Growth of Luxury Goods Market Is Hampered by Unavailability of Raw Materials
Despite economic turbulence in developed markets and currency devaluation in emerging markets, growth of luxury goods is projected to remain positive over the forecast period. The global market for luxury goods was valued at USD 296.15 billion in 2013 and is expected to reach USD 374.85 billion in 2020, growing at a CAGR of 3.4% from 2014 to 2020. The overall market is expected to demonstrate healthy growth during the forecast period due to increase in the number of high net-worth individuals worldwide, and resilient economy of some of the major developed markets.
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The demand for luxury goods is increasing globally due to the superior standards of living in developing countries. Moreover, increasing use of innovative marketing campaigns and activities through digital media platforms in the travel retail industry are acting as drivers for luxury goods. Currently, growth of this market is hampered by unavailability of raw materials and high tariffs in some potential markets such as Brazil, India, and China. .
Among the different segments, fragrances, premium liquors and luxury watches/jewelry are expected to witness rapid growth, primarily in emerging markets. Currently, leather goods and apparels is the largest application segment for the global luxury goods market, followed by luxury watches and jewelry and is expected to dominate the market by 2020. Luxury goods companies are offering a perfect mix of absolute and affordable luxury goods to capture maximum number of customers in all segments.
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Europe is the largest regional market for the global luxury goods market, followed by North America. Europe is expected to dominate the luxury goods market in terms of revenue by 2020, as it is still considered the best destination for domestic as well as international fashionable and luxury goods shoppers. Along with standalone own brand stores, online retail and high-end departmental stores is contributing greatly to the growth of global luxury goods market in Europe. Working women, high net-worth individuals, and young affluent buyers are among the potential customers expected to drive the global demand for luxury goods during the forecast period. APAC and RoW are fast-growing markets with large number of newly-listed high net-worth individuals in the past five years. These customers are well-travelled and aware of the latest fashions and trends. With upscale lifestyles and higher purchasing power, these customers are expected to fuel growth of the global luxury goods market in the developing markets of RoW and APAC.
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The global luxury goods market is dominated by several major players such as LVMH, Hermes International S.A., Prada S.p.A., Compagnie Financière Richemont S.A. (hereby referred as Richemont), Kering Group, The L\’Oréal Group, Coty, Inc., Tiffany & Company, Rolex S.A., and others. The leading players in the global luxury goods market are acquiring partners to strengthen their respective product offerings. For instance, LVMH acquired Heng Long´s leather business in Singapore in October 2011, in order to strengthen its position in the market, by ensuring continuous supply of finished leather & hide.. Furthermore, Hermes International S.A. acquired d\’Annonay tannerie in January 2013. Such acquisitions and mergers are expected to rise in the forecast period. The players in this market are engaging in acquisitions and mergers in order to gain greater control over raw materials supply, in order to produce exclusive goods and lower their total manufacturing costs.
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