The Market of Luxurious Goods is on Three Pillars

‘Yesterday’s luxury’ has become ‘Today’s necessity’. Gucci, Prada, Rolls Royce, Armani, Le Labo, Porsche..Where the names of these noteworthy brands made us stop blinking on a point of time. Increasing urbanisation, changed lifestyle of people, burgeoning economy, growth of high net worth individuals are making this sector climbing upwards.

Global luxury goods market by type

The different types covered under this research study are defined as follows:

Luxury Watches & Jewelry

Apparels and Leather Goods

Luxury Personal Care & Cosmetics

Wines/Champagne

Fragrances

Others (tableware, luxury pens)

Wishing the luxurious profits to you

Experts Talk & Researches on Luxury Market

India’s luxury goods market has been growing by more than $255 million a year in absolute terms, considerably stronger than Singapore and Australia,” said Fflur Roberts, head of luxury goods at Euromonitor

According to Shubhranshu Pani, Managing Director, Retail Services, Jones Lang LaSalle India, “The current demand for luxury brands will reach its most favorable proportions only in five years or so.”

Key Players of the Industry

As per Transperency Market Research, “The global luxury goods market is anticipated to grow moderately over the forecast period. However, the market in Rest of the World and Asia Pacific is likely to grow at a healthy CAGR, owing to major lifestyle changes among consumers in these regions.

With an estimated 25% CAGR growth, the luxury market in India is set to touch $15 billion by 2015 from the current level of $8 billion, a joint study by Assocham.

International brands like Chanel, Valentino, Ferragamo showed their interest in tapping Indian market. Where few Indian Luxury brands also taking franchise route to broaden their reach, appointing selective distributor for prestige goods is making sense for many.

The manufacturers, suppliers, retailers and distributor of luxury items should develop their strategies on expanding their business and how to rake into money from this biz.

Wishing the luxurious profits to you!