Global Personal Luxury Goods Market Report (2022 to 2026) – Featuring Hermes International, Kering, and L’Oreal, among others – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Global Personal Luxury Goods Market (by product, sales channel, end-user, and region): insights and forecast with potential impact of COVID-19 (2022-2026)” report has been added to ResearchAndMarkets.com’s offer.

The global personal luxury goods market is expected to register a value of US$394.91 billion in 2026, growing at a CAGR of 6.01% over the period 2022-2026.

Factors such as customer growth, expanding tourism sector, increasing income levels, rapid urbanization and increasing adoption of high-end cosmetics, especially skin care products , would drive the growth of the market. However, market growth would be challenged by rising input costs, growing trend of counterfeiting and brand reputation. Notable trends include the surge in millennial spending, the resurgence of online sales, the booming market for second-hand personal luxury goods, and the integration of technology.

The global personal luxury goods market has been segmented on the basis of hardware product, sales channel, and end user. In terms of products, the global market can be divided into leather goods (including handbags, wallets, briefcases, luggage, and small leather goods such as credit card holders, blankets laptop computers or travel tags), watches and jewelry, beauty (including skin care, hair care, make-up, perfumes and personal care products), clothing and other products such as shoes, sunglasses luxury, etc

Whereas, depending on the sales channel, the market can be categorized into offline and online. According to the end user, the global personal luxury goods market can be divided into female and male.

The fastest growing regional market has been Asia-Pacific owing to the rapid increase in the female population in Asian countries, the rising popularity of aspirational luxury goods among millennials, the growing number of wealthy people in the region and people’s growing inclination towards fashion and lifestyle. Additionally, the COVID-19 pandemic negatively influenced the market growth in 2020 owing to forced store closures, travel bans, and pandemic-induced changes in consumer behavior.

Report scope

  • The report provides a comprehensive analysis of the global personal luxury goods market, which is segmented into product, sales channel, end user and region, with potential impact of COVID-19.

  • The main regional markets (Asia-Pacific, Americas, Europe and Rest of the World), as well as the geographical coverage of China, Japan and the United States have been analyzed.

  • Market dynamics such as growth drivers, market trends, and challenges are analyzed in depth.

Market dynamics

Drivers

  • Customer Growth

  • Expansion of the tourism sector

  • Increase in income levels

  • Rapid urbanization

  • Growing adoption of high-end cosmetics, especially skincare products

Key trends and developments

  • Millennials spending on the rise

  • Increase in online sales

  • Booming second-hand personal luxury market

  • Technology integration

Challenges

  • Rising input costs

  • Growing trend of counterfeiting

  • Brand reputation

Companies cited

  • Financial Company Richemont SA

  • Hermes International SA

  • Kering S.A.

  • L’Oreal SA

  • LVMH Moet Hennessy Louis Vuitton SE

  • Prada Spa

For more information on this report, visit https://www.researchandmarkets.com/r/eg3ouv

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