Published on : Oct 25, 2017
Albany, New York, October 25, 2017: Today's consumer spending pattern has shifted. They prefer to buy luxury brand products. One of the prime factors behind this shift is the strengthening of the global economy. According to a latest study, with the rising presence of branded products among consumers, fueled by the significant increase in their disposable income, the hard luxury goods market is likely to continue perceiving strong growth over the next few years. To elaborate further on the future prospects of the market, the study titled “Hard Luxury Goods Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2022” has been freshly broadcasted to the vast repository of Market Research Hub (MRH). This 170-pages study offers holistic overview of the global microdisplay market with a quantitative and qualitative analysis of key growth trends, market indicators and competitive strategies for the 2017-2022 forecast.
Hard luxury goods comprise of jewelry and premium watches. The hard luxury goods are obtainable to the consumers through premium class outlets, stores or sell out through internet. China, the world’s biggest growth market for luxury goods, has a consumer base that is highly receptive to fashion branding. Another fact mentioned in the report is that women are supposed to be a more lucrative buyer segment for hard luxury goods in comparison to men. Globally, the overall opportunity in the hard luxury goods market is expected to rise to an enormous sum of US$75.24 billion by 2017. Further, the market is predicted to report a high-paced progression at a CAGR of 10.90% between 2017 and 2022, reaching a considerable value of US$126.11 bn by the end of 2022.
Further, the report provides a detailed look into the segmentation of the global hard luxury goods market in order to familiarize readers with the granular makeup of the market. The market has been segmented by type of the product, sales channel, and the gender of the consumer. By types, the market is segmented into watches and jewelry. Watches are the most cherished hard luxury products across the world, which makes it the highest revenue contributor in the global market. Consumers, these days are preferring refined products, which has reflected significantly on the sales of branded items, especially hard luxury goods.
Moreover, In terms of the geography, the research study broadly classifies the global hard luxury goods market into North America, Japan, Europe, Latin America, the Middle East and Africa (MEA) and Asia Pacific excluding Japan (APEJ). The research finds that Europe, which has been leading the global hard luxury goods market over the past few years, is anticipated to sustain with the trend in the years to come.
Later, key market players have been outlined in terms of attributes such as company overview, financial overview, business strategies and recent developments. Ralph Lauren Corp., Tiffany & Co., Graff Diamonds Ltd., Chanel S.A., LVMH, Giorgio Armani, Swatch Group, Richemont, Bulgari, and Harry Wintson are the key companies functional in the global market for hard luxury goods.
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