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The personal luxury goods market size is forecast to increase by USD 27.2 billion, at a CAGR of 1.73% between 2023 and 2028. The growth of the market is influenced by a range of factors. A significant driver is the rising demand for premium beauty products and cosmetics, as consumers increasingly seek high-quality, luxury items for their personal care routines. Additionally, the effectiveness of various marketing strategies plays a crucial role in shaping customers' purchase decisions, with targeted campaigns and brand positioning significantly impacting consumer preferences. Another key factor is the growing interest in affordable luxury goods, which offers consumers the allure of high-end products at more accessible price points. Together, these elements contribute to the dynamic expansion of the market, highlighting the importance of understanding consumer trends and preferences in driving growth. As the market evolves, businesses must adapt to these changing demands to remain competitive and capitalize on emerging opportunities. The market forecasting report also includes an in-depth analysis of market trends and analysis, market growth analysis and challenges. Furthermore, the market report includes historic market data from 2018 - 2022.
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The Personal Luxury Goods market encompasses a wide range of products that cater to the design for premium experiences and status symbols. These goods include watches, jewelry, cosmetics, clothing, bags, and more. Brands like OMEGA, Burberry, and Britisch auction house have long been synonymous with luxury, offering Mecanique Collection timepieces, iconic trench coats, and exquisite jewelry pieces. However, the market is not limited to the affluent. Changing lifestyles and rising consciousness have led to the emergence of technology-embedded products, such as smartwatches and eco-friendly clothing, appealing to a broader audience. The low-income group can still indulge in luxury through accessible items like Man t-shirts, sandals, or a box of Clive Christian perfumes. Rapid urbanization has fueled the demand for luxury goods, with consumers seeking to elevate their lifestyles. The market offers a diverse range of products, from a Champagne truck to a crystal bathtub, a fridge, or even a luxury purse from Printemps. The sector continues to evolve, with new offerings such as tech-infused bags and eco-friendly beds. The future of Personal Luxury Goods lies in catering to consumers' ever-changing needs and desires.
Premium beauty products and cosmetics drives the market growth. As disposable incomes increase, consumers spend more and more on high-quality cosmetics. Consumers are increasingly aware of skin concerns such as blemishes, acne, and pigmentation and are willing to pay for quality skin care products.
In addition, cosmetics and skincare brands focus on differentiation from pharmaceutical companies. Therefore, they invest in innovative skincare products and techniques. Consumers, especially the aging population, are looking for skin care products that help maintain a youthful appearance. In the past, anti-aging creams were used to temporarily tighten the skin to reduce lines and wrinkles. However, technological advances have increased the number of high-quality, advanced anti-aging products. These products will boost personal luxury goods market growth during the forecast period.
Brand promotion through social media is an emerging trend in the market. An important role is provided by social media in increasing product awareness. Social media is a boon to any industry as it provides a platform to actively interact with consumers. Consumers use social networking sites and blogs to learn about personal products such as cosmetics, bags, shoes, and clothing. Hence sellers use these platforms to create awareness and promote their products.
Further, some of the main platforms including Facebook, Twitter, Instagram, and YouTube are used for promoting products. In recent years, the total sales channel and revenues of sellers have been positively affected by factors such as the growth of internet and smartphone penetration and the increasing customer engagement of goods sellers. These factors will drive market growth during the forecast period.
The presence of counterfeit products is a major challenge impeding the market. The growing market prospects of personal products and their increasing demand simultaneously drive fake personal goods, especially in developing regions. Additionally, the spread of e-commerce has driven the sales of counterfeit products as it is difficult for customers to distinguish genuine products from fake products.
Moreover, counterfeit products are cheap and therefore in high demand. These products adversely affect the sales and pricing strategies of genuine sellers, reducing their market share and tarnishing their reputation. To overcome these challenges, global players are forced to reduce the prices of their products. However, advertising and sales promotion campaigns help retain and attract customers, ensure brand loyalty, and prevent switching to counterfeit products. However, these promotional activities incur huge expenses and further reduce the profit margins of sellers. Therefore, these factors will hinder the market growth during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Prada S.p.A - The key offerings of the company include electric massagers.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the offline segment will be significant during the forecast period. The revenue of the offline distribution channel comes from the sales of products through specialty stores, including brand-owned stores, multi-brand stores, apparel stores, fashion, and personal accessory stores, sports equipment stores, hypermarkets, supermarkets, convenience stores, clubhouse stores, and department stores.
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The offline segment was valued at USD 222.60 billion in 2018. The huge growth in retail channels in different regions will drive customer familiarization with different types of footwear, purses, belts, and many other things. It will also increase the value of sales in the global market during the forecast period. companies focus on improving their offline sales by widening their operations in different locations. This helps them generate sales of products efficiently and to cater to every consumer category in large geographic areas. Although the offline segment is losing its market share to the online segment, innovative marketing strategies by companies will keep the growth rate of the offline segment stable during the forecast period. These factors will boost segment growth during the forecast period.
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North America is estimated to contribute 49% to the growth of the global market during the forecast period. Technavio’s analysts have explained the regional trends and drivers that shape the market during the forecast period. Another region that experiences significant growth is Europe. The high per capita income and the rising disposable income of customers in Europe have resulted in an increased demand for personal goods in the region. Therefore, companies are offering personal luxury goods such as apparel, cosmetics, and hard goods on their web portals as well as through third-party online sellers. This will propel the growth of the online market in the region during the forecast period.
Furthermore, the rise in international inbound tourism in countries such as Italy, France, and the UK, as well as the increase in spending by tourists, is driving the market for personal goods such as luxury handbags. Besides, the market for personal luxury goods in the region has grown due to the high demand for designer apparel and leather footwear. The increasing spending on luxury products for men, such as leather footwear, is one of the trends in the market.
The market forecast report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments
A personal luxury goods market, a segment of the larger Luxury Goods industry, encompasses a range of premium products such as watches, jewelry, cosmetics, clothing, bags, and more. Brands like OMEGA, Burberry, and Clive Christian perfumes have long been synonymous with elegance and sophistication. The market for Personal Luxury Goods is evolving, driven by changing lifestyles, technology-embedded products, and a rising consciousness towards sustainability. Rapid urbanization and modern culture and subculture trends have expanded the target customer base, attracting even the low-income group to the market. Brands are leveraging marketing strategies to gain competitive advantages. For instance, British auction house have used traditional methods to create an aura of exclusivity around their offerings.
On the other hand, brands like Printemps and Reliance are embracing online luxury shopping to reach younger consumers. Quality brands are also focusing on eco-friendly products to address sociopolitical issues and commercial policies. From crystal bathtubs and eco-friendly beds to Man t-shirts, sandals, and even Champagne trucks, the Personal Luxury Goods market is diverse and dynamic. Product innovation continues to be a key driver, with technology-infused items like smartphones and tea infusers gaining popularity. Brands are also exploring new categories, such as tech-enabled watches and eco-friendly fridges.
In conclusion, the market is a vibrant and evolving landscape, offering opportunities for both established and new players. Brands that can effectively cater to the evolving needs and preferences of their customers while maintaining their unique identity will thrive in this market. The British auction house's segmentation analysis of target customers revealed that trends in culture and subculture, alongside the growing popularity of second-hand brand products, are influencing sales channels, including those for items like boxes of chocolates.
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Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 1.73% |
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Market growth 2024-2028 |
USD 27.2 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
1.68 |
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Regional analysis |
Europe, North America, APAC, Middle East and Africa, and South America |
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Performing market contribution |
North America at 49% |
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Key countries |
US, Germany, China, France, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Capri Holdings Ltd., Chow Tai Fook Jewellery Group Limited, Compagnie Financiere Richemont SA, Coty Inc., Giorgio Armani S.p.A., Hermes International SA, Kering SA, LOreal SA, LVMH Group., Prada S.p.A, PVH Corp., Ralph Lauren Corp., Rolex SA, Safilo Group S.p.A, Shiseido Co. Ltd., Swarovski AG, Tapestry Inc., The Estee Lauder Companies Inc., Dolce and Gabbana S.r.l., and The Swatch Group Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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