Global Luxury Apparels Market - Segmented by Product Material , End User, Distribution Channel, and Geography - Growth, Trends and Forecasts (2022 - 2030)
Increasing communication between consumers and key players through social media platform and online retail stores is driving the sales of latest trendy luxury apparels. Rise in online transactions are supporting the market growth of luxury apparels from last few years. Consumers specific offers and attractive promotions & advertising through magazine and social media is influencing the sales of luxury apparels as nearly half of luxury apparel buying decisions are majorly inclined by what consumers see or hear from offline and online platforms.
The global luxury apparels market is expected to register a CAGR of 12.3% during the forecast period, 2018 to 2023.
Acceptance of Latest Fashion Trends by millennial to Drive the Luxury Apparels Market Growth
Luxury apparels are mostly considered as status symbols for individuals which is driving discretionary spending with high purchasing power of consumers. Increasing popularity of luxury apparels among millennial are driving the market growth as they are more likely to be driven by latest fashion trend than other consumers groups. Improvement in digital marketing and rise in use of digital media in developing economies for product marketing are playing key role to drive the luxury apparels market growth from last few years. For instance, popular fashion brands like Topshop, Burberry and Alexander McQueen showed their use of live streaming with the help of digital runways at the SS 2017 fashion month.
Online Channel Expected to Witness Rapid Growth
The luxury apparels market is led by e-commerce i.e. online retail stores segment as consumers are preferring the online platforms over store based retail stores. Online platforms provide more options to choose and it is convenient for consumers. Many key players in luxury apparels are focusing on marketing and selling products on both their own website and that of selected retail store or pure luxury e-retailer partners in particular countries. Marketing strategies such as involvement of celebrity for brand endorsement is helping key players to attract more consumers from different financial backgrounds. As offline retail stores have limited growth potential over online retail stores, it is likely to influence sales of luxury apparels in online retail stores in upcoming years.
North America to Dominate the Luxury Apparels Market Share
North America is likely to hold significant market share in luxury apparels industry followed by Europe region over the forecast period due to increased demand of luxury goods including luxury apparels in the region. The growing attraction of luxury lifestyle, high purchasing power, and the influence of celebrity endorsement is driving the market growth in North America. Asia-Pacific region is estimated to witness significant growth rate in upcoming years owing to improving distribution network across the region. However, value added taxes imposed on luxury apparels and footwear by governments and high dominance of key players is restraining the market growth in developing economies.
Key Developments in the Luxury Apparels Market
July 2018: Reliance Brands has acquired 12.5% of stake in luxury apparel firm Future101 Design for USD 1.385 million. Future101 is engaged in manufacturing, distribution and sale of luxury apparels in India.
Jun 2018: Luxury women’s apparel retailer Moda Operandi recently launched Moda Operandi Man, marking the first time the e-retailer has sold men’s apparel. Moda Operandi Man debuted with more than 50 luxury brands, including Prada, Maison Margiela, Givenchy, Ralph Lauren, Balmain and Burberry, among others.
Luxury Apparels Market Competitive Landscape
Luxury Apparels Market Major Key Players are Hermès International S.A, Versace, Kering SA, Prada S.P.A, Dolce And Gabbana, Lvmh Moet Hennessy Louis Vuitton S.E, Burberry Group Inc., Giorgio Armani S.P.A, Ralph Lauren Corporation, Ermenegildo Zegna, Hugo Boss A.G, and Kiton.
Reasons to Purchase Luxury Apparels Market Report
Analyzing outlook of the market with the recent trends and Porter’s five forces analysis
Market dynamics, which essentially consider the factors, which are impelling the present market scenario, along with growth opportunities of the market in the years to come
Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and non-economic aspects
Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market
Competitive landscape involving the market share of major players, along with the key strategies adopted for development in the past five years
Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
3-month analyst supports, along with the Market Estimates sheet in excel
Customization of Luxury Apparels Market Report
This report can be customized to meet your requirements. Please connect with our analyst, who will ensure you get a report that suits your needs.
The global luxury apparels market is expected to register a CAGR of 12.3% during the forecast period, 2018 to 2023.
Acceptance of Latest Fashion Trends by millennial to Drive the Luxury Apparels Market Growth
Luxury apparels are mostly considered as status symbols for individuals which is driving discretionary spending with high purchasing power of consumers. Increasing popularity of luxury apparels among millennial are driving the market growth as they are more likely to be driven by latest fashion trend than other consumers groups. Improvement in digital marketing and rise in use of digital media in developing economies for product marketing are playing key role to drive the luxury apparels market growth from last few years. For instance, popular fashion brands like Topshop, Burberry and Alexander McQueen showed their use of live streaming with the help of digital runways at the SS 2017 fashion month.
Online Channel Expected to Witness Rapid Growth
The luxury apparels market is led by e-commerce i.e. online retail stores segment as consumers are preferring the online platforms over store based retail stores. Online platforms provide more options to choose and it is convenient for consumers. Many key players in luxury apparels are focusing on marketing and selling products on both their own website and that of selected retail store or pure luxury e-retailer partners in particular countries. Marketing strategies such as involvement of celebrity for brand endorsement is helping key players to attract more consumers from different financial backgrounds. As offline retail stores have limited growth potential over online retail stores, it is likely to influence sales of luxury apparels in online retail stores in upcoming years.
North America to Dominate the Luxury Apparels Market Share
North America is likely to hold significant market share in luxury apparels industry followed by Europe region over the forecast period due to increased demand of luxury goods including luxury apparels in the region. The growing attraction of luxury lifestyle, high purchasing power, and the influence of celebrity endorsement is driving the market growth in North America. Asia-Pacific region is estimated to witness significant growth rate in upcoming years owing to improving distribution network across the region. However, value added taxes imposed on luxury apparels and footwear by governments and high dominance of key players is restraining the market growth in developing economies.
Key Developments in the Luxury Apparels Market
July 2018: Reliance Brands has acquired 12.5% of stake in luxury apparel firm Future101 Design for USD 1.385 million. Future101 is engaged in manufacturing, distribution and sale of luxury apparels in India.
Jun 2018: Luxury women’s apparel retailer Moda Operandi recently launched Moda Operandi Man, marking the first time the e-retailer has sold men’s apparel. Moda Operandi Man debuted with more than 50 luxury brands, including Prada, Maison Margiela, Givenchy, Ralph Lauren, Balmain and Burberry, among others.
Luxury Apparels Market Competitive Landscape
Luxury Apparels Market Major Key Players are Hermès International S.A, Versace, Kering SA, Prada S.P.A, Dolce And Gabbana, Lvmh Moet Hennessy Louis Vuitton S.E, Burberry Group Inc., Giorgio Armani S.P.A, Ralph Lauren Corporation, Ermenegildo Zegna, Hugo Boss A.G, and Kiton.
Reasons to Purchase Luxury Apparels Market Report
Analyzing outlook of the market with the recent trends and Porter’s five forces analysis
Market dynamics, which essentially consider the factors, which are impelling the present market scenario, along with growth opportunities of the market in the years to come
Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and non-economic aspects
Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market
Competitive landscape involving the market share of major players, along with the key strategies adopted for development in the past five years
Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
3-month analyst supports, along with the Market Estimates sheet in excel
Customization of Luxury Apparels Market Report
This report can be customized to meet your requirements. Please connect with our analyst, who will ensure you get a report that suits your needs.
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