Personal Luxury Goods Market by Product and Geography - Forecast and Analysis 2021-2025

  • Published: Mar 2021
  • Pages: 120
  • SKU: IRTNTR70417
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The personal luxury goods market has the potential to grow by USD 33.53 billion during 2021-2025, and the market’s growth momentum will accelerate at a CAGR of 2.59%.

This personal luxury goods market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by product (accessories, apparel, hard luxury, cosmetics, and others) and geography (APAC, North America, Europe, MEA, and South America). The report also offers information on several market vendors, including Coty Inc., Hermès International, and Kering SA, among others.

What will the Personal Luxury Goods Market Size be in 2021?

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Personal Luxury Goods Market: Key Drivers and Trends

The increased demand for premium beauty products and cosmetics is notably driving the personal luxury goods market growth, although factors such as increasing labor costs and fluctuating raw material prices may impede market growth. To unlock information on the key market drivers and the COVID-19 pandemic impact on the personal luxury goods industry get your FREE report sample now.

  • The preference for premium cosmetics, especially skin care products, is growing. These products contain the right combination of high-quality ingredients.
  • The awareness about skin-related issues such as spots, acne, and pigmentation is encouraging consumers to purchase advanced anti-aging products.
  • With the rising disposable income,  consumers are willing to pay for advanced and premium products.
  • To cater to the demand and differentiate themselves from pharmaceutical companies, skincare brands are making investments in innovative skin care ingredients and technologies.
  • 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.
  • 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

This personal luxury goods market analysis report also provides detailed information on upcoming trends and challenges that will have a far-reaching effect on the market growth. Get detailed insights on the trends and challenges, which will help companies evaluate and develop growth strategies.

Who are the Major Personal Luxury Goods Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • Coty Inc.
  • Hermès International
  • Kering SA
  • LOreal SA
  • LVMH Moet Hennessy Louis Vuitton
  • PRADA Group
  • Ralph Lauren Corp.
  • Compagnie Financière Richemont SA
  • Rolex SA
  • The Estee Lauder Companies Inc.

 

The personal luxury goods market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market. Click here to uncover other successful business strategies deployed by the vendors. 

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Download a free sample of the personal luxury goods market forecast report for insights on complete key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Personal Luxury Goods Market?

Personal-Luxury-Goods-Market-Market-Share-by-Region-2020-2025

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48% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for personal luxury goods market in APAC. Market growth in this region will be faster than the growth of the market in other regions.

The rising number of high net worth individuals, expanding middle-class income group, and growing consumer interest in luxury products will facilitate the personal luxury goods market growth in APAC over the forecast period. To garner further competitive intelligence and regional opportunities in store for vendors, view our sample report.

What are the Revenue-generating Product Segments in the Personal Luxury Goods Market?

Personal-Luxury-Goods-Market-Market-Share-by-Product-2020-2025

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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 of the accessories market segment.

Fetch actionable market insights on post COVID-19 impact on each segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the personal luxury goods market size.

 

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What are the Key Factors Covered in this Personal Luxury Goods Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive personal luxury goods market growth during the next five years
  • Precise estimation of the 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 personal luxury goods industry across APAC, North America, Europe, MEA, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of personal luxury goods market vendors

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Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The personal luxury goods market growth will increase by $33.53 billion during 2020-2025.
The personal luxury goods market is expected to grow at a CAGR of 2.59% during 2020-2025.
Technavio has segmented the personal luxury goods market by product (Accessories, Apparel, Hard luxury, Cosmetics, and Others) and geographic (APAC, North America, Europe, MEA, and South America).
Coty Inc., Hermès International, Kering SA, LOreal SA, LVMH Moet Hennessy Louis Vuitton, PRADA Group, Ralph Lauren Corp., Compagnie Financière Richemont SA, Rolex SA, The Estee Lauder Companies Inc. are a few of the key vendors in the personal luxury goods market.
APAC will register the highest growth rate of 47.96% among the other regions. Therefore, the personal luxury goods market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the personal luxury goods market growth are:
  • Increased demand for premium beauty products and cosmetics
The personal luxury goods market vendors should focus on grabbing business opportunities from the accessories segment as it accounted for the largest market share in the base year.
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