Luxury Apparel Market Share, Growth and Future Trends, 2032
Market Overview
According to Fortune Business Insights, the Global Luxury Apparel Market Size was valued at USD 59.87 billion in 2022 and is projected to reach a valuation of USD 63.00 billion in 2023. The market is expected to reach USD 93.10 billion by 2030 with a CAGR of 5.74% during the forecast period.
Known for their uniqueness and innovative designs, luxury fashion companies allow people to showcase their style and give them a chance to stand out from the crowd. These brands have been focusing on offering personalized shopping experiences to their consumers. Augmented demand for high-quality and premium apparel products is set to drive market growth.
List of Key Players Profiled in the Market Report: -
- Gucci (Italy)
- Prada S.p.A. (Italy)
- Dior SE (France)
- Ralph Lauren Corporation (U.S.)
- Armani S.p.A. (Italy)
- Chanel (U.K.)
- Burberry (U.K.)
- LVMH (France)
- Dolce & Gabbana (Italy)
- Valentino S.p.A. (Italy)
COVID-19 Impact:
Travel Restrictions Affected Market Revenue as Market Stifled amid Pandemic
The pandemic negatively impacted the market for luxury apparel due to the imposition of lockdowns. The market witnessed changes in consumer behavior, production, and market landscape. It also disrupted the global supply chains, negatively impacting production and manufacturing activities. Travel restrictions affected the revenue of the luxury brands as airport and duty-free store sales witnessed a decline.
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Segmentation
Variety of Benefits Offered Boosts the Demand in the Topwear Segment
On the basis of product type, the market has been separated into topwear, bottomwear, and others. The topwear segment has been leading the market as it can be versatile in nature and can be molded into numerous types of styles and outfits. The segment led the market in 2022 by capturing a substantial 46.33% share of the global market.
Diversity Offered in the Clothing Categories Propels the Demand in Female Segment
Based on the end-user, the global market has been divided into male and female. The female segment has been dominating the market as the fashion industry strongly focuses on female fashion. The diversity in the product offering for females creates and attracts a wider consumer base and subsequently leads to higher demand.
Offline Segment to Lead Due to Various Benefits Offered by the Distribution Channel
Based on distribution channel, the market has been segmented into offline and online. The offline distribution channel is estimated to lead the market as these stores allow the consumers to touch, feel, and try on the stores’ garments and have a tactile shopping experience.
Based on geography, the market is segmented into Asia Pacific, North America, Europe, South America, and the Middle East & Africa.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Drivers and Restraints
Growth in the Demand for High-Quality and Premium Apparel Products to Drive Market Growth
Increasing demand for high-quality and premium apparel products is set to drive the luxury apparel market growth. The term luxury apparel is often associated with highest craftsmanship and quality. People seek garments made from finest materials and that can last long, this attracts consumers to luxury brands. Luxury brands offer superior fit and comfort owing to the attention to detail that goes into designing and tailoring.
However, the presence of various low priced clothing brands and fast fashion retailers are hampering the market growth.
Regional Insights
Europe Leads Owing to Region’s History in Craftsmanship and Luxury Fashion
Europe held the largest part of the global luxury apparel market share in 2022, as the region is known for its rich history in terms of craftsmanship and luxury fashion. The region is home to numerous iconic luxury brands which originated from France, the U.K., and Italy. These iconic brands are known to produce high-quality luxury apparel. The market was valued at USD 20.50 billion in 2022.
Asia Pacific has been experiencing an increase in economic growth, which has led to an expansion of consumers' financial capacity to invest in luxury clothes.
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Competitive Landscape
Market Players Have Been Offering Omnichannel Experience to Reach Global Audience
The competitive landscape of the luxury apparel sector is characterized by the increasing adoption of e-commerce platforms so as to appeal and reach a global audience. Luxury brands have been integrating online and offline channels in order to offer omnichannel shopping experiences, providing both in-store and online experiences.
Key Industry Development
- January 2022- Ralph Lauren launched a new product innovation called the RLX CLARUS Polo Shirt. The product debuted at the Australian Open 2022 and showed groundbreaking innovation and sustainability.
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