Published on : May 03, 2016
Luxury goods are being highly demanded owing to the increasing superior living standards of people within developing nations. In addition, the rising utilization of advanced activities and marketing campaigns via digital media platforms within the travel retail industry have also fuelled the demand for luxury goods. Both North America and Europe have led the market in the past. The ever-growing tradition of winemaking in Italy and France and the pioneering and prosperous traditions within Central Europe have proved to be beneficial owing to the industrial revolution within the U.S. However, the global market for luxury goods has experienced changes owing to the E7 countries coming up as chief players.
The growth of different luxury products in different countries have been elaborated as under:
- Wines and Champagnes: Champagnes and wines are widely made in France. Moving next are Spain, the U.S., and Italy who have emerged as the leading winemakers in the market. China ranked on number 5 and this Asian giant’s expansion within the luxury goods market is increasing swiftly all around the world. Next are Chile and Argentina, ranking 8th and 6th respectively. Australia emerged as the 7th largest producer, while South Africa as well as Russia emerged to be in the top 10. The South American and Asia wine industries are poised to maintain their robust hold in the market in forthcoming years, hence resulting in the swift growth of the overall market.
- Luxury Watches: Luxury watches originated in Central Europe, especially in Italy, Switzerland, and Germany. The increasing number of billionaires and multimillionaires within Asia especially in countries such as India, Japan, and China have a lot to present to the luxury watches market in forthcoming years. The increasing industrial landscape of particularly India and China has resulted in the rising count of HNWIs.
- Luxury Fragrances: This is yet another industry in Europe that is expanding in other developing markets. Luxury fragrances are utilized amongst the elite class people residing in the countries of Latin America and Asia. The demand for luxury fragrances is also rising in other emerging countries such as that of Russia, India, Argentina, Chile, Brazil, South Korea, Mexico, and japan.