Luxury goods comprises of products such as accessories, footwear, apparel, watches and others which are quite expensive and target those consumers who belongs to premium class. The market for luxury goods consist of three types of end consumers, which includes kids lying between the age of 0-12 years, teenagers belonging to the age group of 13 to 19 years and the rest lies in adult group.
Whereaskidsare concerned they are the smallest consumer group. Although being a smaller consumer group, the luxury products market for kids is experiencing tremendous growth in recent years due to changing consumer lifestyle and availability of the product. It is expected that spend on luxury shopping by consumers will grow by 25% in 2015. Luxury products for kids market is associated with higher margin as compared to adult’s luxury products segment. It has been found that baby’sluxury product accounted for more than 7.2% market share of luxury market in 2014.
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Luxury product market highly depends upon thefactors such as attractivemarketing, 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 subsegmented 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 inAsia 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 neighbours, 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. Thisis 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, Mothercare 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 GAPInc, 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.
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