New York, United States , Aug. 09, 2024 (GLOBE NEWSWIRE) -- The Global Hard Luxury Goods Market Size is to Grow from USD 163.96 Billion in 2023 to USD 253.84 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 4.47% during the projected period.
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Higher social classes are typically able to purchase hard luxury goods. These customers want household names and excellent products that are necessities for everyone. In significantly funding their advertising campaigns, the companies show off the superior quality of their products. The two main factors propelling the hard luxury goods market are the expanding global economy and the observed rise in the quantity of newly declared high-net-worth individuals. The demand for hard luxury goods, specialized requirements that are typically simply purchased by customers with high or average net worth, is rising. The hard luxury goods Market is a developing trend in the luxury goods market. hard luxury goods improve people's confidence and identify a social standing, even though they are not necessary for human needs. The global market for hard luxury goods benefits from an increase in fashion weeks and exhibitions of goods. However, Counterfeit products present a severe danger to the hard luxury goods market. Due to technological advancements, complex replicas that are nearly exact replicas of the original are currently produced.
Browse key industry insights spread across 235 pages with 102 Market data tables and figures & & charts from the report on the "Global Hard Luxury Goods Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Watches, Jewelry, and Others), By Gender (Men and Women), By Distribution Channel (Specialty Store, Monobrand Stores, Online Stores, and Department Stores), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The watches segment is anticipated to hold the greatest share of the global hard luxury goods market during the projected timeframe.
Based on product type, the global hard luxury goods market is divided into watches, jewelry, and others. Among these, the watches segment is anticipated to hold the greatest share of the global hard luxury goods market during the projected timeframe. Growing demand for sophisticated, expensive watches is the main source of income. It is anticipated that watches will be the most valuable product in the global hard luxury goods market, with sales growing at a compound annual growth rate (CAGR) of 10.08 percent during the projection period.
The women segment is predicted to hold the greatest share of the global hard luxury goods market during the estimated period.
Based on gender, the global hard luxury goods market is divided into men and women. Among these, the women segment is predicted to hold the greatest share of the global hard luxury goods market during the estimated period. Due to their growing preference for accessories including watches, bracelets, necklaces, rings, and earrings, women are going to make up the majority of the market.
The specialty store & monobrand stores segment is anticipated to hold a significant share of the global hard luxury goods market during the projected timeframe.
Based on distribution channel, the global hard luxury goods market is divided into specialty store, monobrand stores, online stores, and department stores. Among these, the specialty store & monobrand stores segment is anticipated to hold a significant share of the global hard luxury goods market during the projected timeframe. It appears that monobrand stores and specialty stores make more money selling hard luxury goods than the other two categories, and this trend is likely to hold in the years to come.
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Europe is expected to hold the largest share of the global hard luxury goods market over the forecast period.
Europe is expected to hold the largest share of the global hard luxury goods market over the forecast period. Europe is currently leading the region's hard luxury goods market due to the presence of large hard luxury goods brands in countries like France, Germany, Italy, and Switzerland.
North America is predicted to grow at the fastest pace in the global hard luxury goods market during the projected timeframe. North America is the world lead in the market for hard luxury goods due to its high population average income. The demand for expensive products is rising in North America as a result of the region's focus on quality.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global hard luxury goods market include Graff Diamonds Ltd, Giorgio Armani, Swatch Group, Richemont, Bulgari, Ralph Lauren Corp, Hermes International, Harry Winston, Louis Vuitton, Signet, Tissot, Bottega Veneta, Tiffany and Co, and Others key companies.
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Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global hard luxury goods market based on the below-mentioned segments:
Global Hard Luxury Goods Market, By Product Type
- Watches
- Jewelry
- Others
Global Hard Luxury Goods Market, By Gender
- Men
- Women
Global Hard Luxury Goods Market, By Distribution Channels
- Monobrand Stores
- Specialty Stores
- Online Stores
- Department Stores
Global Hard Luxury Goods Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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