Accessible luxury goods market market expected to witness growth albeit at a slow and sustained pace because of Covid-19 pandemic

Date: 8 May 2020

According to a research report published by Azoth Analytics in April 2020, the Global Accessible Luxury Goods Market  was valued at USD 13.8 billion in the year 2019. The growth in the market for Accessible Luxury Goods is chiefly accredited to rise in the changing lifestyle, inclination towards individualism, increase in number of middle income groups, rise in online purchasing and rising demand from Chinese millennials & Gen Z. These are some of the factors impelling the market growth of Accessible Luxury Goods market at global level. 

Global Accessible Luxury Goods Market will be majorly driven by growing urbanization with presence of large population base and reviving economic growth in major economies supported by escalating investment by major e-commerce players including Amazon and among others which are focusing on expanding their geographical reach and offering wide product portfolio to their customers. This is likely to drive a remarkable growth in the market for Accessible Luxury Goods during the coming years. However, due to COVID-19 Pandemic, the market is estimated to fall in 2020 but due to introduction and implementation of stimulus packages by the governments of different countries, the market is expected to witness growth albeit at a slow and sustained pace in the future. 

Furthermore, among the regions, Europe is anticipated to attain the highest market share followed by North America and Asia Pacific. Asia Pacific is anticipated to witness remarkable market share owing to presence of large consumer base and a number of factors including rising middle-income individuals, growing urbanization and rising brand awareness in the market. Also, the market is majorly driven by millennials and Gen Z who are adopting the trend of individualism and conscious consumption in Asian societies which will boost the market of accessible luxury goods in the future.