The Global Luxury Hotel and Travel Trends global briefing offers an insight into the size and shape of the luxury goods industry, highlights buzz topics, emerging trends as well as pressing industry issues, their effects on luxury goods retailing in markets around the world and on the development of consumers’ shopping patterns. Forecasts illustrate how the market is set to change and criteria for success. In short, it identifies the opportunity zones within luxury goods industry
Product coverage: Designer Apparel and Footwear (Ready-to-Wear), Fine Wines/Champagne and Spirits, Luxury Cars, Luxury Eyewear, Luxury Hotels (5-star plus), Luxury Jewellery, Luxury Leather Goods, Luxury Portable Consumer Electronics, Luxury Timepieces, Luxury Writing Instruments and Stationery, Super Premium Beauty and Personal Care.
Data coverage: market sizes (historic and forecasts), company shares, brand shares and distribution data.
Why buy this report?
- Get a detailed picture of the Luxury Goods market;
- Pinpoint growth sectors and identify factors driving change;
- Understand the competitive environment, the market’s major players and leading brands;
- Use five-year forecasts to assess how the market is predicted to develop.
Luxury goods has entered a new phase, where conspicuous consumption is giving way to more meaningful luxury experiences. As consumers reassess their priorities, asking themselves what they truly value, a host of major trends have emerged: from the preference given to luxury experiences over “things”, to sustainable luxury. This report features key insights and the latest trends in luxury goods around the globe in 2016, including the growth of global wealth and its impact on the wider industry.
Resilient global growth despite economic headwinds
Luxury goods globally delivered another year of moderate growth in 2016, increasing by 3%, despite weakness in key markets such as China, Russia and Brazil.
US remains the leading market
The US continues to provide robust growth, benefiting from solid post-recession recovery. The slowdown in sales of luxury goods in China is expected to enable the US to remain the world leader though to 2018, highlighting its strategic importance within the global industry.
Luxury goods has entered a new phase, in which conspicuous consumption is giving way to more meaningful and authentic luxury experiences. As consumers reassess their priorities and increasingly ask themselves what they truly value, a host of major trends have emerged, including preference being given to luxury experiences over possessions.
New cornerstone of the industry
“New luxury” has been defined as products and services that possess higher levels of quality, taste and aspiration than other goods in the category. The traditional product/service value proposition is no longer adequate for reaching consumers or creating significant differentiation.
Changing consumer attitudes towards “sustainable luxury” are opening up a range of growth opportunities. A host of technological, environmental and economic changes are driving demand for more conscious consumption of luxury goods.
Digital innovations continue to change the way luxury consumers engage with brands
Omnichannel strategies are becoming increasingly important, as luxury retailers need to adapt to a new generation of hyperconnected luxury shoppers. Retailers are also seeking ways to integrate existing technology creatively into their bricks-and-mortar stores, connecting them with their online businesses.