Global Luxury Accessories Market – Growth and Future Scope Analysis Report
The "Global Luxury Accessories Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast" added by DecisionDatabases.com provides a comprehensive analysis including market values, forecasts, as well as a detailed competitive market analysis of major players. The report uses analytical tools such as Porter’s Five Forces Model, value chain analysis, market attractiveness analysis, company share analysis, and brand share analysis.
The global luxury accessories market is expected to witness a significant growth in the near future owing to growing popularity of luxury goods worldwide. Over the past few years, the rising demand for sunglasses and watches are the factors driving the market demand for luxury accessories. Globe-trotters and currency fluctuations are expected to boost a sustainable growth for global luxury accessories market but at a slower pace.
Continuous product development and innovative designs in luxury sunglasses, watches and other related items have led to a growing demand for the product in the global market. Increasing numbers of online stores with various discounting options has also boosted the demand for luxury accessories. Introduction of new marketing strategies by manufacturers with major focus on low pricing coupled with localization in second and third tier cities will open new market avenues for the market growth over the forecast period. In addition, store rationalization will also add up to the growing demand for luxury accessories in the near future. However, low cost alternatives manufactured by a large number of unorganized players are the biggest threat to the luxury accessories market over the coming years, which may hinder market growth in the near future.
The global luxury accessories market is segmented on the basis of type into luxury watches and other luxury items. Other segments include leather goods, cufflinks, sunglasses, bags & wallets, lighters and other related items. Luxury accessories market captures over one-third of the global luxury goods market, followed by hard luxury (high-end watches and jewelry) and apparel, which are the two biggest categories.
North America has emerged as the leading market for luxury accessories and is expected to grow at a significant rate over the forecast period owing to a strong market boost by the US dollar and growing tourism spending in the region. Europe market is also anticipated to witness a considerable growth in the near future on account of growing number of Chinese and US tourists along with tax-free shopping experience in the region.
The Asia Pacific market is also projected to grow at a fast pace over the coming years owing to a growing number of tourists coming and increasing local spending, particularly in China, India, Japan, Hongkong, Macau and South Korea. Chinese consumers play a vital role for the industry growth of luxury accessories by contributing to the major part of luxury spending globally. The popular destinations for Chinese shoppers is Europe, which is expected to shift to South Korea and Japan due to volatility in currency value, which can hinder market growth in the Europe market for the long run.
Major industry players for global luxury accessories includes H&M, Adidas, Zara, Puma, Louis Philippe, Gucci, David Jones Ltd., Benetton Group, Tiffany & Co, Michael Kors Holdings Ltd., , LVMH Group, Neiman Marcus Group Inc., Kering S.A, Burberry Group PLC, Hermes International SCA, Tory Burch LLC, Dolce & Gabbana, Prada S.p.A and Prada.
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