The luxury products for kids market size is projected to be worth US$ 41,669.7 million in 2024 and is likely to reach US$ 73,155.9 million by 2034. During the forecast period 2024 to 2034, the market is further expected to surge at a CAGR of 5.8%.
Key Market Trends and Highlights
- The tradition of giving luxury gifts to children during special occasions such as birthdays and holidays is experiencing growth, contributing to market expansion.
- E-commerce growth has significantly facilitated consumer access to luxury products for kids online, thereby extending the market’s reach.
- Increased convenience and accessibility through online platforms have led to a surge in demand for luxury children’s products, driving market growth.
- The combination of traditional gifting practices and the convenience of online shopping is fueling the upward trajectory of the luxury products for kids market.
- As consumer preferences evolve and digital platforms continue to innovate, the market is expected to further thrive in the coming years.
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Luxury product market highly depends upon the factors such as attractive marketing, promotion techniques and proper distribution channel.
Luxury products market for kids can be broadly segmented on the basis of product type, distribution channel and geographies. On the basis of product types it can be sub segmented into accessories, apparels and footwear.
Among all these sub segments apparel market is expected to account for highest market share followed by footwear sub segment. The growth of apparel segment is fuelled by the frequently changing fashion and continuous need for new clothing for growing children. In 2014, U.S. and European market account for the most dominating market for apparel.
The market for luxury baby product also depends upon the mode of distribution channel used for offering products to the consumers. The mode of Distribution channel is segmented into retail outlets, sell out through internet, company’s brand outlet and others.
Among all these distribution channel online retailing is expected to be most preferred mode for distribution in the forecasted period. This ishis is due to consumer convenience preferences and availability of the products at lower price. Furthermore, the second most preferred mode is expected to be the company’s brand retail outlets as they provide better offerings at less price.
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Furthermore, the luxury products market for kids in Asia pacific is expected to account for fastest CAGR in the forecasted period as compared to other regions. This is because the growth in luxury expenditure is expected to increase by 40% by 2020.
In addition, countries such as Malaysia, Thailand and Singapore and are expected to contribute a significant share to overall Asia Pacific luxury products market for kids. Whereas, spending from China is expected to witness a fastest growth in Asia Pacific.
It is predicted to boost the customer base and prominent contributor in the revenue of global luxury products market for kids. Moreover, presently North America and Western Europe dominate the total luxury products market for kids due to high purchasing power of consumers. These regions are expected to witness a slow growth as compared to the growth exhibited by countries in Asia Pacific.
The key factors driving the growth of luxury products market for kids includes continuous innovation in products sub segments, rising disposable income, changing consumer lifestyle, awareness of products through internet and social media, improving countries economy, influence of the consumers through their peers, friends or neighbor’s, and others .
However, there are some restraining factors which are affecting the growth for luxury products market for kids which include the expensive price range for consumers in emerging markets and less product variants availability across the distribution channel. Moreover, internet being a prominent medium for distribution of the luxury goods is expected to witness low adoption among the consumers in emerging markets. This is due to less internet penetration in these markets.
Initially the market for luxury baby products was dominated by specialty retailers such as Children’s Place The Walt Disney Company, Mother care plc, The Gymboree Corporation and others. However, with the increase in premium consumers leading to a shift in consumer buying behavior, due to this various companies have entered the market which includes GAP Inc, J Crew Group, Inc, DKNY, Gucci Group, Diesel, Dolce &Gabbana, United Colors of Benetton, Jack & Jill clothing Inc, Giorgio Armani S.p.A, BLOCH, Burberry Group plc, Converse, Christian Dior S.A, FENDI and others.
This research report presents a comprehensive assessment of market and contains thoughtful insights, facts, historical data and statistically-supported and industry-validated market data and projections with a suitable set of assumptions and methodology. It provides analysis and information by categories such as market segments, geographies and types.
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Segmentation Analysis of the Luxury Products for Kids Market
By Product Type:
- Kids Footwear
- Kids Apparels
- Kids Accessories
By Sales Channel:
- Supermarket/Hypermarket
- Company’s Brand Outlet
- Online Store
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia & Pacific
- East Asia
- The Middle East & Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also the maps qualitative impact of various market factors on market segments and geographies.
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
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