TMR analysts recommend that companies in the global luxury goods market employ a mix of both premium and affordable luxury goods products. These can be intelligently promoted using digital marketing platforms as well as conventional promotional techniques. The report segments the global luxury goods market typo into; Apparel and leather goods, luxury watches and jewelry, wines, champagnes and spirits; luxury cosmetics and personal care, fragrances, others (pens and luxury tableware). In revenue terms apparel and leather goods segment in 2013 and will remain the leader in the forecast period. The sales of products in the fragrances segment will receive a boost thanks to expanding travel retail. In Asia and latin america higher sales of liquor are expected with the proliferation of bars and pubs. Though far from exciting the growth of luxury goods market, will remain steady in the near future, says the latest study by transparency Market research.
The report titles 'Global Luxury Goods Market- Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014-2020. Pegs the market to report a modest 3.4% CAGR through its six year forecast period. While the market was values at $296.1 billion in 2013, it is forecast to stand at $374.85 billion by the end of 2020. The market was segmented into the following regions for purpose of study: North America, Europe, Asia Pacific and the Rest of the world. In 2013 Europe was the largest luxury goods market, trailed by North America. The former's leading position can be credited to its massive travel retail network and profusion of duty free shops. While the penetration of luxury brands is high in the developed countries within incidence, the same cannot be said for emerging nations in regios such as Asia Pacific or the rest of the world.
The growth of the global luxury goods market was robust in the four-year period following 2008 global economic recession. However groth showed signs of deceleration in 2013 and was moderate in 2014. The report notes that through the forecast perios of 2010-2014, much of the growth seen in the global luxury goods market will come from emerging countries. Countries that luxury goods brands are recommended to focus on include: UEA, Egypt, Saudi Arabia, Malaysia, Singapore, India, Thailand, South Africa, Brazil, India and Vietnam.