Global Personal Luxury Goods Market 2019-2023
SKU ID :TNV-14098793 | Published Date: 27-Mar-2019 | No. of pages: 131Description
About this market
The influence of different marketing strategies on customers’ purchase decisions will lead the personal luxury goods market to register considerable growth in the forthcoming years. Customers are seeking value for money, especially while buying expensive products. Various luxury brand manufacturers are adopting effective marketing techniques and strategies for expanding their consumer base. As a result, with the growing fashion consciousness in developing and advanced economies, the demand for personal luxury goods will also rise considerably in the forthcoming years. analysts have predicted that the personal luxury goods market will register a CAGR of nearly 5% by 2023.
Market Overview
Increasing demand for affordable luxury goods
One of the growth drivers of the global personal luxury goods market is the increasing demand for affordable luxury goods. With the increasing personal disposable incomes, the demand for personal luxury goods is increasing which will drive the growth of the market.
Increasing labor costs and fluctuating raw material prices
One of the challenges in the growth of the global personal luxury goods market is the increasing labor costs and fluctuating raw material. An increase in the production cost for vendors lowers their profit margins which will hinder the growth of the market during the forecast period.
For the detailed list of factors that will drive and challenge the growth of the personal luxury goods market during 019-2023, view our report.
Competitive Landscape
The market appears to be moderately fragmented and with the presence of several market players. Various luxury brands are focusing on wearable technologies and are partnering with leading technology firms and fashion designers to show an innovative mixture of functionality and workmanship. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
The influence of different marketing strategies on customers’ purchase decisions will lead the personal luxury goods market to register considerable growth in the forthcoming years. Customers are seeking value for money, especially while buying expensive products. Various luxury brand manufacturers are adopting effective marketing techniques and strategies for expanding their consumer base. As a result, with the growing fashion consciousness in developing and advanced economies, the demand for personal luxury goods will also rise considerably in the forthcoming years. analysts have predicted that the personal luxury goods market will register a CAGR of nearly 5% by 2023.
Market Overview
Increasing demand for affordable luxury goods
One of the growth drivers of the global personal luxury goods market is the increasing demand for affordable luxury goods. With the increasing personal disposable incomes, the demand for personal luxury goods is increasing which will drive the growth of the market.
Increasing labor costs and fluctuating raw material prices
One of the challenges in the growth of the global personal luxury goods market is the increasing labor costs and fluctuating raw material. An increase in the production cost for vendors lowers their profit margins which will hinder the growth of the market during the forecast period.
For the detailed list of factors that will drive and challenge the growth of the personal luxury goods market during 019-2023, view our report.
Competitive Landscape
The market appears to be moderately fragmented and with the presence of several market players. Various luxury brands are focusing on wearable technologies and are partnering with leading technology firms and fashion designers to show an innovative mixture of functionality and workmanship. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
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