Luxury Apparel Market to Reach USD 169.93 Billion by 2032; Rising Consumer Expenditure on Luxury Goods to Propel Growth: The Brainy Insights

Newark, Sept. 05, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 90.27 billion in 2022 global luxury apparel market will reach USD 169.93 billion by 2032. Continued integration of digital technologies such as virtual reality (VR), augmented reality (AR), and AI-powered virtual try-ons will enhance the online luxury shopping experience, linking the gap between online and offline retail. The demand for sustainable and eco-friendly luxury apparel is growing. Brands prioritizing ethical sourcing, responsible production, and circular fashion practices will resonate with environmentally conscious consumers. Besides, data analytics and AI will enable luxury brands to offer personalized recommendations, styling advice, and made-to-measure options, catering to individual preferences. Additionally, the cross-industry collaborations and limited-edition releases with artists, designers, and celebrities will continue to generate excitement, exclusivity, and desirability among consumers.

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Report Coverage Details

Key Insight of the Global Luxury Apparel Market

Asia Pacific is expected to witness the fastest market growth over the forecast period.

The Asia Pacific region has a large and rapidly expanding affluent consumer base. As more individuals enter the upper-income brackets, the demand for luxury apparel and accessories naturally increases. In many Asian cultures, luxury goods symbolize status, success, and social prestige. This cultural value placed on luxury products drives demand among consumers who aspire to showcase their social standing. Moreover, the younger generations in Asia increasingly value quality over quantity and are drawn to luxury brands for their craftsmanship, exclusivity, and timeless appeal. This change in consumer mindset bodes well for the luxury apparel market. In addition, the Asia Pacific region has embraced digital platforms and e-commerce at an impressive rate. This digitalization has opened new channels for luxury brands to reach consumers, especially in countries with a substantial tech-savvy population.

In 2022, the top wears segment held the largest market share at 43.81% and a market revenue of 39.56 billion.

The product type segment is divided into top wears, bottom wears, one piece and others. In 2022, the top wears segment held the largest market share at 43.81% and a market revenue of 39.56 billion.

In 2022, the formal wear segment dominated the market with the largest share of 42.18% and revenue of 38.07 billion.

The application segment includes formal wear, sportswear, casual wear and others. In 2022, the formal wear segment dominated the market with the largest share of 42.18% and revenue of 38.07 billion.

In 2022, the men segment dominated the market with the highest share of 57.23% and market revenue of 51.66 billion.

The end-user segment is classified into men and women. In 2022, the men segment dominated the market with the highest share of 57.23% and market revenue of 51.66 billion.

In 2022, the offline segment registered the highest market share of 76.41% and market revenue of 68.97 billion.

The distribution channel segment includes offline and online. In 2022, the offline segment registered the highest market share of 76.41% and market revenue of 68.97 billion.

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Advancement in market

In August 2023: Tapestry, Inc., the parent company of Kate Spade and Coach luxury fashion brands, is expanding its brand portfolio by acquiring Capri Holdings Limited, a prominent global fashion luxury group. The deal, valued at $8.5 billion, will bring together two influential players in the luxury fashion industry. The acquisition encompasses several esteemed brands, uniting six distinctive entities. This strategic move is poised to extend Tapestry's presence across diverse consumer segments, geographical markets, and product categories. Capri Holdings Limited, renowned for its luxury fashion offerings, holds a prestigious collection of brands, including the illustrious Italian luxury label Versace, the esteemed British luxury footwear brand Jimmy Choo, and the iconic US luxury brand Michael Kors. On the other hand, Tapestry possesses ownership of esteemed US lifestyle brands, namely Coach, Kate Spade, and Stuart Weitzman. Tapestry envisions a synergy of strengths by uniting these brands, benefiting from a portfolio that encapsulates a diverse range of luxury offerings. This strategic collaboration aims to capitalize on global opportunities, leveraging Tapestry's data-rich customer engagement platform and well-rounded direct-to-consumer operating model. The merger has garnered unanimous approval from the boards of directors at both Tapestry and Capri Holdings Limited. The anticipated timeline for completion is set within the calendar year 2024, contingent upon the agreement of Capri Holdings shareholders, along with the fulfilment of requisite regulatory clearances and customary closing conditions. For Tapestry, this acquisition aligns with its foundational principles as a brand-focused entity with a keen emphasis on consumer engagement and operational efficiency. The strategic alignment between the brands will accelerate Tapestry's strategic and financial growth trajectory, marking a significant step forward in the luxury fashion landscape.

In June 2022: Burberry has introduced an innovative augmented reality (AR) feature on Burberry.com to commemorate the Lola bag, offering customers an immersive experience. This feature enables

users to seamlessly integrate a true-to-scale model of the iconic Lola bag into their surroundings using their smartphone. By scanning their environment, users can generate a 3D representation of the bag, which can be placed within various live settings. This interactive tool facilitates a multi-faceted exploration of the bag's attributes. This AR viewer simulates the in-store encounter, whether positioned on a table alongside personal items for size comparison or juxtaposed against an outfit to visualize different colour options. The AR technology goes beyond visual assessment, allowing users to delve into the intricate details and artistry of the bag, including features like the Thomas Burberry Monogram clasp. With a comprehensive 360-degree view, users can effortlessly discover interior components such as pockets by virtually exploring the bag's interior. Burberry's digital teams joined forces with Vertebrae, a subsidiary of Snap Inc., known for its prowess in 3D and AR solutions. This collaboration yielded a collection of augmented reality assets for the Lola bag, bringing many variations to life. Leveraging cutting-edge 3D capture systems, ranging from photogrammetry to laser scanning, Vertebrae meticulously crafted virtual replicas that mirror the quality of physical products. The Lola AR viewer is accessible across 60 product pages for Lola bags worldwide. To access this captivating tool, users can search for the Lola bag on Burberry.com, thereby embarking on an interactive journey that bridges the gap between digital innovation and tangible luxury fashion.

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Market Dynamics

Driver: Innovation and creativity with the influence of celebrities and influencers.

Luxury fashion designers constantly push creative boundaries, introducing innovative designs, materials, and concepts. Consumers are captivated by these novel ideas and are drawn to the ever-evolving nature of luxury fashion. Additionally, celebrities and social media influencers heavily influence fashion trends. When high-profile individuals wear or endorse luxury apparel, it generates interest and demand among their followers and fans. Thus, driving the growth of the luxury apparel market.

Restraint: Rapid fashion trends and sustainability challenges.

As consumer awareness of environmental issues grows, luxury brands face pressure to adopt sustainable practices throughout their supply chains, which can be challenging due to the complex nature of luxury production. Furthermore, the pace of fashion trends has accelerated due to social media and digital platforms, making it challenging for luxury brands to keep up with rapid shifts and maintain relevance. Apart from this, luxury retail heavily depends on tourism, and disruptions in travel (such as during a global pandemic) can significantly impact sales in luxury fashion hubs.

Opportunity: Customization and personalization with innovative materials and techniques.

Offering personalized and customizable luxury apparel allows brands to provide unique products that cater to individual preferences and enhance the customer experience. Also, researching and adopting innovative materials, such as sustainable fabrics or advanced manufacturing techniques, can set luxury brands apart and attract eco-conscious and tech-savvy consumers. In addition, expanding into emerging markets with growing affluent populations, such as China, India, and parts of Africa, presents significant opportunities for luxury apparel brands to tap into new consumer bases.
Challenge: Geopolitical uncertainties and balancing tradition and innovation.

Luxury brands must balance honouring their heritage and embracing innovation to meet changing consumer expectations. This factor can challenge the market's growth. Besides, political instability, trade disputes, and regulatory changes can disrupt production, distribution, and consumer sentiment in key markets.

Some of the major players operating in the global luxury apparel market are:

• Giorgio Armani
• Burberry
• Dolce & Gabbana
• Prada
• Fendi
• Kate Spade
• Phillip Lim
• PVH Corp.
• Louis Vuitton SE
• Versace
• Kering
• Valentino S.p.A.
• Coach IP Holdings LLC
• Ralph Lauren Corporation
• Christian Dior
• Michael Kors
• Gianni Versace S.P.A.
• Hermes International, Inc.
• Tommy Hilfiger Inc.
• Balenciaga
• Chanel
• Hermès International S.A.
• Tapestry, Inc.

Key Segments cover in the market:

By Product Type

• Top Wears
• Bottom Wears
• One Piece
• Others

By Application

• Formal Wear
• Sports Wear
• Casual Wear
• Safety Apparel
• Others

By End-User

• Men
• Women

By Distribution Channel

• Offline
• Online

By Region

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

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About the report:

The market is analyzed based on value (USD Billion) and volume (k units). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

About The Brainy Insights:

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.

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