April 30, 2020
As per the report titled ‘Global Accessible Luxury Goods Market: Analysis By Product, By Sales Channel, By Region, By Country (2020 Edition): Market Insights, COVID-19 Impact, Competition and Forecast (2020-2025)’, available with Market Study Report LLC, global accessible luxury goods market was worth USD 137.8 billion in 2019 and is expected to record modest gains during 2020-2025.
Rapidly increasing urban population with easy access to internet, alongside several government initiatives aimed at internet accessibility for all is fueling the growth of global accessible luxury goods market. Factors like surging smartphones penetration and huge sums of investment by various e-commerce players are also aiding the business scenario.
Changing consumer lifestyle, inclination towards individualism, increase in number of middle-income groups, and escalating demand for luxury products from Chinese millennials and Gen Z population are other rationales supplementing the market growth.
On the contrary, Covid-19 pandemic has severely affected the accessibility luxury goods market due to store terminations and self-isolation mandates by various governments across the world. Main operational bases and distribution chains of luxury goods providers are in dire situation as majority of countries and regions including China, Japan, Europe and North America continue to battle the Covid-19 pandemic.
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Based on the product type, apparel & footwear segment is anticipated to accrue significant traction in the coming years. The upsurge in brand awareness, growing availability of fine quality fabrics at affordable prices, along with the focus towards developing unique personality are fueling the segment growth. Escalating demand for luxury goods among aspirational millennials and Gen Z and decline in price of accessible luxury, such that it is affordable for middle-income groups is rendering a positive impact on the industry outlook.
Speaking of the sales channel, online segment is poised to record a sizeable growth during the forecast period. Growing consumer inclination towards online shopping driven by initiatives taken by ecommerce majors to provide a better shopping experience and personalized features to consumers will augment online product sales. Moreover, closure of physical stores due to the Covid-19 pandemic in 2020 has shifted the momentum towards online shopping which is urging companies to leverage automation solutions and AI to improve their digitization and sustain their supply chains.
Prominent players in global accessible luxury goods market are Elisabetta Franchi, Pinko, Sandro, Ted Baker, Isabel Marant, Albertta Feretti, GUCCI, Twinset Milano, 3.1 Philip Lim, and Coach.