Enterprises will go through the Response, Recovery, and Renew phases.
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The personal luxury goods market will witness a positive impact during the forecast period owing to the widespread growth of the COVID-19 pandemic. As per Technavio's pandemic-focused market research, market growth is likely to increase as compared to increase in 2021 as compared to 2020.
With the continuing spread of the novel coronavirus pandemic, organizations across the globe are gradually flattening their recessionary curve by leveraging technology. Many businesses will go through response, recovery, and renewal phases. Building business resilience and enabling agility will aid organizations to move forward in their journey out of the COVID-19 crisis towards the Next Normal.
This post-pandemic business planning research will aid clients to:
- Adjust their strategic planning to move ahead once business stability kicks in.
- Build resilience by making effective resource and investment choices for individual business units, products, and service lines.
- Conceptualize scenario-based planning to mitigate future crisis situations.
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Key Considerations for Market Forecast:
- Impact of lockdowns, supply chain disruptions, demand destruction, and change in customer behavior.
- Optimistic, probable, and pessimistic scenarios for all markets as the impact of pandemic unfolds.
- Pre- as well as post-COVID-19 market estimates.
- Quarterly impact analysis and updates on market estimates.
Major Three Personal Luxury Goods Market Participants:
Coty Inc.
Coty Inc. offers business through various segments such as Americas, EMEA, Asia Pacific, and Other segments. The company offers personal luxury goods under various brands.
Hermès International
Hermès International operates business through various segments such as Leather goods and saddlery, Ready to wear accessories, Silk and Textiles, Perfumes, and Watches. The company offers luxury goods such as leather goods, fashion jewelry, shoes, fragrances, watches, and ready-to-wear.
Kering SA
Kering SA operates business through various segments such as Gucci, Yves Saint Laurent, Bottega Veneta, Other Houses segment. The company offers a wide range of personal luxury goods such as handbags, shoes, apparel, and accessories through brands like Gucci, Balenciaga, Ulysse Nardin, Bottega Veneta, and Saint Laurent.
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Personal Luxury Goods Market 2021-2025: Segmentation
The personal luxury goods market is segmented as below
- Product
- Accessories
- Apparel
- Hard Luxury
- Cosmetics
- Others
- Geography
- APAC
- North America
- Europe
- MEA
- South America
The personal luxury goods market is driven by increased demand for premium beauty products and cosmetics. In addition, the adoption of omnichannel retailing is expected to trigger the personal luxury goods market toward witnessing a CAGR of almost 3% during the forecast period.
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