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Global Luxury Goods Market Report: 2010 Edition
Koncept Analytics, Oct 2010, Pages: 45
Luxury market is a broad term that encompasses perfumes, jewellery, watches, clothes, footwear and many more. Based on the utility, and the amount of money spent on buying the product, it can be defined as 'a luxury product'. Such goods are meant to show off a person's prosperity, lavishness, and also serve as a medium of self-expression. This high end market, which was once considered to be accessible only for the elite, has undergone drastic changes with middle income consumers showing interest towards the consumption of luxury goods.
The luxury goods market has grown tremendously for the past few years. Amongst all the segments, watches account for the largest share in the global market. More than half of the demand of gold and diamond has been in the jewellery making. India consumes more than one fourth of the total gold produced. In recent years, there has been a shift in the consumer preferences towards platinum. In the luxury watch market, the Swiss watches dominate the luxury goods market, accounting for almost 100% of the global luxury watch production. In the global champagne market, France has been the main producer, and accounts for more than 50% of the global share. Europe has been the largest market for luxury goods in the world and as per the nationality of the luxury consumers, Japan leads having more than one-fourth of the luxury consumers.
The luxury goods market is directly correlated with the global economic conditions. Thus, GDP has been one of the major factors affecting the market. Also the growing population of high net worth individuals and the increasing demand from the emerging economies is expected to boost the global market. There has been a trend in the market that people spend more on the luxury goods while traveling.
The global luxury goods market has been analyzed in the current report. On a regional basis, the top two markets Japan and China have also been profiled. The report analyses various segments of the luxury goods market - jewellery, watches, perfumes & cosmetics, and wine & spirits. It also profiles the four major players involved in the luxury goods market: LVMH Moet Hennessy Louis Vuitton, Richemont, Hermes and the Swatch Company, along with their key strategies for growth.
By combining SPSS Inc.’s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.
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