Luxury goods refer to products which are commonly characterized by premium quality, craftsmanship, recognizability, exclusivity and reputation. These high-end goods tend to satisfy socio-psychological needs in greater form and bring esteem to the owner. Fondness for all forms of luxury like fashion products, accessories, bags & cases, cosmetics & fragrances, vehicles, utility gadgets, beverages and interior decoration products, etc. has been witnessed in the market.
Asia, particularly China, has been the engine and facilitator for the growth of the luxury goods market for several years particularly for products, accessories and hard luxury items such as watches and jewelry. The Asia Pacific region currently accounts for over two-thirds of global luxury goods market and the region is expected to account for nearly half of total global luxury goods sales in coming years.
Factors driving growth of luxury goods market in Asia Pacific region are an increase in number of high net worth individuals in the region, consumption of luxury goods by middle class population and increasing internet penetration boosting e-commerce of luxury goods. In recent years, smaller Asian economies have also been showing rise in number of millionaires. Read more.
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