The global luxury apparel market size is projected to reach USD 84.04 billion by 2025, according to a report by Grand View Research, Inc. The report further states that the industry is anticipated to advance at a CAGR of 3.5% over the forecast period. Several factors including rise in the number of millionaires, presence of brand loyalty, and an improvement in the quality of life in developed and developing countries, is projected to drive the growth. Increasing disposable income and consumer spending on luxury products are also prominent factors driving the demand. Furthermore, there is a widespread consumer perception that luxury goods will contribute to greater social acceptance, which is expected to positively advance the industry over the coming years. Additionally, a number of celebrities have entered the luxury clothing space over the past few years with an aim to diversify, leading to higher demand for such clothing products.
Luxury clothes are usually fashionable, trendy, high-class, and expensive. Luxury apparel companies not only focus on providing latest looks but they also provide apparel based on cultural trends and street culture to attract a vast consumer base. For example, Raymond Group introduced its new brand called Raymond Khadi in 2018 to provide luxury khadi apparel, with a focus on sustainability. Such innovations and developments are anticipated to attract luxury enthusiasts and subsequently drive the market. The rapid modernization and industrialization being witnessed in developing economies, such as in Asia Pacific, has driven the attraction for luxury items among regional consumers. China, Hong Kong, and India have some of the highest penetration rates of luxury clothing globally. Some of the companies have also examined the potential of expanding into the luxury childrens wear market and trying to make headways in this area. These factors are acting as strong drivers of the regional luxury apparel market.
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Luxury Apparel Market Report Highlights
• The growth of the luxury apparel market has been made possible by the positive word-of-mouth conversation by the general public, which has helped in evolving brand names and establishing long-term brand royalty. As a result, major luxury brands have been thriving in the market
• The men end-user segment generated the majority of the luxury apparel market revenue, accounting for the higher share of about 55% in 2018. The growing popularity of luxury workwear among the demographic is a major factor for the segment growth
• The offline distribution channel accounted for the majority of the revenue share in the luxury apparel market of over 83.0% in 2018; on the other hand, the online channel has been projected to witness substantial growth over the forecast period
• U.S., Germany, U.K., France, China, Japan, and Turkey are the major countries with appreciable demand for luxury apparel, aided by the high consumer awareness in these economies, presence of notable luxury apparel brands, as well as improving standards of living in the general population
• The advent of the COVID-19 pandemic has affected the luxury apparels industry, as people have rejected lavish spending amid fears of employment crisis and economic instability. Ban on public gatherings issued by governments across the globe have negated the value of luxury apparels for the short term, while work-from-home scenarios have led to consumers preferring casual and comfortable clothes for wear. Luxury brands have tried to mitigate the situation by launching high-quality face masks to entice customers
• Some of the key industry players specializing in luxury apparel sales are Giorgio Armani, Burberry, Prada, and Dolce & Gabbana, among others. These brands have resorted to robust marketing campaigning and collaborations with famous models as a way of garnering consumer interest
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Luxury Apparel Market Segmentation
Grand View Research has segmented the global luxury apparel market on the basis of end user, distribution channel, and region:
Luxury Apparel End User Outlook (Revenue, USD Billion, 2015 – 2025)
Luxury Apparel Distribution Channel Outlook (Revenue, USD Billion, 2015 – 2025)
• Offline Retail
• Online Retail
Luxury Apparel Regional Outlook (Revenue, USD Billion, 2015 – 2025)
• North America
• The U.K.
• Asia Pacific
• Central and South America
• Middle East & Africa
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About Grand View Research
Grand View Research is a market research and consulting company headquartered in San Francisco, which offers syndicated research reports, customized research reports, and consulting services. The company’s expansive database offers in-depth analysis across a range of industries such as chemicals, F&B, energy, healthcare, and technology, among others.
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