Dublin, May 09, 2024 (GLOBE NEWSWIRE) -- The "Global Luxury Apparel Market to 2028" report has been added to ResearchAndMarkets.com's offering.
The market exhibited a commendable 9.5% growth in 2023, reaching a valuation of $201.6bn, largely supported by the unwavering consumption of the ultra-wealthy demographic.
In a recent industry analysis, the global luxury apparel market has showcased notable durability in the face of economic challenges that include wavering consumer confidence and inflationary pressures. Despite a slight deceleration in growth rates, the segment has continued to outpace the overall apparel industry, signifying the robustness of the luxury sector.
Regional and Category Growth
Looking forward, the market is predicted to grow at a compound annual growth rate (CAGR) of 5.9% through to 2028. This expansion is expected to be driven by Asia Pacific regions and the accessories sub-sector, both of which are anticipated to outperform other categories and regions. Accessories, in particular, have shown significant promise and growth potential within the luxury apparel market landscape.
Market Dynamics
As economic difficulties persist, the global luxury apparel market has narrowed its focus to predominantly cater to the ultra-wealthy customers, while aspirational buyers are feeling the brunt of inflation and other macroeconomic challenges. However, the sector remains resilient as luxury apparel sales are still predicted to outshine the total market performance over the coming years.
Competitive Landscape
Hermès has emerged as a formidable leader in the luxury apparel market as it maintains its ascendancy over competitors. Conversely, brands like Gucci have witnessed a decline in market share, suggesting a shift within the competitive dynamics of the luxury sector. These developments point to an evolving market where adaptability and strategic positioning play crucial roles in sustaining growth and profitability.
Through this analysis, stakeholders and participants in the luxury apparel industry can gain comprehensive insights into market drivers, regional and category performance, and the competitive landscape. These insights are essential for understanding the prevailing market conditions and facilitating strategic decision-making in line with current and emerging trends within the global luxury apparel market.
A selection of companies mentioned in this report includes, but is not limited to:
- Hermès
- Gucci
- Louis Vuitton
- Chanel
- Burberry
- Balenciaga
- Jacquemus
- The Row
- Matches
- Farfetch
- Loro Piana
- LVMH
- Khaite
- Nike
- Adidas
- StockX
- Miu Miu
- New Balance
- Yoox-Net-a-Porter
- MyTheresa
- Saint Laurent
- Dior
- Prada
- Fendi
- Moncler
- Loewe
- Chloé
- Coperni
- Di Petsa
- 16Arlington
- Totême
For more information about this report visit https://www.researchandmarkets.com/r/oj9e7s
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