Luxury goods comprises of products such as accessories, footwear, apparel, watches and others which are quite expensive and target those consumers who belongs to premium class. The market for luxury goods consist of three types of end consumers, which includes kids lying between the age of 0-12 years, teenagers belonging to the age group of 13 to 19 years and the rest lies in adult group. Luxury goods market can also be segmented on the basis of application which includes soft luxury goods and hard luxury goods. Soft luxury goods includes designer apparel and leather goods such as hand bags and others, which is easily available for the customers in the hypermarket stores or directly operative outlet. Whereas hard luxury goods comprises of jewellery and premium watches. The hard luxury goods are offered to the consumers through premium class outlets, stores or sell out through internet.
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Thus the market for hard luxury product is also segmented on the basis of mode of distribution channel used for offering products to the consumers. The mode of Distribution channel is segmented into retail outlets, sell out through internet, company’s brand outlet and others. Among all these distribution channel online retailing is expected to be most preferred mode for distribution in the forecasted period. This is due to consumer convenience preferences and availability of the products at lower price. Furthermore, the second most preferred mode is expected to be the company’s brand retail outlets as they provide better offerings at less price.
Globally, the demand of hard luxury goods are showing robust annual growth of 10% to 12%.North America and Europe is the highest contributor in the market share of hard luxury goods market. Increasing demand of accessories coupled with rising middle class disposable income has supported the growth of emerging markets in Asia-Pacific. It is expected to account for the fastest CAGR growth as compared to other regions. Among all the countries in Asia Pacific China is expected to be the most lucrative market followed by Japan. India is also expected to show a healthy growth in the forecasted period by registering a single digit CAGR growth. Whereas in ASEAN region Singapore is expected to be the most dominant market. The rising growth for hard luxury goods in Singapore is supported by the new entrants of jewellery brands and rising sales of watches. Rapid urbanization coupled with increasing disposable income in Thailand and Malaysia is predicted to boost the customer base and prominent contributor in the revenue of hard luxury good market in ASEAN region followed by Indonesia and Philippines.
Expanding middle class income group coupled with the urge of consumers for premium class products are the key drivers for the market growth of hard luxury goods in ASEAN region. Moreover, wide varieties of product offerings in each segments and continuous innovation and product launch is also expected to influence the consumers of ASEAN region to fuel the market growth of hard luxury goods in the forecasted period.
However, the market of hard luxury goods in ASEAN region possess some restraining factors. This includes the weak distribution channel and limited availability of the products. Furthermore, the consumers perceives these products as quite expensive and also it is considered as a premium class product and not an absolute necessity.
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The key international market players for hard luxury goods operating in ASEAN region includes Gianni Versace S.p.A., LVMH Moet Hennessy Louis Vuitton SA, Compagnie Financiere Richemont SA, Prada S.p.A., Hermes International SCA, Salvatore Ferragamo S.p.A, Prada S.p.A, Ralph Lauren Corp, Christian Dior SE, Gucci, Rolex SA, Bottega Veneta, Louis Vuitton Malletier, Tod’s S.p.A. and others.