Global Hard Luxury Goods Market was valued US$ 80.XX Bn in 2019 and is expected to reach US$ 175.XX Bn by 2027, at CAGR of 10.4X% during forecast period of 2020 to 2027.
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Global Hard Luxury Goods Market Introduction:
In economics, for luxury good demand increases more than proportionally as income rises, so that expenditures on the good become a greater proportion of overall spending. Luxury goods can be introduces as items which have high income elasticity of demand, as people become wealthier, they will buy proportionately more luxury goods. Luxury goods can be bifurcated into Soft luxury and hard luxury. Soft luxury, includes items such as leather accessories, bags and designer clothing, but hard luxury, includes those timeless items such as jewellery and watches.The report study has analyzed revenue impact of COVID -19 pandemic on the sales revenue of market leaders, market followers and market disrupters in the report and same is reflected in our analysis.
Global Hard Luxury Goods Market Overview:
The Hard Luxury Goods like watches, jewelry, etc. are not essential for basic human needs but are picked up to maintain a status and to enhance self-worth of an individual. In 2019, Hard Luxury Market was valued US$ 80.XX Bn, but thanks to the emerging world economy, due to which there is a noteworthy increase in the count of high net worth individuals which is expected to bring market to US$ 175.XX Bn by 2027. Spending on hard luxury has become a trend among these population, which is the key factors driving the Hard Luxury Goods market globally with anticipated CAGR of 10.4X%.
In past years, most preferred mode of purchasing was specialty stores but now trend is shifting towards online stores due to the rapid product distribution on e-commerce websites, which also offers convenience for their customers. Online distribution channel is expected to grow rapidly with CAGR of XX.XX% during the forecast period, whereas currently, specialty stores hold the largest market share of XX.XX Bn around the world.
The booming fashion industry specifically for designer accessories, jewellery and high end watches are the major force propelling this market, which has not any gender barrier as hard luxury gets attraction from both men & women. Hence both genders witnessing the good growth with CAGR of XX.XX% and XX.XX% respectively over the forecast period.
Conversely, limited product availability, volatile product prices and inefficient channels of distribution may restrain the global Hard Luxury Goods market growth. Instead, the increasing bandwidth of the upper-class society both in developed and developing countries is expected to provide new growth opportunities for the key market players in the forecasted years. The Global Hard Luxury Goods Market dynamics are thoroughly studied and explained in the report, which helps reader to understand emerging market trends, drivers, restraints, opportunities, and challenges at global and regional level for the Global Hard Luxury Goods Market.
Global Hard Luxury Goods Market Regional Analysis:
North America is the leading region in the global Hard Luxury Goods market with market share of US$ XX.XX Bn in 2019, due to a high per capita income of the regional population. The most people in North America prefer high end quality products, which is increasing the demand for premium-priced goods across the region owing to reach market value of US$ XX.XX Bn by the end of the 2027. Moreover, the huge influence of the global fashion industry is expected to further drive the North American Hard Luxury Goods market maintaining CAGR of XX.XX% during the forecast years.
Similarly, the European Hard Luxury Goods market is expected to grow extensively with CAGR of XX.XX% in the forecasted time, due to the huge attraction towards hard luxury items, fueling high product demand in the region. Moreover, countries like, France and Italy are known for their premium & luxuries products. These countries are not just the users of luxury items but are one of the biggest importers around the globe. The presence of several key market players as well as increasing number of offline stores, is expected to drive the market growth in this region and anticipated to reach market value at XX.XX Bn by 2027. Many leading companies of Hard Luxury Goods, such as Giorgio Armani, are Italy-based which makes them easily available in various European countries.
The Asia Pacific Hard Luxury Goods market is expected to witness significant growth at CAGR of XX.XX % in the forecasted period, on account of the large demand of these products for the fashion-conscious youth and a growing number of high net worth individuals in emerging economies of this region. Emerging countries like China and India are expected to drive this regional market. These countries population experiment more with their fashion than any other country in Asia Pacific, which makes them a prominent target audience for the Hard Luxury Goods market. The rapid urbanization and the growing attraction for quality products by people with high income, has supplemented the growth of the Asia Pacific market and generating huge opportunities for forecast duration.
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Global Hard Luxury Goods Market is studied by Various Segments:
The analysts at Maximize Market Research have done an extensive research for the Global Hard Luxury Goods Market and provides the report with detail study of the market by various segments and by region:
Global Hard Luxury Goods market by Product Type
• Watches
• Jewelry
• Others
Global Hard Luxury Goods Market by Distribution Channel
• Online Stores
• Department Stores
• Specialty Stores
• Monobrand Stores
Global Hard Luxury Goods Market by Gender
• Male
• Female
Global Hard Luxury Goods Market by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)
Global Hard Luxury Goods Market Company Profiles –
The major players operating in the Global Hard Luxury Goods Market, analyzed in the report are:
Bulgari,
Bottega Veneta,
Chanel,
Graff Diamonds,
Giorgio Armani,
Hermes International,
Harry Winston,
Louis Vuitton,
Richemont,
Ralph Lauren,
Swatch,
Tiffany
LVMH
Beaumont & Charlesworth
M.G.Gacho Haute Couture
Air Cosmetics Paris
Noble Pillow
Objective of the Report:
The objective of the report is to present a comprehensive analysis of Global Hard Luxury Goods Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market are presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Hard Luxury Goods Market dynamics, structure by analyzing the market segments and project the Global Hard Luxury Goods Market size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Hard Luxury Goods Market make the report investor’s guide.
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