Luxury Goods Market

Tmrtech23 Sep, 2022Business

Transparency Market Research (TMR) notes that the global luxury goods market is categorized by the presence of several large and small players operating in it. Thus, the market bears a highly fragmented vendor landscape. The competition between the handful numbers of established vendors is getting intensified as they vying to gain the attention of millennials and the post millennials. Out of the various strategic alliances adopted by players in the global luxury goods market to stay ahead of the competitors, attracting particular age groups through launching new products and using the age groups as a target audience have gained popularity. The global luxury goods market is expected to grow steadily due to the existence of potentially large players who are focusing hard on making affordable luxury items for luring the consumers from emerging economies.