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"Global Luxury Perfume Market":Luxury Perfume Market Insight:
The global luxury perfume market is projected to grow at the rate of 6.8% during the forecast period 2018 to 2023. Growing brand consciousness and increasing expenditure for luxury goods among millennial is supporting the market growth from last few years. Additionally, easy availability of luxury perfume in various regions through the online platform is influencing the sales of luxury perfumes from last few years. Due to significant demand from the younger generation, key players have now come up with various offers on their products along with customized packaging of luxury perfumes. This strategy makes the products quite affordable and supporting the market growth. Rising trend among consumers to buy luxury perfumes to give it as a gift is further influencing the sales of luxury perfumes across the globe.
Growing Demand for Luxury Goods to Drive Luxury Perfume Market Growth:
Key players in luxury perfume market are concentrating on unique natural-based perfume ingredients, instead of synthetic-based ingredients due to growing consciousness about risk for allergies and toxins. For instance, Etat Libre d Orange is making a luxury perfume out of trash and worms, it will be called as Les Fleurs du Déchet. Increase in consumer expenditure on luxury goods and growing popularity of luxury perfumes especially among women is playing key role to drive the market growth. Innovation in perfume ingredients and packaging along with celerity endorsement of luxury perfume products by key players is likely to boost the sales of the luxury perfumes across globe. Additionally, increasing influence of social media on shopping habits, celebrity endorsement is likely to support the luxury perfume market growth in upcoming years.
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Unisex Luxury Perfume to Witness Significant Growth Rate during the Forecast Period:
Increasing popularity of luxury perfumes which can be used by both men and women with a higher fragrance concentration contain is playing key role to drive market growth of unisex luxury perfumes. Key players are more focusing on launch of unisex luxury perfume products which helps them to capture huge consumer base across the globe. For instance, Louis Vuitton launches first-ever oud, unisex perfume called ombre nomade which is combination of other high-end scents, as well as sourcing the best available oud from a family-run plantation in Bangladesh.
Increasing Popularity of Luxury Perfume to Support Market Growth in North America Region:
In Asia-Pacific, many key players in luxury goods market are entering into partnerships with the e-commerce retail stores in order to strengthen their distribution network which is likely to drive the luxury perfume market growth in the regional. In North America, leading luxury perfume brands are focusing on personalization in product offering which is gaining popularity among the various consumer groups. Popularity of lighter-scented luxury perfumes among millennial and availability of products in attracting packaging is expected to boost the sales of luxury perfumes.
Competitive Landscape of Luxury Perfume Market:
Major Key Players:
Annick Goutal, Baccarat, Chanel, Christian Dior SE, Clive Christian, DKNY, Estée Lauder Companies Inc, Gianni Versace S.p.A., Guccio Gucci S.p.A., Hermès International S.A., Louis Vuitton and Ralph Lauren Corporation, among others.
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Key Developments in the Luxury Perfume Market:
June 2018 - Chanel introduced three new unisex perfumes inspired and named as Deauville, Biarritz, and Venise which come in a sleek bottle.
Oct 2016 - Calvin Klein launched its first major perfume product since 2005, and it is the first perfume to be designed in collaboration with Raf Simons. To promote the new scent, the brand released a campaign featuring colorful portraits of Lupita Nyong o and Saoirse Ronan, along with black-and-white images of women who inspire them.
"Global Luxury Apparels Market":
Increasing communication between consumers and key players through social media platform and online retail stores is driving the sales of latest trendy luxury apparels. Rise in online transactions are supporting the market growth of luxury apparels from last few years. Consumers specific offers and attractive promotions & advertising through magazine and social media is influencing the sales of luxury apparels as nearly half of luxury apparel buying decisions are majorly inclined by what consumers see or hear from offline and online platforms.
The global luxury apparels market is expected to register a CAGR of 12.3% during the forecast period, 2018 to 2023.
Acceptance of Latest Fashion Trends by millennial to Drive the Luxury Apparels Market Growth:
Luxury apparels are mostly considered as status symbols for individuals which is driving discretionary spending with high purchasing power of consumers. Increasing popularity of luxury apparels among millennial are driving the market growth as they are more likely to be driven by latest fashion trend than other consumers groups. Improvement in digital marketing and rise in use of digital media in developing economies for product marketing are playing key role to drive the luxury apparels market growth from last few years. For instance, popular fashion brands like Topshop, Burberry and Alexander McQueen showed their use of live streaming with the help of digital runways at the SS 2017 fashion month.
Luxury Apparels Market Major Key Players:
Hermès International S.A, Versace, Kering SA, Prada S.P.A, Dolce And Gabbana, Lvmh Moet Hennessy Louis Vuitton S.E, Burberry Group Inc., Giorgio Armani S.P.A, Ralph Lauren Corporation, Ermenegildo Zegna, Hugo Boss A.G, and Kiton.
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Online Channel Expected to Witness Rapid Growth:
The luxury apparels market is led by e-commerce i.e. online retail stores segment as consumers are preferring the online platforms over store based retail stores. Online platforms provide more options to choose and it is convenient for consumers. Marketing strategies such as involvement of celebrity for brand endorsement is helping key players to attract more consumers from different financial backgrounds. As offline retail stores have limited growth potential over online retail stores, it is likely to influence sales of luxury apparels in online retail stores in upcoming years.
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Name: Hector Costello
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Website: http://www.orbisresearch.com/reports/index/global-luxury-perfume-market-growth-trends-and-forecast-2018-2023
Release ID: 426687
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