According to the report analysis, ‘Luxury
Goods Retailing In The Americas, 2017-2022: Market & Category Expenditure
And Forecasts, Trends And Competitive Analysis’ suggests that the
luxury goods retailing in the Americas is observing consistent growth,
supported by a favorable economic scenario and rising tourism. The US is the
undisputed leader of the luxury market in the region, accounting for 92.1%
market share however, growth is driven by emerging markets such as Canada,
Peru, Columbia, and Mexico. The growing influence of social media has created
awareness about brands while the improved purchasing power in these economies
makes them attractive destinations for international luxury markets. In
addition, there are some key players who are working efficiently in this and
lead the market growth of luxury goods retailing in the America which includes
LVMH Ralph Lauren Corporation, Michael Kors Holdings Ltd., Kering S.A., Compagnie
Financiere, Richemont SA, Burberry Group PLC, Tiffany & Co., Hemes
International, S.A. pradaS.p.A.,TodsS.p.A. and others.
The rise in disposable income represents the
significant growth in the retailing of luxury goods in the coming years. Luxury
goods are the synonyms of superior goods and Veblen goods. Basically, luxurious
goods are those goods which are having a significant brand name and can only be
purchased by the wealthier person or those who is having high income elasticity
of demand. Not everyone can buy luxurious goods. Whereas, income elasticity of
demand is not constant with respect to income, it may change sign at different
levels of income. Not only has this, in the modern era not only goods not
luxurious but the services may also be luxuries. Moreover, new innovations in
the goods which made a good luxurious are drive the retail market and increase
the demand of that product as luxurious good is always defines a status of a
person.
The luxury goods retailing has split in the market on
the basis of demand and usage of the goods which includes clothing, consumer
electronics, drinks, footwear, furniture, home wares, jewelry, watches and
accessories, luggage and leather goods, personal care, communication equipment,
stationary, tobacco, travel, tourism and other. However, clothing is the
largest product category in luxury sales in the Americas. In addition, Latin
American Economies and Canada are driving growth in the luxury market.
Furthermore, it is also expected that communications equipment is projected to
grow the fastest during 2017-2022. However unsurprisingly, the growth of luxury
good retailing is consolidated by the key player whereas LVMH, Richemont and
Kering are the major key players which are dominating the huge market share in
areas ranging from luxury drinks to fashion and cosmetics.
The existence of both local and global market players
diversify the market base and this presents more unseen challenges and new
opportunities to key players in this industry. Development in the economy and
vast change in the lifestyle with the increase in income, the luxury goods
retailing is growing significantly. Additionally, with the developments in the
recent trends the person will able to buy assured luxury goods while sitting at
home on a reasonable price which result significant growth to the luxury goods
retailing in the coming years over the decades.
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Contact Us:
Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
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