The Luxury goods industry is a very wide industry comprising of products from watches, jewellery, perfumes, expensive wines to yachts, expensive pens, and clothes. There is no particular definition of products to be termed as luxury. How the utility of a product is perceived, how much is spent on that product, are some of the parameters to define a luxury product.
The two most prominent characteristics of a luxury product is one they are meant to show off one’s wealth and secondly they are also a medium of self expression. The objective behind purchasing such luxury products may also be different, like self-indulgence or as a status symbol. The industry is said to be highly cyclical and the driving force behind the growth of this industry is the increasing wealth worldwide, while the economic growth and conditions of various regions as well as traveling activities also affect this industry.
This report has focused on four main luxury product categories: Jewellery & Watches, Perfumes & Cosmetics, Wine & Spirits and Luxury Apparels. The report provides an overview of the global luxury market, its size and the various driving factors as well as the latest trends. The four luxury segments are also discussed at length. The major global luxury market players have been profiled.