Luxury Goods Market to Post 3.4% CAGR to 2020|Transparency Market Research

Though far from exciting, the growth of the global luxury goods market will remain steady in the near future, says a latest study by Transparency Market Research. The report, titled, ‘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 valued at US$296.1 billion in 2013, it is forecast to stand at US$ 374.85 billion by the end of 2020.The market is segmented into the following regions for the purpose of the study: North America, Europe, Asia Pacific and 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 of emerging nations in regions such as Asia Pacific or the Rest of the World (RoW). 

 

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The growth of the global luxury goods market was robust in the four-year period following the 2008 global economic recession. However, growth showed signs of deceleration in 2013 and was moderate in 2014. The report notes that through the forecast period, 2014-2010, much of the growth seen in the global luxury goods market will come from the emerging countries. Countries that luxury goods brands are recommended to focus on include: UAE, Egypt, Saudi Arabia, Malaysia, Singapore, India, Thailand, South Africa, Brazil, Indonesia, and Vietnam.