USD 6.13 billion
Report ID: SQMIG25K2085 | Region: Global | Published Date: April, 2023 | Pages: 203 | Tables: 121 | Figures: 79
Luxury Apparel Market size was valued at USD 6.13 billion in 2021 and is poised to grow from USD 7.88 billion in 2022 to USD 12.27 billion by 2030, growing at a CAGR of 8.05% in the forecast period (2023-2030).
The increased number of millionaires and client brand loyalty are expected to fuel growth. The expanding consumer notion that luxury items lead to higher social acceptance is boosting product demand. Rising disposable income and consumer expenditure on high-end goods are also important drivers boosting demand.
Many first-time consumers of luxury clothing do so to experience high quality and to project a certain image in society. Most of the time, this results in brand loyalty, and as a result, they are willing to pay a little more money to buy from their preferred businesses. Recognized luxury brands maintain consistency in product quality and pay close attention to consumer perceptions. This helps to shape the evolution of brand names. The public's word-of-mouth conversation is very important in promoting luxury apparel. Luxury apparel's higher price range and style quotient are some of its USPs, but the simple availability of copy products of top brands at lower rates is one of the luxury apparel market's significant limitations. Consumers' lack of information about the authenticity of these products causes them to purchase counterfeit goods, harming their brand loyalty.
Global Market Size
USD 6.13 billion
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Global luxury apparel market is segmented based on product type, gender, distribution channel, material, and region. Based on product, luxury apparel market is segmented into top wears, bottom wears, one piece, others. Based on gender, market is segmented into male, female. Based on distribution channel, market is segmented into offline retail, speciality stores, online stores, hypermarkets & supermarkets, others. Based on material, luxury apparel market is segmented into cotton, leather, silk, denim, wool, others. Based on region, market is segmented into North America, Asia Pacific, Europe, Latin America and Middle East Africa.
Luxury Apparel Market Analysis by Distribution Channel:
Due to the high pricing and quality of luxury products, offline retail was the largest contributor to the industry in 2018. Before spending a large cost on luxury clothing, consumers want to undertake physical checks for material, fit, and other similar aspects. As a result, the offline channel is expected to dominate the sector. Multi-branded businesses and specialty stores also offer free adjustment, if necessary, in some clothing. The aforementioned considerations are driving the expansion of offline distribution channels. Over the projected period, the internet channel is expected to grow at the fastest rate. Consumers interact with both multi-brand e-retailers and their own branded online stores. Luxury dresses for all brands are not widely available in stores, making them only available to a small number of customers. People from all over the world can simply purchase such products through online channels. Furthermore, the multi-brand online platform can reach out to time-pressed consumers who do not have much time to browse through multiple mono-brand sites, providing a larger possibility for luxury clothes online retailing.
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Based on region, global luxury apparel market is segmented into North America, Asia Pacific, Europe, Latin America and Middle East Africa. In 2020, Europe was the largest regional luxury apparel market for luxury clothes, with important countries including Germany, the United Kingdom, and France. Europe, being one of the most appealing tourist destinations, attracts millions of visitors from all over the world. While on vacation in Europe, everyone from business tycoons to upper-class women buy pricey outfits. Product sales are also increasing as a result of the region's new retail concepts and company strategies. The Asia Pacific region has experienced rapid growth in recent years as a result of rising consumer awareness and brand consciousness among regional consumers. China, Hong Kong, and India have the highest levels of luxury garment penetration. Due to increased demand, a lot of businesses are investigating new areas in the region and building outlets. Some of the corporations have also investigated the potential of the luxury children's wear sector and are attempting to enter it.
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Luxury Apparel Market Drivers
Luxury Apparel Market Restraint
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The global luxury apparel market is fragmented, with a prominent luxury apparel market player acquiring a sizable portion. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive luxury apparel market. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective and customized solutions
Top Players in the Global Luxury Apparel Market
Luxury Apparel Market Recent Developments
Increase in E-commerce Increasing Luxury Apparel Market Capacity
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global luxury apparel market analysis, due to rising urbanization and an increase in consumer disposable income, there is a great demand for comfortable, stylish, and environmentally responsible luxury clothes. Product manufacturers are making attempts to boost the manufacturing of luxury clothes in order to meet expanding global demand. Consumer brand loyalty in developing countries is a crucial factor driving demand for luxury clothes. Manufacturers in the luxury garment business are capitalizing on the growing trend of eco-friendly or sustainable items to increase revenue streams. Furthermore, personalization is a major driving force in the luxury clothes business. Millennials and Gen Z are more willing to spend money on personalized products.
|Market size value in 2021||USD 6.13 billion|
|Market size value in 2030||USD 12.27 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
Luxury Apparel Market Recent Developments
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Luxury Apparel Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Luxury Apparel Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Luxury Apparel Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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