Newark, Aug. 15, 2024 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global luxury apparel market is expected to grow from USD 96.16 billion in 2022 to USD 181.02 billion by 2032, at a CAGR of 6.53% during the forecast period 2023-2032. European cities boast luxurious shopping districts and historic retail spaces that offer a unique shopping experience. The ambience of these locations adds to the exclusivity associated with luxury shopping. Historically, European nobility and royalty patronized luxury fashion houses, setting trends and creating a demand for opulent clothing and accessories. This influence has endured over time. In addition, European luxury brands are associated with prestige, elegance, and sophistication. This reputation attracts consumers who aspire to own items from renowned European fashion houses.
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Furthermore, European luxury brands have successfully expanded their reach internationally, exporting their products to various parts of the world. This global presence has contributed to the domination of the European luxury market. The North American region is poised to experience significant growth in the luxury apparel market over the forecast years. North American celebrities, influencers, and public figures significantly impact consumer trends and purchasing decisions. These figures' endorsement of luxury brands influences the popularity and desirability of luxury apparel. Also, North American consumers have demonstrated a strong affinity for luxury goods and brands. The region has a well-established luxury consumer base that values quality, craftsmanship, and exclusivity, all of which are hallmarks of luxury apparel. The Asia Pacific (APAC) region is anticipated to witness the fastest-growing market during the forecast years. Younger generations in Asia have shown a strong affinity for luxury brands and are willing to spend on aspirational items. Their preferences and values are influencing the luxury market dynamics. The region attracts many luxury tourists, particularly in destinations like Japan, South Korea, China, and Southeast Asian countries. Luxury shopping is often essential for these tourists, boosting the local luxury market. Moreover, established international luxury brands in Asia have gained significant recognition and desirability. The cachet associated with these brands drives demand among consumers.
Report Scope and Segmentation –
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 6.53% |
| 2033 Value Projection | USD 181.02 Billion |
| Historical Data | 2020-2022 |
| No. of Pages | 238 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | Product Type, Application, End-User |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Luxury Apparel Market Growth Drivers | Brand Identity and Heritage |
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Leading market players in the industry include 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. and Tapestry, Inc. among others, are offering more significant scopes and are constantly engaged in newer product creation and venture capital investments to gain market share.
The product type segment is classified into top wears, bottom wears, one piece and others. In 2023 the top wears segment accounted for the largest market share, with 43.9%. Celebrities, fashion influencers, and models in various media, including red-carpet events, fashion shows, and social media platforms, frequently showcase top wear items. This exposure significantly influences consumer trends and purchasing decisions. In addition, luxury brands often emphasize their logo, branding elements, and design signatures on top wear items, making them effective vehicles for brand visibility and recognition. The application segment is divided into formal wear, sports wear, casual wear and others. In 2023, the formal wear segment registered the highest market share of 42.2%. Formal wear holds cultural significance in various societies. For example, traditional events like weddings often require elaborate and opulent attire, creating a consistent demand for luxury formal wear. Celebrities, influencers, and public figures usually wear formal wear for high-profile events such as award shows, premieres, and galas. These appearances generate extensive media coverage and influence consumer trends. The end-user segment includes men and women. In 2023, the men segment dominated the market with the largest share of 57.3%. Men are increasingly interested in personalized fashion experiences, such as made-to-measure services and customizable clothing options offered by luxury brands. At the same time, societal perceptions of masculinity are evolving, allowing men to embrace a more expansive range of styles and fashion choices without stigma. This shift encourages men to explore luxury fashion. The distribution channel segment is divided into offline and online. In 2023, the offline segment dominated the market with the largest share of 76.5%. In-store shopping provides immediate satisfaction. Customers can try on garments, make on-the-spot decisions, and take home their purchases immediately. Besides, luxury apparel often requires precise fitting and tailoring. In-store fittings ensure that garments fit perfectly, meeting customers' expectations of quality and fit.
Major fashion events and runway shows generate excitement around luxury brands, driving interest and demand for their products. Cultural shifts, socio-economic changes, and global events generally influence fashion trends. Luxury brands aligning with or anticipating these shifts can experience heightened demand. Furthermore, collaborations between luxury fashion brands and other industries, such as technology or art, can create unique and sought-after products that appeal to a broader audience. Additionally, leveraging social media platforms for direct shopping through features like Instagram Shopping can provide seamless shopping experiences for digitally engaged consumers. Also, creating immersive and experiential retail spaces where consumers can engage with the brand beyond traditional shopping can enhance brand loyalty and drive foot traffic. These factors are anticipated to witness new opportunities during the forecast period.
On the other hand, newcomer luxury brands that offer innovative designs and experiences can challenge established luxury brands, requiring the latter to stay innovative. Besides, maintaining a genuine brand image while addressing the demands of various markets and consumer segments can take time and effort. Thus, it can hamper the market's growth.
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