Luxury goods

From Nemo

Jump to: navigation, search

Luxury goods are products and services that are not considered essential and are associated with affluence.The concept of luxury has been present in various forms since the beginning of civilization. Its role was just as important in ancient western and eastern empires as it is in modern societies. With the clear differences between social classes in earlier civilizations, the consumption of luxury was limited to the elite classes.With increasing "democratization",several new product categories have been created within the luxury market, aptly called "accessible" or "mass luxury". These are meant specifically for the middle class (in this context, sometimes called the "aspiring class"). Because luxury has now diffused into the masses, defining the word has become difficult. For more information on exporting luxury goods, please refer to this guide Export Goods - A Guide.



Market Size

The luxury goods market has been on an upward climb for many years. Apart from the setback caused by the 1997 Asian Financial Crisis, the industry has performed well, particularly in 2000. In that year, the world luxury goods market – which includes drinks, fashion, cosmetics, fragrances, watches, jewelry, luggage, handbags – was worth close to US$170 billion and grew 7.9 percent. The largest sector in this category was luxury drinks, including premium whisky, Champagne, Cognac. This sector was the only one that suffered a decline in value (-0.9 percent).


The watches and jewelry section showed the strongest performance, growing in value by 23.3 percent, while the clothing and accessories section grew 11.6 percent between 1996 and 2000, to US$32.8 billion. North America is the largest regional market for luxury goods: unlike the modest 2.9 percent growth experienced by the Western European market, the North American market achieved growth of just under 10 percent. The top ten markets for luxury goods account for 83 percent of the market, and include Japan, China, USA, Taiwan, Russia, Germany, Italy, France, UK, Brazil, Spain, and Switzerland.



References:

1.http://en.wikipedia.org/wiki/Luxury_good




External Links:

/wiki/images/1/17/Fish1.png /wiki/images/e/ea/Fish2.png /wiki/images/f/fa/Fish3.png /wiki/images/f/ff/Fish4.png /wiki/images/4/40/Fish5.png /wiki/images/c/c5/Fish6.png
Personal tools