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Global Luxury Goods Market Report: 2011 Edition
Koncept Analytics, Nov 2011, Pages: 55
Luxury is a relative concept and therefore is hard to define precisely, but anything that makes people feel more luxurious and which is priced far above its functional value is generally regarded as a luxury good. The increasing wealth, together with the rising intention of setting themselves apart have helped in increasing the importance of luxury goods, which has further resulted in growth of the luxury goods market. Other factors contributing to this growth include the increase in professionals, rise in HNWI population and HNWI wealth, increasing number of families with working couples, and more people with strong desire for luxury products.
The global demand for luxury goods has been consistently increasing for the past many years, with the only exception being the year 2009, during which the market experienced the impacts of the US sub-prime crisis.
Regionally, Europe, Americas, and Japan are the three major markets for luxury goods, and together account for more than three-fourths of the market. The coming years are likely to witness growth in the emerging economies including China and India, mainly on the back of increasing wealth and rising standard of living in these regions. China, in fact, is poised to surpass Japan, and to increase its share in the years to come.
In the recent past, the online sale of luxury goods has been gaining importance. Also, with the increased adoption of smart phones and more and moe applications facilitating shopping through mobiles, the luxury buyers follow a trend to either shop online via mobile or otherwise use mobile to compare the online process with the store prices. The threat of the counterfeit products has been the major factor posing challenge to the luxury goods market.
The luxury goods market is highly competitive, with the major factors influencing competition being the quality of products, the brand value and pricing.
Key Features
'Global Luxury Goods Market Report: 2011 Edition' analyzes the development of the global luxury goods market, with a focus on some of the major segments including watches, wines and spirits, and jewelry.
The major mature markets including Europe, the Americas and Japan, along with the two emerging markets promising future growth, China and India are being discussed in the report.
The major trends and the drivers facilitating growth of the luxury goods market as well as the issues being faced by the industry are being presented in this report.
The four major players in the luxury goods industry (LVMH, Gucci Group, Hermes International and Richemont) are being profiled in the report, highlighting their key financials and strategies for growth.
By combining SPSS Inc.’s data integration and analysis capabilities with relevant findings, the future growth of the industry has been predicted. Significant variables that impact this industry and created regression models with SPSS Base has been used to determine the future direction of the industry. 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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