ALBANY N.Y., March 15, 2022 (GLOBE NEWSWIRE) -- The value of global luxury apparel market stood at US$ 75.1 Bn in 2020. The market is projected to develop at a CAGR of 4% during the forecast period, from 2021 to 2031. The global luxury apparel market is anticipated to surpass value of US$ 115 Bn by 2031. There is a significant demand for comfortable, stylish, and environmentally responsible luxury clothes as a result of growing urbanization and rising level of disposable income. Product makers are putting up efforts to boost luxury clothes manufacturing in order to meet increasing demand around the world. Consumers in developing nations are becoming more loyal to brands, which is likely to fuel demand for high-end clothing.
In order to boost revenue sources, luxury apparel makers are capitalizing on the rising demand of eco-friendly or sustainable items. Additionally, personalization is likely to emerge as a key driver of the luxury apparel business. Millennial and Generation Z are more willing to spend on customized items. However, growth of the global luxury apparel market is being hampered by rising production of counterfeit luxury apparel and a lack of understanding of brand image and formal distribution channels. The growing luxury apparel sales in Asia Pacific is presenting product makers with value-grab prospects to compete with leading market competitors. Market expansion in Asia Pacific is fueled by increasing disposable incomes and improving standard of living. In addition, e-commerce portal development, rapidly expanding Internet channels, and rising offline distribution channels are likely to boost sales of luxury apparel in nations such as Japan, China, and India.
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Key Findings of Market Report
- Expansion of the e-commerce business has opened up a plethora of options for luxury apparel makers and distributors. In order to serve to a diverse spectrum of consumers throughout the world, key firms are focused on selling their items on numerous e-commerce websites around the world. In certain nations, online shopping has surpassed brick-and-mortar retail, particularly during the ongoing pandemic. In addition, social media plays a significant part in the marketing and promotion of luxury apparel.
- Based on product type, the top wear category in the global luxury apparel market held a major share trailed by the segment of bottom wear. The rising demand for top wear is being fueled by the supply of a wide range of items such as pullovers, coats, jackets, shirts, and t-shirts.
- In terms of consumer group, women led the global luxury apparel market. In comparison with men, women are more informed about latest styles and more enthusiastic about fashion. In addition, the rising number of working women is also likely to add to the market growth. However, the luxury apparel industry is anticipated to experience considerable contribution from the male customer segment as well due to growing fashion consciousness among men.
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Global Luxury Apparel Market: Growth Drivers
- Due to its luxurious feel and lightweight nature, silk held a significant portion of the global luxury apparel market. Silk is being used in a variety of high-end garments. Furthermore, silk has a high absorbency quality that makes it an excellent fabric for summer clothing, as well as a low conductivity that makes it suitable for wearing in the cold. Wool and cotton, too, play an important role in the global luxury apparel market.
- The luxury apparel market is gathering steam with the rising number of high-net-worth people, luxury apparel becomes more popular among millennial and Gen Z. Besides, with growing customer loyalty, the demand for the product is estimated to grow in the years to come.
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Global Luxury Apparel Market: Key Players
Some of the key market players are
- Giorgio Armani S.p.A.
- Christian Dior SE
- Valentino S.p.A.
- LVMH Moët Hennessy Louis Vuitton
- Gianni Versace S.r.l.
- Dolce & Gabbana
Global Luxury Apparel Market: Segmentation
Product Type
- Top wear
- Bottom wear
- Innerwear
Material Type
- Cotton
- Leather
- Silk
- Denim
- Wool
- Others
Consumer Group
- Men
- Women
- Kids
Distribution Channel
- Online
- Offline
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