Luxury Goods: The Biggest Market Trends 2021
Summary
Despite a slowdown
in economic growth in multiple markets, the global
luxury goods market has remained in healthy growth in recent years.
Chinese buyers are now one of the most important groups in the global luxury
market, in fact, the Asia Pacific region as a whole is the fastest growing
market globally and will play an increasingly important role in the coming
years. A number of brands have reported positive results in 2017-2018 and as a
result of this, there has been a period of significant merger and acquisition
activity, with a number of high-value deals taking place.
As a new generation
of consumers comes to fore, a number of trends have swept across the global
luxury goods market. Millennial and Generation Z consumers are becoming
increasingly affluent and attracting this demographic is the key to ensuring
current and future growth for luxury brands, however, these consumers have
completely different demands and bridging the gap between old and new is both a
challenge and opportunity. There is a growing demand for sustainable luxury
amongst consumers, and now more than ever, social media and Omnichannel
retailing is a key way for companies to drive sales.
Despite the luxury
goods market has a positive outlook globally, there are a number of threats and
challenges which lie ahead for companies. Counterfeiting is becoming
increasingly sophisticated which has led to the rise of ‘super-fakes’, this
alongside the growth of online retail is presenting a new challenge for
companies, as products are unknowingly being bought as fakes. The negative
implications of the overreliance on Chinese consumers will also become evident
in the coming years, as spending decelerates both at home and abroad as the
country’s economy begins to slow.
Key
Highlights
-
As a new generation of consumers comes to fore, a number of trends have
swept across the global luxury goods market. Millennial and Generation Z
consumers are becoming increasingly affluent and attracting this demographic is
the key to ensuring current and future success for luxury brands, however,
these consumers have completely different demands and bridging the gap between
old and new is both a challenge and an opportunity. There is a growing demand for
sustainable luxury amongst consumers, and now more than ever, social media and Omni
channel retailing is a key way for companies to drive sales.
-
Despite the luxury goods market has a positive outlook globally, there
are a number of threats and challenges which lie ahead for companies. Counterfeiting
is becoming increasingly sophisticated which has led to the rise of
‘super-fakes’, this alongside the growth of online retail is presenting a new
challenge for companies, as products are unknowingly being bought as fakes. The
negative implications of the overreliance on Chinese consumers will also become
evident in the coming years, as spending slows both at home and abroad as the
country’s economy begins to slow.
-
Another trend which has swept across the retail market is
personalization, whether that be of products or services. The behavioral
changes exhibited by millennials, in particular, have resulted in changing
marketing strategies to appeal to them and while traditional methods are less
effective, personalization is now a key driver. One of the main things that
luxury goods consumers look for in a product is exclusivity and one way to
achieve this is with the addition of personalized aspects, which make them a product more distinguishable. In regard to personalization, multiple luxuries
brands have explored ways to implement this into their products.
Scope
-
Examine the luxury goods market and its opportunities and issues
-
See how the main players are reacting to changing market dynamics
-
Learn how the trends in the industry are changing and how consumer
behavior is shaping them
-
Understand what the future of the market might look like.
Reasons
to buy
-
What are the main trends developing in the industry?
-
What are players doing to adapt?
-
Are any players being caught out by these changes?
-
Is the future of the industry promising or dark?
More
related reports
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Goods: The biggest trends currently shaping the market
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Luxury Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast
2019-2024
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