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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 share is expected to increase by USD 33.53 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 3%.

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 personal luxury goods market segmentation by product (accessories, apparel, hard luxury, cosmetics, and others) and geography (APAC, North America, Europe, MEA, and South America). The personal luxury goods market report also 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, and The Estee Lauder Companies Inc. among others.

What will the Personal Luxury Goods Market Size be During the Forecast Period?

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Personal Luxury Goods Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a positive impact on the market growth during and post COVID-19 era. 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 the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the personal luxury goods industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Personal Luxury Goods Market Driver

The preference for premium cosmetics, especially skincare 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 are 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 skincare ingredients and technologies.

Key Personal Luxury Goods Market Trend

The integration of technology is another factor supporting the personal luxury goods market share growth. Luxury brand manufacturers are increasing their investments in R&D with regards to raw material and fabric to improve the existing products. Most luxury brands are focusing on wearable technologies and are partnering with leading technology firms and fashion designers to show an innovative mixture of functionality and workmanship. Luxury outlets are leveraging technologies to enhance the in-store shopping experience. Therefore, the integration of technology and continuous innovation resulting in product premiumization will fuel the growth in the global personal luxury goods market during the forecast period.

Key Personal Luxury Goods Market Challenge

 

The increasing labor costs and fluctuating raw material prices will be a major challenge for the personal luxury goods market during the forecast period. Many international vendors, such as Tapestry, Giorgio Armani, and DOLCE&GABBANA, have factories in Asian countries such as China, Indonesia, Bangladesh, and Vietnam. This is because labor costs in developed countries of North America and Europe have grown rapidly in the last decade, therefore resulting in high production costs. The changing economic conditions have also adversely affected the labor costs of other countries from where the company imports its supplies. Therefore, an increase in the production cost for vendors lowers their profit margins. Vendors are adopting and investing in new technologies, entering into collaborations, and automating their manufacturing process to increase their profits.

This personal luxury goods market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the global personal luxury goods market as a part of the global apparel, accessories, and luxury goods market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the personal luxury goods market during the forecast period.

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.

 

This statistical study of the personal luxury goods market encompasses successful business strategies deployed by the key vendors. The personal luxury goods market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

  • Coty Inc. - The company offers personal luxury goods under various brands.

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.

The personal luxury goods market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Personal Luxury Goods Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the personal luxury goods market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the apparel, accessories, and luxury goods market includes the following core components:

  • Inputs
  • Inbound logistics
  • Operations
  • Outbound logistics
  • Marketing and sales
  • Service
  • Support activities
  • Innovation

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for Personal Luxury Goods Market?

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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 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 as well as growing disposable income, growing consumer interest in luxury products, wider portfolio of products being offered, innovations, new product launches, and increased number of tourist arrival and receipts will facilitate the personal luxury goods market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The shutdown of manufacturing facilities of key vendors and the implementation of social distancing measures negatively impacted the personal luxury goods market in the region in 2020 due to COVID-19 the second half of 2020, a majority of the facilities continued to manufacture and distribute products globally, albeit in a much-reduced capacity to protect employees from COVID-19. By the end of 2020, all manufacturing and distribution facilities were operating with rapidly improving capacity. With the increasing adoption of omnichannel retailing after the pandemic, the personal luxury goods market is expected to grow during the forecast period. 

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

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The personal luxury goods market share growth by the accessories segment will be significant during the forecast period.

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

 

Personal Luxury Goods Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 3%

Market growth 2021-2025

$ 33.53 billion

Market structure

Fragmented

YoY growth (%)

1.45

Regional analysis

APAC, North America, Europe, MEA, and South America

Performing market contribution

APAC at 48%

Key consumer countries

US, China, Japan, Italy, and France

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

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

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period

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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What are the Key Data 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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Executive Summary

Market Landscape

  • Market ecosystem
  • Value chain analysis

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2020
  • Market outlook: Forecast for 2020 - 2025

Five Forces Analysis

  • Five force summary
  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation by Product

  • Market segments
  • Comparison by Product
  • Accessories - Market size and forecast 2020-2025
  • Apparel - Market size and forecast 2020-2025
  • Hard luxury - Market size and forecast 2020-2025
  • Cosmetics - Market size and forecast 2020-2025
  • Others - Market size and forecast 2020-2025
  • Market opportunity by Product

Customer landscape

Geographic Landscape

  • Geographic segmentation
  • Geographic comparison
  • APAC - Market size and forecast 2020-2025
  • North America - Market size and forecast 2020-2025
  • Europe - Market size and forecast 2020-2025
  • MEA - Market size and forecast 2020-2025
  • South America - Market size and forecast 2020-2025
  • Key leading countries
  • Market opportunity by geography
  • Market drivers
  • Market challenges
  • Market trends

Vendor Landscape

  • Overview
  • Vendor landscape
  • Landscape disruption

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • 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.

Appendix

  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations

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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