Image courtesy of LVMH
Due to the resiliency of developed economies, the global market for luxury goods is expected to be valued at $374.85 billion by 2020, according to a report from Transparency Market Research.
Up from $296.15 billion in 2013, the luxury goods market has seen a 3.4 percent CAGR between 2014 and 2020. Luxury?s optimistic and healthy growth is attributed to an increase in ultra-high-net-worth individuals, volatile established markets and increasing GDP in developing regions such as China, India and others.
Emerge, evolve and expand

Developing regions are fueling the growth of the luxury goods market. According to TMR?s ?Global Luxury Goods Market – Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020? report, countries such as China, India, Thailand, Indonesia, Vietnam, South Africa and Singapore are the most promising regions for luxury goods. As the number of high-net-worth individuals and the overall GDP of an emerging nation increases, its citizens will have more disposable income to be spent on luxury goods and services.
By sector, TMR found that fragrances, spirits and watches and jewelry will see rapid growth in emerging markets by the end of the decade. As it currently stands, leather goods and apparel is the largest luxury goods sector followed by watches and jewelry.
Image courtesy of Peninsula Hotels
Luxury brands have also become adept at selling both high-end and entry-level goods to appeal to a maximum number o...