Luxury Apparels Market Overview: 2031
The global luxury apparels market size was valued at $71,040.0 million in 2020, and is projected to reach $278,181.5 million by 2031, registering a CAGR of 11.1% from 2022 to 2031. Luxury apparels depict a certain status symbol of individuals who splurge discretionarily and have high purchasing power. The success of luxury brands is majorly determined by their ability to innovate and perceive the complexities of the market. The latest fashion trend offered by luxury apparel brands has led to increase in popularity among millennials. Surge in number of working women worldwide has augmented the demand for trendy and stylish luxury apparels, which can be used for formal as well as casual occasions. Moreover, rise in disposable income has allowed individuals to spend more on luxury goods, thereby driving the growth of the luxury apparels market. Demand for new, fancy, and trendy apparels has continuously grown, thereby boosting the luxury apparels market growth.
Moreover, an increase has been witnessed in the number of users of various social media sites along with rise in internet penetration. Taking this into consideration, most of the key players in the luxury apparelsmarket strategize on promoting their products and services on these social media platforms. Social media marketing is one of the major strategies adopted by various companies and industries, including wearable products market, on imparting awareness about their product offerings among target customers on social media channels. Thus, through social media marketing strategy, global luxury apparelsmarket sights critical opportunity in gaining traction and eventually increases its registration among its target segments, which also results in boosting the luxury apparels market demand.
The luxury apparels market is segmented into application, sales channel, age group, and region. By application, the luxury apparels market is fragmented into formal wear, sportswear, casual wear, safety apparel, and others. By sales channel, it is categorized into supermarkets/hypermarkets, independent retail stores, specialty stores, e-commerce, and others. On the basis of age group, it is classified into geriatric, adult, kids, and toddler. Region wise, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, India, Japan, ASEAN, Australia, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
By Application
Formal Wear segment dominates the global market and is expected to retain its dominance throughout the forecast period.
Based on application, the luxury apparels market is categorized intoformal wear, sportswear, casual wear, safety apparel, and others. Formal wearsegmentconstitute a major luxury apparels market share; however, the safety apparelsegment is projected to experience growth at the highest CAGR during the forecast period.
By distribution channel, the hypermarket/supermarket segment led the market value in 2020. Theavailability of broad range of consumer goods under a single roof, provision of ample parking space, and convenient operation timingsare the factors that boost the growth of the hypermarket/supermarketsegment in the developed and the developing region.
By Sales Channel
Specialty Stores segment is expected to grow at a highest CAGR of 11.48% during the forecast period.
Based on age group, it is classified into geriatric, adult, kids, and toddler.Adult segment constitute a major part of the luxury apparels market share; however, the kids segment is projected to experience growth at the highest CAGR during the forecast period.
The report includes comprehensive analysis of the key players in the luxury apparels market, such as Ralph Lauren Corporation, Christian Dior, Michael Kors, Coach, Inc., Gianni Versace S.P.A., Girogio Armani S.P.A., Nike, Inc., Hermes International, Inc., Tommy Hilfiger USA Inc., and Burberry Group, Inc.
By Age Group
Kids segment is expected to grow at a highest CAGR of 11.63% during the forecast period.
The other prominent players in the luxury apparels industry include Dolce &Gabbana, Fendi, Socit Cartier, Calvin Klein Inc., True Religion, Chanel S.A., and Guess, Inc.
By Region
Europe dominates the market and is expected to grow with a CAGR of 10.38% during the forecast period
Covid-19 Impact Analysis
COVID-19 is an infectious disease that originated in Hubei province of the Wuhan city in China in late December 2020.
- The global coronavirus pandemic has created a number of challenges for exporters in the developing and developed countries. The challenges witnessed by the exporters of luxury apparels products are likely to remain for the foreseeable future, as different states and governments around the world attempt to tackle COVID-19 with various measures.
- Implementation of curfew and the practice of maintaining social distancing globally affect the domestic as well as international production, which in turn, hampers the growth of the overall luxury apparels market.
- Import and export restrictions on goods and quarantine &lockdown measures imposed by governments are key challenges exporters are facing during this pandemic.
- Delays and disruptions at country borders have impacted the transportation and delivery of luxury apparels.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the luxury apparelsmarket analysis from 2020 to 2031 to identify the prevailing luxury apparels market opportunities.
- The luxury apparels market research is offered along with information related to key drivers, restraints, andluxury apparelsmarket opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier–buyer network.
- In-depth analysis of the luxury apparelsmarket segmentation assists to determine the prevailing luxury apparels market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market industry.
- luxury apparels market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global luxury apparelsmarket trends, key players, market segments, application areas, and luxury apparelsmarket growth strategies
Luxury Apparels Market Report Highlights
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Analyst Review
Luxury apparels market has witnessed steady growth in the recent years. North America and Europe are considered as mature markets, which have resulted in the growth in manufacturers’ foothold in Asia-Pacific, such as India and China. Thus, most of the companies have shifted their production plants to China and other Asia-Pacific countries to reduce the manufacturing costs. Furthermore, adoption of branded and premium clothing witnessed a significant growth, owing to increase in population and economic stability in the aforementioned emerging markets.
The global luxury apparels market is segmented based on gender into male and female. Female consumers dominate the global luxury apparels industry, owing to availability of wide variety of options in women fashion industry and their increase in interest toward upgraded styles. However, the men’s wear market enhanced with fastest pace. Some of the biggest celebrities, athletes, and other artists show increase in attention toward fashion and have collaborated with world’s biggest fashion brands globally, such as Prada, Chanel, Gucci, Hugo Boss, and others, which propels the men’s luxury apparel market. However, change in work patterns and lifestyle fuels the demand for luxury apparels among men that creates ample opportunities for the companies to launch innovative products in men’s luxury wear segment.
The global luxury apparels market size was valued at $71,040.0 million in 2020, and is projected to reach $278,181.5 million by 2031, registering a CAGR of 11.1% from 2022 to 2031.
The CAGR of Liqueurs Market is 11.1% from 2022 to 2031.
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2020 is the base year calculated in the Luxury Apparels Market report.
The top companies in the Luxury Apparels Market are Ralph Lauren Corporation, Christian Dior, Michael Kors, Coach, Inc., Gianni Versace S.P.A., Girogio Armani S.P.A., Nike, Inc., Hermes International, Inc., Tommy Hilfiger USA Inc., and Burberry Group, Inc.
The luxury apparels market is segmented into application, sales channel, age group, and region.
Europe region holds the maximum market share of the Luxury Apparels Market.
With an unprecedented COVID-19 pandemic, the Luxury Apparels market has been adversely affected during the Covid-19 pandemic.
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