Albany - NY, Oct. 20, 2015 (GLOBE NEWSWIRE) -- Though far from exciting, the growth of the global luxury goods market will remain steady in the near future, says a latest study by Transparency Market Research. The report, titled, 'Global Luxury Goods Market - Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2014 - 2020,' pegs the market to report a modest 3.4% CAGR through its six-year forecast period. While the market was valued at US$296.1 billion in 2013, it is forecast to stand at US$ 374.85 billion by the end of 2020.The market is segmented into the following regions for the purpose of the study: North America, Europe, Asia Pacific and Rest of the World. In 2013, Europe was the largest luxury goods market, trailed by North America. The former's leading position can be credited to its massive travel retail network and profusion of duty-free shops. While the penetration of luxury brands is high in the developed countries within incidence, the same cannot be said of emerging nations in regions such as Asia Pacific or the Rest of the World (RoW).
The growth of the global luxury goods market was robust in the four-year period following the 2008 global economic recession. However, growth showed signs of deceleration in 2013 and was moderate in 2014. The report notes that through the forecast period, 2014-2010, much of the growth seen in the global luxury goods market will come from the emerging countries. Countries that luxury goods brands are recommended to focus on include: UAE, Egypt, Saudi Arabia, Malaysia, Singapore, India, Thailand, South Africa, Brazil, Indonesia, and Vietnam.
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While the per capita expenditure on luxury goods in Europe has shown considerable decline, consumers in North America continue to spend money on absolute luxury goods. In Europe, consumers are seen to be largely spending on premium as well as affordable luxury goods. The scenario in emerging countries is unique in that consumers here have both the awareness and the means to purchase luxury goods, but face a dearth of outlets and channels through which they can realize this want.The report notes that the global luxury goods market's growth will be restricted by the following: Uncertain economic scenarios, currency devaluation, and a shortage of highly-trained and knowledgeable frontline store executives. With the cultural leanings of consumers in various emerging countries being different from those in the developed countries, luxury brands are also faced with the challenge of tailoring their market offerings to suit the needs the newly-affluent consumers.
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TMR analysts recommend that companies in the global luxury goods market employ a mix of both premium and affordable luxury goods products. These can be intelligently promoted using digital marketing platforms as well as conventional promotional techniques. The report segments the global luxury goods market by type into: Apparel and leather goods; luxury watches and jewelry; wines, champagnes and spirits; luxury cosmetics and personal care; fragrances; others (pens and luxury tableware). In revenue terms, the apparel and leather goods segment was the largest in 2013 and will remain the leader through the report's forecast period. The sales of products in the fragrances segment will receive a boost thanks to expanding travel retail. In Asia and Latin America, higher sales of liquor are expected with the proliferation of bars and pubs.
Global luxury goods market analysis, by type, market size, and forecast, 2014 - 2020
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:
Rest of the World
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Source:Transparency Market Research