The personal luxury goods consist of luxury items that are used for personal grooming, fashion, and other personal care. Personal luxury goods can vary from person to person, income group, perception about the luxury product and the comfort and pleasure the consumers gets from the product. When seen on a broader concept personal luxury goods are finest quality products having premium value attached to them. The luxury goods have proportionate demand depending on the income of the potential buyers.
COVID-19 Scenario Analysis:
- There has been a high impact on the manufacturers as the raw material such as leather and cotton supply has been affected due to the unavailability of transport facilities from one country to another.
- The demand for most of the goods has decreased as being a non-essential item and consumers are now more focused on health-related goods.
- Once the lockdown and COVID-19 scenario end there will be a steady rise in the market and gradually the consumers will start buying the personal luxury goods.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
Increase in preference of millennials and rise in the income of mid-segment consumers hence increasing the disposable income of the segment has increased the demand for personal luxury goods. In addition, rise in skin problems such as acne, dark spots, and sunburn due to pollution and environmental changes the consumers are moving towards premium cosmetic and skincare products which contain high-quality ingredients for better action on the skin problems and contains natural ingredients boost the global personal luxury goods market. Moreover, consumers' growing income has become one of the rising factors with the willingness to pay for advanced and premium quality products for personal use. The companies are making innovation in the skincare range and some other accessories to make more premium level goods and cater to various demands and sell differentiated products to their consumers. The online sales channel and brand awareness through promotions and social media campaigns by celebrities and the consumers following the trends and lifestyle of their idols and celebrities are some other factors that affect the demand for personal luxury goods.
The global personal luxury goods market trends are as follows:
Mass customization to fulfills the varying demand
Personal luxury goods buyers always have a desire to stand apart from the rest of the crowd and want their premium product to be unique. The luxury brands have come up with new platforms where the customer can design their shoes, clothes, accessories in an application provided by the brand, and the price is set as per the requirement mentioned by the customer.
Asia-Pacific has the majority market growth
The Asia-Pacific countries with growing economies the people are more tempted toward buying luxury goods as there has been a high rise in disposable income. China is the highest contributor in the market share of Asia-Pacific and is growing at an all-time high in terms of revenue collection. The other Asia-Pacific countries like India, South Korea, and Indonesia are also demanding luxury goods with a rise in their economy.
Key Benefits of the Report:
- This study presents the analytical depiction of the global personal luxury goods industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global personal luxury goods market share.
- The current market is quantitatively analyzed to highlight the global personal luxury goods market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global personal luxury goods market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions Answered in the Personal Luxury Goods Market Research Report:
- What are the leading market players active in the personal luxury goods market?
- What the current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
Personal Luxury Goods Market Report Highlights
| Aspects | Details |
 By Type |
|
 By End User |
|
 By Distribution Channel |
|
 By Region |
|
 Key Market Players | Richemont, Burberry, Christian Dior, Breitling, The Estée Lauder Companies Inc., Ralph Lauren, Chanel and Coach, LVMH, KERING, Loreal S.A., Luxottica |
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