The market is driven by the increased demand for premium beauty products andcosmetics. Also, the adoption of omnichannel retailing is anticipated to boostthe personalluxury goods market further.
Factors such as rising disposable incomes and growing awareness aboutskin-related issues have increased consumers’ spend on premium skincareproducts. Also, the growing aging population has increased the demand forpremium anti-aging products. Many skincare brands are focusing ondifferentiating themselves from pharmaceutical companies by investing ininnovative skincare ingredients and technologies. The increasing demand forpremium beauty products and cosmetics is expected to foster the growth of themarket during the forecast period.
The adoption of omnichannel retailing is enhancing product visibility and stimulating the purchase of these premium skin care products and personal luxury goods such as advanced anti-aging products. It helps luxury products manufacturers to improve their brand awareness through promotions and effective advertising. Moreover, with the rising adoption of digital products such as tablets, smartphones, and laptops and the penetration of the Internet, there is also an increase in the online sales of products. Such factors will drive global personal luxury goods market growth at a CAGR of almost 5% during the forecast period.
Top companies covered in the personal luxury goods market research report
The personal luxury goods market is moderately fragmented. By offering a complete analysis of the market’s competitive landscape and with information on the products offered by companies, the industry analysis report will help clients identify new growth opportunities and design innovative strategies to improve their market share.
The report offers a complete analysis of various companies including:
- L’Oréal S.A.
- The Estée Lauder Companies Inc.
- North America
- South America
APAC will account for the largest personal luxury goods market share by 2023. The increasing disposable income of people and the rising consumer spending on these luxury goods such as luxury handbags, shoes, watches, and jewelry are the major reasons for the high growth of the personal luxury goods market in the region. The rising number of high net worth individuals, expanding middle-class income group, growing consumer interest in luxury products, a wider portfolio of products being offered, new product launches, and increased number of tourists arrival and receipts are expected to fuel the market growth.
Personal luxury goods market segmentation based on product
- Hard luxury
The accessories market segment will account for the highest personal luxury goods market share because of the high purchasing power of people and the increasing middle-class population. The rising sale of luxury leather goods including belts, wallets, bags, shoes, and purses because of the changing fashion trends, innovations in designs, and product launches will also drive market growth in the segment.
Key highlights of the global personal luxury goods market for the forecast years 2019-2023:
- CAGR of the market during the forecast period 2019-2023
- Detailed information on factors that will accelerate the growth of the personal luxury goods market during the next five years
- Precise estimation of the global personal luxury goods market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the industry across various geographies such as APAC, Europe, MEA, North America, and South America
- A thorough analysis of the market’s competitive landscape and detailed information on several vendors
- Comprehensive details on factors that will challenge the growth of the companies