Global Personal Luxury Goods Market Report (2022 to 2026) - Featuring Hermes International, Kering and L'Oreal Among Others - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global Personal Luxury Goods Market (by Product, Sales Channel, End-User & Region): Insights & Forecast with Potential Impact of COVID-19 (2022-2026)" report has been added to ResearchAndMarkets.com's offering.

The global personal luxury goods market is expected to record a value of US$394.91 billion in 2026, witnessing growth at a CAGR of 6.01% for the period spanning 2022-2026.

Factors such as growing client base, expansion of the tourism sector, rising income levels, rapid urbanization and escalating adoption of premium cosmetics, especially skincare products would drive the growth of the market. However, the market growth would be challenged by rising input costs, growing counterfeiting trend and brand reputation. A few notable trends include surging millennial spending, upsurge in online sales, flourishing second-hand personal luxury goods market and integration of technology.

The global personal luxury goods market has been segmented on the basis of material product, sales channel and end-user. In terms of product, the global market can be bifurcated into Leather goods (including handbags, wallets, briefcases, luggage, and small leather goods such as credit card holders, notebook covers, or travel tags), watches & jewellery, beauty (encompassing skincare, hair care, makeup, fragrances, and hygiene products), apparel and other products such as shoes, luxury eyewear, etc.

Whereas, according to sales channel, the market can be categorized into offline and online. Depending on end-user, the global personal luxury goods market can be split into women and men.

The fastest growing regional market was Asia Pacific due to rapid increase in women population across the Asian countries, growing popularity of aspirational luxury products among Millennials, surging number of high net worth individuals in the region along surging inclination of people towards fashion and lifestyle. Further, the COVID-19 pandemic negatively influenced the market growth during 2020 due to enforced store closures, travel bans and the pandemic-induced changes in consumer behavior.

Scope of the report

• The report provides a comprehensive analysis of the global personal luxury goods market, which is segmented into product, sales channel, end-user and region, with potential impact of COVID-19.
• The major regional markets (Asia Pacific, Americas, Europe and Rest of the World), along with the country coverage of China, Japan and the U.S. have been analyzed.
• The market dynamics such as growth drivers, market trends and challenges are analyzed in-depth.

Market Dynamics

Drivers

• Growing Client Base
• Expansion of Tourism Sector
• Rising Income Levels
• Rapid Urbanization
• Escalating Adoption of Premium Cosmetics, Especially Skincare Products

Key Trends & Developments

• Surging Millennial Spending
• Upsurge in Online Sales
• Flourishing Second-Hand Personal Luxury Goods Market
• Integration of Technology

Challenges

• Rising Input Costs
• Growing Counterfeiting Trend
• Brand Reputation

Companies Mentioned

• Compagnie Financiere Richemont S.A.
• Hermes International S.A.
• Kering S.A.
• L'Oreal S.A.
• LVMH Moet Hennessy Louis Vuitton SE
• Prada S.p.A.

For more information about this report visit https://www.researchandmarkets.com/r/eg3ouv