Luxury Goods Market Update 2021
Pune, India, November 09, 2021 (GLOBE NEWSWIRE) – Luxury goods market:
According to a study by Fortune Business Insightsâ¢, the Global luxury goods market is poised to gain traction with the introduction of forward thinking and innovatively created products. The report further states that the market size was $ 316.16 billion in 2019. It is expected to grow from $ 257.26 billion in 2020 to $ 352.84 billion in 2027 at a CAGR of 4.6% during the forecast period.
Increase demand from higher income groups to support growth
The luxury goods are mainly bought by the high income group across the world. Data from Oxfam International, for example, said in January 2020 that about 2,153 billionaires residing in the world have more wealth than about 4.6 billion people who make up 60% of the world’s population. Hence, the increase in the affluent population would enhance the growth of the luxury goods market in the near future. However, trends in selling and buying counterfeit products at cheaper prices that resemble the original ones can hamper growth.
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List of all renowned luxury goods manufacturers operating in the global market:
- LVMH MoÃ«t Hennessy-Louis Vuitton SA (Paris, France)
- Compagnie FinanciÃ¨re Richemont SA (Geneva, Switzerland)
- Kering SA (Paris, France)
- Chow Tai Fook Jewelery Group Limited (Center, Hong Kong)
- The EstÃ©e Lauder Companies Inc. (New York, United States)
- Luxottica Group SpA (Milan, Italy)
- The Swatch Group SA (Bienne / Bienne, Switzerland)
- L’OrÃ©al Group (Clichy, France)
- Ralph Lauren Corporation (New York, United States)
- Shiseido Company, Limited (Tokyo, Japan)
The clothing segment will remain in the foreground thanks to the strong demand of men and women
On the basis of product type, the apparel segment generated 28.79% of luxury goods market share in 2019. This growth is driven by increasing demand of men and women in the world. The bags segment is expected to experience rapid growth in the coming years, fueled by the strong demand for leather products.
Increasing disposable income to drive growth in Asia-Pacific
Geographically, Europe earned $ 103.86 billion in 2019 in terms of revenue. It should be the market leader in the years to come due to the presence of many manufacturers in the region, such as Burberry, LVMH, L’OrÃ©al. In North America, the presence of many wealthy people in the United States would accelerate growth. The market in the Asia-Pacific region is expected to grow at a rapid pace, fueled by the high disposable income of the people. In addition, the growing number of working women in the region would be an engine of growth.
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Major players aim to compete with their competitors by launching unique products and merging with others
The global luxury market is home to a large number of companies that mainly aim to strengthen their positions on a global scale. To do this, they adopt the merger and acquisition strategy. In addition, some of the others are introducing new luxury brands to attract more customers.
Luxury Outdoor Furniture Market:
The Global luxury outdoor furniture market size is expected to experience monumental growth in the years to come. The growing trend of having a comfortable and relaxing outdoor seating experience is expected to be the primary growth driver in the luxury outdoor furniture market. Fortune Business Insights â¢ presented this information in a forthcoming report, entitled, âLuxury outdoor furniture market, 2021-2028â.
The luxury outdoor furniture market is gaining popularity for several reasons. For example, increasing consumer income levels and increasing socialization are expected to fuel the demand for luxury outdoor furniture and fuel market growth.
The major players in the luxury outdoor furniture market are:
- Brown Jordan Co.
- Coco & Wolf Ltd.
- GLOSTER GMBH FURNITURE
- Roda srl
- Sunset in the Western United States
- Kettal Group
- Woodard Furniture
- DEDON GmbH
- TUUCI SARL
- Garden house furniture
- Royal botany
- EGO SAS
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North America to gain largest share through presence of Summit Furniture
North America is expected to achieve the largest share of the global luxury outdoor furniture market. The high imports of seating furniture products and the presence of major market players like Summit Furniture Inc., SEIGER GmbH and others are expected to drive the market growth.
Europe is expected to experience significant growth in the global luxury outdoor furniture market. The increase in garden furniture imports is expected to fuel the growth of the market in the coming years. Additionally, increasing revenue from sales of home and office furnishing products is expected to drive the market growth.
Asia-Pacific is expected to experience rapid growth in the coming years. Growing demand for products due to housing expansion is expected to increase market growth. As of January 2020, around 1 billion households had been sanctioned by the Indian government during the 2019-2020 fiscal year under the Pradhan Mantri Awas Yojana program.
Moreover, the increasing number of manufacturing facilities in China is expected to complement the market growth.
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Increase income levels to increase market growth
Rising income levels and increasing consumer inclination for high quality aesthetic outdoor seating are 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.
The increase in infrastructure in hotels and restaurants, public auditoriums, offices and residential properties is expected to increase 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 the years to come. .
The growing desire of manufacturers to develop durable, weatherproof and waterproof luxury outdoor furniture is expected to fuel the market growth. Moreover, the increasing attention to the production of sustainable furniture is expected to promote the growth of the market.
However, strict government regulations regarding environmental degradation due to the cutting of wood for furniture production may hinder the growth of the market.
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