hard Luxury Goods manufacturers. Higher GDP and higher sales of luxury brands stimulated market growth. The Hard Luxury Goods sector has seen an increase in demand in recent years, due to the propensity of consumers to Hard Luxury Goods and the greater preference for high-end products over economical products.
Hard Luxury Goods Market Size:
Hard Luxury Goods Market was valued at USD xx million in 2017 and poised to reach USD xx million by 2022 growing at a CAGR of xx% during the forecast period 2017 to 2022.
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Hard Luxury Goods Market Drivers and Restraints:
Advances in online marketing and the increasing use of digital media for product marketing are the main contributors to the growth of the global luxury products industry. Greater adoption of high-tech and cutting-edge products would contribute to the growth of luxury e-commerce websites.
However, the uncertain economic situation is one of the main factors that can hinder the growth of the market. The economic slowdown had a negative effect on the sales of Hard Luxury Goods worldwide. Fluctuations in the currency and the decline in the number of brands in developing regions could be some challenges.
Hard Luxury Goods Market Segmentation:
The market is segmented by type of product, gender, mode of sale and geography. The total size of the Hard Luxury Goods market is the sum of the income generated by Hard Luxury Goods, such as designer clothes and footwear, cosmetics, travel goods, fine wines, jewelry and objects, and other luxury items. The designer clothing and footwear segment has a significant share in this market, followed by jewelry and watches. However, the accessories and other Hard Luxury Goods segment is expected to grow rapidly, especially in emerging markets, throughout the forecast period. Manufacturers focus on product knowledge and quality, which could help the market to increase the demand of all product segments.
Hard Luxury Goods Market Geographical Segmentation:
Asia Pacific and LAMEA are the two main regions with enormous growth potential for this market. Advances in technology and increasing consumer awareness are the main factors that lead consumers to move from normal to luxury products. The continuous improvement of living standards in these regions has given market participants a lucrative opportunity to strengthen themselves in these regions.
Key Players of Hard Luxury Goods Market:
Key players in market include The Estee Lauder Companies Inc., LOral International, LVMH Group, Kering SA, The Shiseido Company, Ltd., Prada S.p.A., Ralph Lauren Corporation, Swatch Group, Luxottica Group S.p.A, and Compagnie Financire Richemont SA. LVMH Mot Hennessy-Louis Vuitton SA holds the highest market share among others.
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