Westford, USA, July 13, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest, the luxury apparel market is experiencing significant growth due to a combination of factors, including the increased number of millionaires and strong client brand loyalty. As more individuals attain wealth and financial success, they are inclined to invest in luxury items, driven by the perception that such products enhance social acceptance. Moreover, rising disposable income levels and an overall increase in consumer expenditure on high-end goods are key drivers behind the surge in demand.
Browse in-depth TOC on the "Luxury Apparel Market"
- Pages - 203
- Tables - 121
- Figures – 74
Luxury apparel has emerged as a prominent status symbol among individuals, particularly those with substantial purchasing power, leading to increased discretionary spending. Particularly, millennials have significantly contributed to the market's growth due to their heightened interest in staying up-to-date with the latest fashion trends. The improvement in digital marketing strategies and the widespread use of digital media in product promotion, especially in developing economies, have played a crucial role in driving the growth of the luxury apparel market in recent years.
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Report Scope & Segmentation:
| Attributes | Details |
| Market Size in 2022 | USD 7.88 Billion |
| 2030 Value Projection | USD 12.27 Billion |
| CAGR | 8.05% |
| Forecast Period | 2023-2030 |
| Segments Covered |
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| Regions Covered |
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Prominent Players in the Luxury Apparel Market
- LVMH Moët Hennessy Louis Vuitton SE
- Kering SA
- Ralph Lauren Corporation
- Giorgio Armani SpA
- Burberry Group plc
- PVH Corp.
- Hugo Boss AG
- Prada SpA
- Hermès International SA
- Chanel SA
- Richemont SA
- Salvatore Ferragamo SpA
- Versace SpA
- Gucci Group NV
- Bottega Veneta SA
- Dolce & Gabbana Srl
- Michael Kors Holdings Limited
- Christian Dior SE
- Tod's SpA
- Moncler S.p.A.
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Online Channel Segment is Expected to Grow in the Market Due to the Increasing Popularity of Online Shopping
The online channel is projected to exhibit the highest CAGR over the forecast period. This growth can be attributed to the increasing popularity of online shopping and its convenience. Multi-brand e-retailers and luxury brands' online stores play a significant role in engaging with consumers in the digital space.
The markets in Europe stood out as the largest regional luxury apparel market, with countries such as Germany, the U.K., and France playing prominent roles. The allure of Europe as one of the most desirable tourist destinations continues to attract millions of travellers from around the globe.
Offline Retail Segment is Expected to Dominate the Market Due to Unique Characteristics of Luxury Products
Offline retail held the largest share of the luxury apparel market, primarily due to the unique characteristics of luxury products, including their high pricing and exceptional quality. Consumers often prefer physical checks and assessments before investing significantly in luxury clothing.
Regional markets in the Asia Pacific have experienced robust growth in the luxury apparel market, driven by a combination of factors. One key driver is the increasing consumer awareness and brand consciousness among regional consumers. Countries such as China, Hong Kong, and India have emerged as promising markets with a significant penetration rate for luxury clothing.
A comprehensive analysis of the major players in the luxury apparel market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
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Key Developments in the Luxury Apparel Market
- German fashion conglomerate Hugo Boss AG entered a strategic partnership with environmental textile business HeiQ AeoniQ in 2022. This long-term collaboration aims to pave the way for Hugo Boss AG to achieve climate neutrality within its sphere of responsibility by 2030. By teaming up with HeiQ AeoniQ, the company seeks to leverage their expertise in environmental textile solutions to develop sustainable practices and reduce its carbon footprint significantly.
- Adidas AG and Prada Group recently announced an exciting new phase focused on achieving critical environmental objectives in their ongoing partnership. The collaboration between these renowned brands has created the Adidas for Prada Re-Nylon line, a premium athletic range that prioritizes sustainability. This innovative collection aims to address environmental concerns by utilizing recycled nylon materials, contributing to reducing waste and promoting circular fashion.
Key Questions Answered in Luxury Apparel Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
Related Reports in SkyQuest’s Library:
Global Online Clothing Rental Market
Global Women’s T-shirts Market
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