Luxury Goods Market Update 2021

Pune, India, Nov. 09, 2021 (GLOBE NEWSWIRE) — Luxury market:

According to a study by Fortune Business Insights, the Global luxury goods market is poised to gain momentum with the introduction of cutting-edge and innovative products. The report further states that the market size was USD 316.16 billion in 2019. It is expected to grow from USD 257.26 billion in 2020 to USD 352.84 billion in 2027 with a CAGR of 4.6% during the forecast period.

Increase demand from high-income groups to drive growth

Luxury goods are mainly purchased by the high income group across the world. Data from Oxfam International, for example, reported in January 2020 that around 2,153 billionaires residing around the world own more wealth than around 4.6 billion people who make up 60% of the world’s population. Hence, increasing affluent population would support the growth of the luxury goods market in the near future. However, trends of selling and buying counterfeit products at lower rates that resemble the genuine ones may hamper growth.

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List of all renowned luxury goods manufacturers operating in the global market:

  • LVMH Moet Hennessy-Louis Vuitton SA (Paris, France)

  • Compagnie Financière Richemont SA (Geneva, Switzerland)

  • Kering SA (Paris, France)

  • Chow Tai Fook Jewelery Group Limited (Central, Hong Kong)

  • The Estée Lauder Companies Inc. (New York, USA)

  • Luxottica Group SpA (Milan, Italy)

  • The Swatch Group SA (Biel / Bienne, Switzerland)

  • L’Oreal Group (Clichy, France)

  • Ralph Lauren Corporation (New York, USA)

  • Shiseido Company, Limited (Tokyo, Japan)

The apparel segment will remain at the forefront supported by strong demand from both men and women

On the basis of product type, the apparel segment generated 28.79% in terms of luxury goods market share in 2019. This growth is attributable to the growing demand for men and women globally . The bags segment is expected to grow rapidly in the coming years, fueled by the strong demand for leather-based products.

Rise in disposable income to drive growth in Asia-Pacific

Geographically, Europe earned $103.86 billion in 2019 in terms of revenue. It is likely to dominate the market in the coming years due to the presence of numerous manufacturers in the region, such as Burberry, LVMH, and L’Oreal. In North America, the presence of many rich people in the United States would accelerate growth. The market in Asia Pacific is expected to grow at a rapid rate fueled by the high disposable incomes of people. In addition, the growing number of working women in the region would drive growth.

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Key players aim to compete with their rivals by launching unique products and merging with others

The global luxury goods market is home to a large number of companies that mainly aim to strengthen their positions in the world. To do this, they adopt the strategy of mergers and acquisitions. Also, some of the others are introducing new luxury brands to attract more customers.

PART 2:

Luxury Outdoor Furniture Market:

The Global luxury outdoor furniture market The size is expected to experience monumental growth in the coming years. The growing trend of owning a comfortable and relaxing outdoor seating experience is expected to be the main growth driver for the luxury outdoor furniture market. Fortune Business Insight™ presented this information in an upcoming report, titled, “Luxury Outdoor Furniture Market, 2021-2028″.

The luxury outdoor furniture market is growing in popularity for several reasons. For example, increasing consumer income levels and growing socialization are expected to fuel the demand for luxury outdoor furniture and fuel the growth of the market.

The main players in the luxury outdoor furniture market are:

  • Brown Jordan Co.

  • Coco & Wolf Ltd.

  • GLOSTER FURNITURE GMBH

  • Roda srl

  • Sunset over the western United States

  • Kettal Group

  • Woodard Furniture

  • DEDON GmbH

  • TUUCI SARL

  • garden house furniture

  • Royal Botany

  • EGO S.A.S.

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Regional outlook-

North America will get the biggest share thanks to the presence of Summit Furniture

North America is expected to achieve the largest share of the global luxury outdoor furniture market. High imports of furniture seating products and the presence of major market players such as Summit Furniture Inc., SEIGER GmbH and others are expected to boost the market growth.

Europe is expected to witness significant growth in the global luxury outdoor furniture market. Rising garden furniture imports are expected to fuel the growth of the market in the coming years. Additionally, increasing revenue from the sales of home and office furniture products is expected to support the growth of the market.

Asia-Pacific is expected to experience rapid growth in the coming years. Growing product demand due to housing expansion is expected to increase market growth. As of January 2020, around 1 billion households have been sanctioned by the Indian government in the financial year 2019-2020 under the Pradhan Mantri Awas Yojana scheme.

Additionally, the growing number of manufacturing facilities in China is expected to complement the growth of the market.

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Increase income levels to increase market growth

Rising income levels and rising consumer inclination for high quality aesthetic outdoor seating is expected to drive the growth of the global luxury outdoor furniture market. Growing socialization is expected to be another major growth driver for the market.

Increase in infrastructure facilities in hotels and restaurants, public auditoriums, offices and residential properties is expected to augment the market growth in the coming years. The Committee on Climate Change Organization estimates that the UK government will develop around 1.5 million new living spaces for households by 2022. Additionally, the growing number of nuclear families is expected to drive market growth in coming years. .

The growing focus of manufacturers on developing durable, weatherproof and waterproof luxury outdoor furniture is expected to fuel the growth of the market. Moreover, the growing emphasis on the production of durable furniture is expected to drive the growth of the market.

However, strict government regulations regarding environmental degradation due to wood cutting for furniture production may hamper the growth of the market.

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