Global Luxury Goods Market to Grow Swiftly owing to Rising Demand from Tourists

Published On : 02 Aug 2016

Luxury products have always been associated with custom services, high prices, and a sense of uniqueness. Today, the changing economic structure has changed the entire market for luxury goods. Companies manufacturing luxury goods are making sure that they are reasonable priced and easily accessible to more individuals than ever before. Luxury products and services are now not only reasonably priced, but also customized as per the changing trends in the market. These are some of the findings of a new report added by to its repository.

The report, titled ‘Global Luxury Goods Market Professional Survey Report 2016,’ highlights the changing trends in the market. As per the findings of the report, the global market is expected to benefit from the rising spending of travelers on luxury goods. Overseas traveling has increased in the recent past, and travelers don’t mind spending more on luxury goods in the country where they travel.  

The report on the global luxury goods market defines luxury goods and then focuses on the various applications, classifications, and specifications of luxury goods. The research also studies the industry chain structure of luxury goods by highlighting new project developments. SWOT analysis, an industry-standard tool, is used to measure the feasibility of new projects in the global market. For a detailed competitive analysis, leading players operating in the global luxury goods market are listed in the report. 

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Key companies are profiled in the report by considering factors such as product pictures and specifications, revenue, sales of luxury goods, ex-factory price, and gross margin. LVMH Group, Kering S.A., Rolex S.A., LOreal Group, Tiffany & Co., Coty, Inc., The Swatch Group Ltd., The Swatch Group Ltd., Prada S.p.A, Compagnie Financire Richemont S.A., Hermes International SCA, and Graff Diamonds are some of the key companies operating in the global luxury goods market. After highlighting the leading companies, the analysts shift their focus to analyzing their adoption of technical advancements and their research and development activities. 

The global luxury goods market is regionally divided into the U.S., China, Africa, Japan, Europe, and South America. The growing number of manufacturers of luxury goods across emerging countries is expected to propel the global market, predict the report’s authors. 

The research finally focuses on factors that are likely to propel the global luxury goods market in the years to come. Manufacturers are signing partnership deals with advertising companies. Thanks to the evolution of digital marketing and the availability of luxury goods at various supermarkets, mini-markets, and shopping malls, the global luxury goods market is set for a rapid expansion. An increasing number of stores are offering branded luxury goods, which is predicted to attract more consumers across the globe.


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