July 03, 2020
According to the research 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 predicted to expand substantially by the year 2025.
Increasing urban population with internet access along with favorable government initiatives in making internet services available to everyone are major factors driving the accessible luxury goods market. Proliferating smartphone sales in tandem with escalating investments by e-commerce companies towards expanding their regional presence is further fueling the market size.
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Other factors such as inclination towards individualism, rising per capita income and evolving consumer lifestyle are stimulating the industry outlook. However, the COVID-19 pandemic has not only restricted the movement of people but also has disrupted the supply and distribution channels, which in turn could negatively impact the accessible luxury goods market scenario.
As per product type, apparel & footwear segment is expected to register substantial growth during the forecast period. Increasing brand awareness and availability of high quality fabrics at lower costs have augmented the demand for accessible luxury products among millennials, which in turn is aiding the segmental growth. Rising adoption of online shopping platforms, evolving lifestyle and fashion preferences, alongside favorable initiatives by e-commerce companies to offer improved shopping experience are favoring the market scenario.
Citing sales channel, online shopping segment is anticipated to showcase healthy growth in the subsequent years. Although the coronavirus pandemic has resulted in shutdown of various stores, but online shopping platforms are gaining traction. Various companies are focusing on using automation and artificial intelligence in order to enhance the digitization process, which in turn will improve the flexibility of supply chains, thereby facilitating the business scenario.
Considering the regional landscape, global accessible luxury goods market is split into Europe, North America and Asia-Pacific with key focus on countries such as Spain, France, Italy, UK, Canada, U.S., South Korea, India, Japan and China.
The prominent companies operating in global accessible luxury goods industry are Coach IP Holdings LLC, Gucci, Twinset Milano, Phillip Lim, Pinko, Alberta Ferretti, Isabel Marant, Sandro Eshop, Ted Baker and Elisabetta Franchi among others.