GMI Research witnesses that the global personal luxury goods market size will experience an accretion in demand over the forecast period. It is due to continuous urbanization, people are more inclined towards the fashion statement, and an increase in disposable income is the crucial reason that fuels the global personal luxury market.
Introduction of the Global Personal Luxury Goods Market
Personal luxury goods consist of various luxury items like accessories, apparel, and other beauty products. An elite class adopts these products for self-grooming. Luxury can differ according to individuals based on their perception of the products that give them elegance and comfort.
Key Players of the Market
- The Estee Lauder Companies Inc.
- Loreal S.A.
- Christian Dior
- Ralph Lauren
- Tiffany & Co.
- Swatch Group
Personal Luxury Goods Market Dynamics
In todays’ world, rapidly changes trends that increase the focus of the manufacturers of these luxury goods towards the younger generation, as they are highly influenced by the glare of the world and go for extravagant products. The standard of living is improving by continuous urbanization and modernization; individual per capita income also increases, further boosting the personal luxury goods market. The paradigm shift in the customers’ preference towards quality brands encourages producers to focus on innovation to capture the changing demand of the target audience.
Moreover, various organizations are focusing on implementing diverse marketing strategies on several platforms to attain a competitive edge over the other players in the market. Over the coming years, the personal luxury goods market will positively impact the demand due to growing awareness among consumers towards fashion, followed by urbanization and the adoption of a modern lifestyle. In addition, the inflation in population growth rate coupled with the increasing trend for luxury goods will further strive the market growth globally. In order to increase customers, several luxury brands are enlarging their product portfolios to offer higher flexibility to the consumer to choose products according to their requirements. On the other hand, increasing labor costs and the fluctuations in the prices of raw materials will restrain the market’s growth during the forecast period.
Product Type Segmentation Market Drivers
The accessories segment speculates to lead the market during the forecast period. It is because accessories products groom the personality, readily available in a broad range of brands for the customers. Besides, the growing fashion trends and increasing consumer income will encourage consumers to go for luxury accessories over the coming years. The cosmetic & fragrances industry envisages growing at a faster CAGR during the forecast period due to the growing spending on fragrance and cosmetics compelled by the rapid growth in the population of working women and the rising demand for exclusive cosmetic products across the world.
Distribution Channel Segmentation Market Drivers
The online stores account to hold the market during the forecast period owing to the development of e-commerce in the market that shifted consumer’s preference towards e-shopping, especially among the young generation as e-stores are available 24*7 and easy price and quality comparison of different brands. The Specialized stores are estimated to rise at a higher CAGR during the forecast period due to the varieties of quality products under one roof. Moreover, standardized prices and brand loyalty will steer the demand for luxury goods in this channel.
The Asia-Pacific region is forecasted to lead the market during the forecast period. The increasing per capita income leading to increased spending on luxury goods and the expeditious increase in the working women population across Asian countries will significantly fuel the demand for personal luxury goods. The remarkable shift in the customer’s preference for personal luxury goods followed by the rising middle-class population will again accelerate the growth.
Global Personal Luxury Goods Market Segmentation
Segmentation by Product Type
- Cosmetics & Fragrances
- Hard Luxury
Segmentation by Distribution Channel
- Online Stores
- Specialized Stores
Segmentation by Region
- The United States of America
- The United Kingdom
- Rest of Europe
- Rest of APAC
- South Africa
- Saudi Arabia
- Rest of RoW
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