Luxury goods refer to products which are commonly characterized by their premium quality, craftsmanship, recognizability, exclusivity and reputation. These high-end goods tend to satisfy socio-psychological needs in greater form and bring esteem to the owner. Fondness for all forms of luxury like fashion products, accessories, bags & cases, cosmetics & fragrances, vehicles, utility gadgets, beverages and interior decoration products, has been seen since many centuries. In economic terms, luxury goods are the ones for which the law of demand is reverse i.e. the demand for such products increases with price.
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Luxury is usually stratified in three layers viz. Accessible, Aspirational and Absolute. A few other factors which determine the degree of luxury are price, uniqueness, availability, promotion, and brand among others. Moreover, the luxury industry usually covers products like perfumes and cosmetics; hard luxury; cognac; handbags and cases; furniture; vehicles, etc. These products are sold through wholesale, retail or online channel.
Economic growth worldwide, rising income and wealth levels, consumption of luxury goods by middle class population and continuous global urbanization are fueling the development of the global luxury goods market. The growth of the luxury market had high correlation with macro indicators, such as real GDP, tourist arrivals, wealth, and disposable income. One of the main drivers propelling the growth of this market is the growing global online personal luxury goods market. The emergence of an off-price pricing strategy in the global online luxury goods market is making personal luxury goods accessible to a greater number of individuals since they can compare the prices of different products and make purchases. Further, men are increasing their contribution to this market by making more online purchases.
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Table of Content
1. Market Overview
1.2 Types of Luxury
1.3 Channels of Distribution
2. Market Size
2.1 Global Luxury Goods Market
2.1.1 Luxury Goods Market: e-Commerce Channel
2.1.2 Luxury Goods Market: Retail vs. Wholesale
2.2 Luxury Market by Segment
2.2.2 Luxury Cars
2.2.3 Wines, Spirits and Cognac
Swiss Watch Export Revenues
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