Global Luxury Goods Market - Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 – 2020

Transparency Market

Research

Global Luxury Goods Market - Industry Analysis, Size,

Share, Growth, Trends, and Forecast 2014 - 2020

Published Date

2014-10-27

42 Page Report

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Press Release

Luxury Goods Market to Post 3.4% CAGR to 2020, Untapped

Regions to Drive Growth

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Global Luxury Goods Market

REPORT DESCRIPTION

Global Luxury Goods Market - Industry Analysis, Size, Share, Growth, Trends,

and Forecast 2014 – 2020

Though far from exciting, the growth of the global luxury goods market will remain steady in the

near future, says a latest study by Transparency Market Research. The report, titled, ‘ Global

Luxury Goods Market - Industry Analysis, Size, Share, Growth, Trends, and Forecast,

2014 – 2020,’ pegs the market to report a modest 3.4% CAGR through its six-year forecast

period. While the market was valued at US$296.1 billion in 2013, it is forecast to stand at US$

374.85 billion by the end of 2020. The luxury goods market has been witnessing major growth

due to the addition of new high net-worth customers.. A major transformation has happened with

regard to lifestyle of wealthy young and affluent customers, who are extremely brand-conscious

these days. Companies are forming various strategies to cater to customers in the most effective

manner. Development of mobile applications, websites, and campaigns on social networking

sites are some initiatives companies are adopting in order to attract new customers and engage

old ones. The global luxury goods market is characterized by large number of mergers and

acquisitions, thus making it highly consolidated in the near future. Different segments adopt

unique strategies to develop their product lines. Some companies are focusing on distribution,

while others are producing...