Global Luxury Goods Market Report: 2013 Edition
Luxury goods refer to products which are commonly
characterized by their premium quality, craftsmanship, recognizability,
exclusivity and reputation. These high-end goods tend to satisfy
socio-psychological needs in greater form and bring esteem to the owner.
Fondness for all forms of luxury like fashion products, accessories, bags &
cases, cosmetics & fragrances, vehicles, utility gadgets, beverages and
interior decoration products, has been seen since many centuries. In economic
terms, luxury goods are the ones for which the law of demand is reverse i.e.
the demand for such products increases with price.
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Luxury is usually stratified in three layers viz.
Accessible, Aspirational and Absolute. A few other factors which determine the
degree of luxury are price, uniqueness, availability, promotion, and brand
among others. Moreover, the luxury industry usually covers products like
perfumes and cosmetics; hard luxury; cognac; handbags and cases; furniture;
vehicles, etc. These products are sold through wholesale, retail or online
channel.
Economic growth worldwide, rising income and wealth levels,
consumption of luxury goods by middle class population and continuous global
urbanization are fueling the development of the global luxury goods market. The
growth of the luxury market had high correlation with macro indicators, such as
real GDP, tourist arrivals, wealth, and disposable income. One of the main
drivers propelling the growth of this market is the growing global online
personal luxury goods market. The emergence of an off-price pricing strategy in
the global online luxury goods market is making personal luxury goods
accessible to a greater number of individuals since they can compare the prices
of different products and make purchases. Further, men are increasing their
contribution to this market by making more online purchases.
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This report analyzes the development of the "global
luxury goods market", with a focus on some of the major segments including
cars, wines and spirits, jewelry and watches. The mature market of Europe along
with emerging market of China is being discussed in the report. The major
trends, drivers facilitating growth of the luxury goods market as well as the
issues being faced by the industry are being presented in this report. The four
major players in the luxury goods industry include LVMH, Kering Group, Hermes
International and Richemont are being profiled in the report highlighting their
key financials and strategies for growth.
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By combining SPSS Inc.’s data integration and analysis capabilities
with our relevant findings, we have predicted the future growth of the
industry. We employed various significant variables affecting this industry and
created regression models with SPSS Base to determine the future direction of
the industry. Before deploying the regression model, the relationship between
several independent or predictor variables and the dependent variable was
analyzed using standard SPSS output, including charts, tables and tests.
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