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Global Luxury Goods Market to Grow at a CAGR of 4.73% During 2022-2027, Aided by the Thriving Fashion and Clothing Industry

According to a new report by EMR titled, ‘Global Luxury Goods Market Report and Forecast 2022-2027’, the industry attained a value of nearly USD 269.4 billion in 2021. The global luxury goods industry is further expected to grow at a CAGR of 4.73% between 2022 and 2027 to reach USD 355.5 billion by 2027.

The luxury goods market is driven by the thriving fashion and clothing industry. Significant demand for expensive suits, tuxedos, knee-length dresses, leather shoes, and fancy handbags, among others, is likely to be generated in the forecast period owing to the rising disposable income and growing popularity of fashion clothing. In addition to this, the rising demand for branded suits from the corporate workers in order to leave an impression on clients is anticipated to augment the market.

In terms of region, the Asia Pacific region is likely to attain healthy growth in the forecast period owing to the rapid urbanisation and infrastructure development. The thriving luxury goods business in the developing countries in the region is a significant factor aiding the market growth. For instance, in India, manufacturing attractive jewellery has been a part of various family businesses in the country. The rising disposable incomes and increasing population in the region are other major driving factors.

In November 2019, LVMH Moet Hennessy-Louis Vuitton SA (EPA: MC) announced the complete acquisition of Tiffany & Co., which is a luxury and speciality retailer based in the United States of America.

Market Breakup by Product, Distribution Channel, End User, and Region:

  • The market is segmented on the basis of products into watches and jewellery, perfumes and cosmetics, clothing, and bags/purse, among others.
  • By distribution channel, the market has been bifurcated into offline and online.
  • Based on the end-user, the market is divided into women and men, among others.
  • Region-wise, the global market for luxury goods can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for luxury goods is being driven by the thriving fashion and clothing and personal care industry.
  • The growing popularity of branded products among youth is likely to augment the market.
  • In addition to this, the aggressive branding and promotion strategies adopted by the major market players are anticipated to provide impetus to the market.
  • The market will further be aided by the rising population, coupled with the rising disposable incomes of the working-class population.

Key Offerings of the Report:

  • The EMR report gives an overview of the luxury goods industry for the periods (2017-2021) and (2022-2027).
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the products, distribution channels, end-users, and regions of luxury goods.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global luxury goods market are LVMH Moet Hennessy-Louis Vuitton SA, Compagnie Financiere Richemont SA, Kering SA, Chow Tai Fook Jewellery Group Limited, and Luxottica Group SpA, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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