LONDON--(BUSINESS WIRE)--Technavio has been monitoring the global personal luxury goods market since 2015, and the market is poised to grow by USD 83.06 billion during 2019-2023, progressing at a CAGR of almost 5% during the forecast period. Request free sample pages
Read the 131-page report with TOC on “Personal Luxury Goods Market Analysis Report by Product (accessories, apparel, hard luxury, cosmetics, and others), Geography (APAC, Europe, MEA, North America, and South America), and the Segment Forecasts, 2019-2023”.
The market is driven by the increased demand for premium beauty products and cosmetics. Also, the adoption of omnichannel retailing is anticipated to boost the personal luxury goods market further.
Factors such as rising disposable incomes and growing awareness about skin-related issues have increased consumers’ spend on premium skincare products. Also, the growing aging population has increased the demand for premium anti-aging products. Many skincare brands are focusing on differentiating themselves from pharmaceutical companies by investing in innovative skincare ingredients and technologies. The increasing demand for premium beauty products and cosmetics is expected to foster the growth of the market during the forecast period.
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Major Five Personal Luxury Goods Companies:
KERING owns and operates the business across segments such as Luxury and Corporate and other. The company offers a wide range of personal luxury goods such as handbags, shoes, apparel, and accessories under brands such as Gucci, Balenciaga, Ulysse Nardin, Bottega Veneta, and Saint Laurent.
L’Oréal S.A. owns and operates the business across various segments such as Professional products, Consumer products, L’Oréal luxe, and Active cosmetics. The company offers a wide range of luxury cosmetics and beauty products through its L’Oréal luxe division. Some of its brands include Urban decay, Kiehls, Lancôme, Giorgio Armani, and Clarisonic.
LVMH owns and operates the business across various segments such as Wines & Spirits, Fashion & Leather Goods, Perfumes & Cosmetics, Watches & Jewelry, and Selective Retailing. The company offers a wide range of personal luxury goods, such as watches and jewelry; cosmetics and beauty products; and leather goods, under brands such as Louis Vuitton, Guerlain, Givenchy, Kenzo, and Christian Dior.
Richemont owns and operates the business across various segments such as Jewellery Maisons, Specialist Watchmakers, and Others. The company offers a wide range of luxury goods, such as jewelry and watches, under brands such as Cartier, IWC Schaffhausen, Jaeger-LeCoultre, Officine Panerai, Piaget, Vacheron Constantin, Montblanc, Alfred Dunhill, and Chloé.
The Estée Lauder Companies Inc.
The Estée Lauder Companies Inc. owns and operates the business across various segments such as Makeup, Skin Care, Fragrance, Hair Care, and Other. The company offers a wide range of luxury cosmetics and beauty products under the brands La Mer, Jo Malone London, Tom Ford, AERIN, RODIN olio lusso, Le Labo, Editions de Parfums Frédéric Malle, and By Kilian.
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Personal Luxury Goods Product Outlook (Revenue, USD Billion, 2019 - 2023)
- Hard luxury
Personal Luxury Goods Regional Outlook (Revenue, USD Billion, 2019 - 2023)
- North America
- South America
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