LONDON--(BUSINESS WIRE)--The global personal luxury goods market is expected to post a CAGR of close to 5% during the period 2019-2023, according to the latest market research report by Technavio.
Innovative skin care products have the right combination of high-quality ingredients. Thus, consumers are increasingly spending on premium cosmetics, especially skin care products, as they are becoming highly aware of skin-related issues such as spots, acne, and pigmentation. Consumers, especially the aging population, look for skin care products that can help retain their youthful appearance. Previously, anti-aging creams were used to temporarily plump up the skin to reduce the appearance of fine lines and wrinkles. However, with technological advances, the number of premium, advanced anti-aging products have increased. Therefore, with the rising awareness of skin-related issues and the increasing demand for premium beauty products, the market for personal luxury goods is expected to have a positive growth during the forecast period.
As per Technavio, the adoption of omnichannel retailing will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global personal luxury goods market research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global personal luxury goods market: Adoption of omnichannel retailing
The personal luxury goods market is witnessing a shift in its customer base, with decreasing baby boomers population and the new affluent luxury consumers being extremely tech-savvy. These affluent luxury consumers also own the latest mobile devices and prefer to access the Internet on these mobile devices. They like to access product-related content, mostly on their mobile devices and want their preferred brands to be available online. As a result, personal luxury players across categories are also increasing their investments in mobile-optimized websites. Although personal luxury goods are majorly sold through brand owned specialty stores, both marketers and retailers are adopting omnichannel retailing to facilitate a seamless shopping experience for customers. Therefore, the adoption of omnichannel retailing is expected to contribute mainly to the growth of the personal luxury goods market during the forecast period.
“Apart from the adoption of omnichannel retailing, the increasing demand for affordable luxury goods is another factor that is expected to boost the growth of the global market. With the steady growth of the overall luxury market, the affordable luxury segment has been witnessing significant growth marked by rapid retail expansion, the growing e-commerce market, and the increasing millennial population. Luxury brands develop separate products lines, thus, establishing their own brand identities in the market and target the mid-income customers wanting to buy designer products,” says a senior analyst at Technavio.
Global personal luxury goods market: Segmentation analysis
This market research report segments the global personal luxury goods market by product (accessories, apparel, hard luxury, cosmetics, and others), and geographical regions (Europe, APAC, North America, MEA, and South America).
The European region led the market in 2018, followed by APAC, North America, MEA, and South America, respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to the increased consumer spending on personal luxury goods and increased disposable income.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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