Economic Growth of Emerging Economies Boosts Demand for Luxury Goods

Published By : 25 Feb 2016 | Published By : QYRESEARCH

The global luxury goods market is witnessing an exponential surge in its market valuation. The rising pool of high net-worth individuals across the world, together with the increasing affluence of the middle-class population, has stimulated the demand for luxury goods substantially in the global arena.

Europe to Retain Leadership in Global Luxury Goods Market
Europe leads the worldwide market for luxury goods and is closely followed by North America. The presence of a large pool of market participants as well as a huge base of affluent individuals, who can afford highly expensive luxury goods. Analysts expect Europe to retain its lead in the global market over the coming years. The rise in online retail business and high-end departmental stores is likely to boost the Europe luxury goods market significantly in the near future.

The increasing number of high net-worth individuals as well as young wealthy buyers are projected to drive the demand for luxury goods in North America over the next few years. The luxury goods markets in Asia Pacific and the Rest of the World are also anticipated to report healthy growth in the forthcoming years, owing to the economic rise and the increase in the disposable income of consumers in these regions.

The global market for luxury goods has registered a remarkable rise in recent times. The top trends that can influence the future performance of this market are:

  • The rise in living standard in developing economies.
  • The increasing application of innovative and highly creative marketing campaigns using social media platforms.
  • The escalating demand for premium liquors, fragrances, and luxury jewelry/watches.

LVMH, Prada S.p.A., Hermes International S.A., Richemont, L'Oréal, Kering Group, Tiffany and Co., Coty Inc., and Rolex S.A. are some of the prominent manufacturers of luxury goods across the globe.

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