The luxury goods market is expected to grow by 7% by the end of 2012 despite the economic slowdown. The major reason behind this significant rise in the luxury goods industry is the rising concern of people over style and personal attire. Changing lifestyle and rising living standards are mainly driving the growth of this market.
China is the leading manufacturer of luxury goods and the predicted growth rate of the Chinese market is about 18% to 20%. The luxury goods industry is forecast to grow between 5% and 7% in America and 2% and 4% in Europe in 2012. Japan, which was the biggest luxury goods buyer in the past few years, holds third position in the luxury goods industry now.
In the past few years, luxury goods industry has experienced a slower growth rate because of financial crisis, but with the world economy becoming stable, this market is experiencing a significant rise in demand for luxury goods across the globe. Strong tourist flow in Europe and America, coupled with sales at the U.S. department stores is contributing to the recovery of the luxury goods industry.
- Leather Accessories
- Wine and Spirit
The research report analyzes this market based on major industry segments and important geographies. It includes a complete analysis of industry growth drivers, factors affecting market growth, market structure, and market projections for the coming years. The report also provides an analysis of technological developments in the luxury goods market, Porter’s five force model analysis, and complete company profiles of the top industry players. The report provides a review of the micro and macro factors significant for the new entrants and existing market players along with detailed value chain analysis.
Major geographies analyzed under this research report are:
- North America
- Rest of the World
Some of the key players dominating this market are LVMH, Gucci Group, Hermes International, Richemont, Burberry, and others.
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- This research report provides a detailed analysis of the major factors responsible for driving and restraining market growth
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