With evolving tastes, the personal luxury goods market has turned to collaborate more and more of the changing audience into their web. Influenced majorly by the rising disposable income and the aspirational value, the market is also run by the use of technology to rationalize the appeal the generation Z has for its own. Newer, organic markets are trending that have captured audience interests extensively in the past few years.
Personal Luxury Goods Market Size and Growth Rate:
Personal Luxury Goods Market was valued at USD xx million in 2018 and projected to reach USD xx million by 2025 growing at a CAGR of xx% during the forecast period 2018 to 2025.
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Personal Luxury Goods Market Growth Drivers and Restraints:
The luxury goods industry has faced a number of changes over the past few years. Varying economic trends, rapid digital transformation and evolving consumer preferences and tastes are creating a new competitive landscape where traditional corporate strategies are under threat. Geopolitical factors and their impact on tourism is another element that might affect the market substantially.
Many millennial luxury consumers also expect to interact with brands across a range of digital platforms, rather than only through traditional channels. However, in spite of that fact, millennial consumers also want an in-store shopping experience and expect a high-value, customised service. Therefore, demand for connective technology such as Augmented Reality (AR) and Artificial Intelligence is increasing to allow a better connect with the intended audience.
Geographical Presence of Personal Luxury Goods Market:
Asia Pacific is one of the major market regions especially in India, China, Japan and Singapore, owing to the rise in disposable income.
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Key Players of Personal Luxury Goods Market:
Some of the leading market players of Personal Luxury Goods Market are Estee Lauder, L’Oreal, LVMH, Luxottica, Richemont, The Swatch Group, Louis Vuitton, Tiffany, Valentino Fashion Group, Hermes, COACH and more.
Personal Luxury Goods Market Segmentation:
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