USD 6.13 billion
Luxury Apparel Market Size, Share, Growth Analysis, By Product(Top wears, Bottom wears, One piece, Others), By Gender(Female, Male), By Distribution channel(Speciality stores, Online stores, Hypermarkets & Supermarkets, Others), By Materials(Cotton, Leather, Silk, Denim), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25K2085 |
Region:
Global |
Published Date: February, 2024
Pages:
203
|Tables:
121
|Figures:
79
Luxury Apparel Market Insights
Luxury Apparel Market size was valued at USD 6.13 billion in 2019 and is poised to grow from USD 7.88 billion in 2023 to USD 12.27 billion by 2031, growing at a CAGR of 8.05% in the forecast period (2024-2031).
The increased number of millionaires and client brand loyalty are expected to fuel growth. The expanding consumer notion that luxury items lead to higher social acceptance is boosting product demand. Rising disposable income and consumer expenditure on high-end goods are also important drivers boosting demand.
Many first-time consumers of luxury clothing do so to experience high quality and to project a certain image in society. Most of the time, this results in brand loyalty, and as a result, they are willing to pay a little more money to buy from their preferred businesses. Recognized luxury brands maintain consistency in product quality and pay close attention to consumer perceptions. This helps to shape the evolution of brand names. The public's word-of-mouth conversation is very important in promoting luxury apparel. Luxury apparel's higher price range and style quotient are some of its USPs, but the simple availability of copy products of top brands at lower rates is one of the luxury apparel market's significant limitations. Consumers' lack of information about the authenticity of these products causes them to purchase counterfeit goods, harming their brand loyalty.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Offline retail
Fastest Growth
Offline retail
Growth Rate
8.05% CAGR
Global Luxury Apparel Market 2021-2028 ($ Bn)
Country Share for Europe Region- 2021 (%)
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Luxury Apparel Market Segmental Analysis
Global luxury apparel market is segmented based on product type, gender, distribution channel, material, and region. Based on product, luxury apparel market is segmented into top wears, bottom wears, one piece, others. Based on gender, market is segmented into male, female. Based on distribution channel, market is segmented into offline retail, speciality stores, online stores, hypermarkets & supermarkets, others. Based on material, luxury apparel market is segmented into cotton, leather, silk, denim, wool, others. Based on region, market is segmented into North America, Asia Pacific, Europe, Latin America and Middle East Africa.
Luxury Apparel Market Analysis by Distribution Channel:
Due to the high pricing and quality of luxury products, offline retail was the largest contributor to the industry in 2018. Before spending a large cost on luxury clothing, consumers want to undertake physical checks for material, fit, and other similar aspects. As a result, the offline channel is expected to dominate the sector. Multi-branded businesses and specialty stores also offer free adjustment, if necessary, in some clothing. The aforementioned considerations are driving the expansion of offline distribution channels. Over the projected period, the internet channel is expected to grow at the fastest rate. Consumers interact with both multi-brand e-retailers and their own branded online stores. Luxury dresses for all brands are not widely available in stores, making them only available to a small number of customers. People from all over the world can simply purchase such products through online channels. Furthermore, the multi-brand online platform can reach out to time-pressed consumers who do not have much time to browse through multiple mono-brand sites, providing a larger possibility for luxury clothes online retailing.
Global Luxury Apparel market By Distribution Channel 2021 (%)
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Luxury Apparel Market Regional Insights
Based on region, global luxury apparel market is segmented into North America, Asia Pacific, Europe, Latin America and Middle East Africa. In 2020, Europe was the largest regional luxury apparel market for luxury clothes, with important countries including Germany, the United Kingdom, and France. Europe, being one of the most appealing tourist destinations, attracts millions of visitors from all over the world. While on vacation in Europe, everyone from business tycoons to upper-class women buy pricey outfits. Product sales are also increasing as a result of the region's new retail concepts and company strategies. The Asia Pacific region has experienced rapid growth in recent years as a result of rising consumer awareness and brand consciousness among regional consumers. China, Hong Kong, and India have the highest levels of luxury garment penetration. Due to increased demand, a lot of businesses are investigating new areas in the region and building outlets. Some of the corporations have also investigated the potential of the luxury children's wear sector and are attempting to enter it.
Global Luxury Apparel market By Geography, 2021-2028
- Largest
- Fastest
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Luxury Apparel Market Dynamics
Luxury Apparel Market Drivers
- Increased consumer-key actor interaction via social media platforms and online retail outlets is driving sales of the most fashionable luxury clothing. The rise in internet transactions in recent years has aided the growth of the luxury clothing industry. Because nearly half of luxury garment purchasing decisions are influenced by what customers see or hear from offline and online platforms, consumer-specific offers and appealing promotions and advertising through magazines and social media are impacting luxury clothing sales. Luxury clothing is primarily viewed as a status symbol for individuals, and it drives discretionary spending among consumers with significant purchasing power. The growing popularity of luxury clothing among millennials is driving industry growth.
Luxury Apparel Market Restraint
- Luxury clothes designers use the finest materials and hire the most skilled artisans. The manufacturing technique and raw materials used in premium clothes are vastly different from those utilized in rapid fashion. Luxury fashion is built on the use of high-quality textiles, and no corners are cut in the printing and dyeing processes, as is common in rapid fashion. Luxury companies ensure that their high standards are met at every stage of the manufacturing process. This is the fundamental reason why premium fashion products are more expensive. However, because the bulk of the world's population is price sensitive, high costs limit the customer base for luxury fashion firms. With changing fashion trends, the price-conscious customer base prefers rapid fashion.
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Luxury Apparel Market Competitive Landscape
The global luxury apparel market is fragmented, with a prominent luxury apparel market player acquiring a sizable portion. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive luxury apparel market. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective and customized solutions
Top Players in the Global Luxury Apparel Market
- LVMH Moët Hennessy Louis Vuitton SE
- Kering SA
- Ralph Lauren Corporation
- Giorgio Armani SpA
- Burberry Group plc
- PVH Corp.
- Hugo Boss AG
- Prada SpA
- Hermès International SA
- Chanel SA
- Richemont SA
- Salvatore Ferragamo SpA
- Versace SpA
- Gucci Group NV
- Bottega Veneta SA
- Dolce & Gabbana Srl
- Michael Kors Holdings Limited
- Christian Dior SE
- Tod's SpA
- Moncler S.p.A.
Luxury Apparel Market Recent Developments
- In February 2022, Hugo Boss AG, a German fashion conglomerate, struck a long-term relationship with environmental textile business HeiQ AeoniQ. Hugo Boss AG, through this collaboration, aspires to achieve climate neutrality within its own area of responsibility by 2030.
- In January 2022, Adidas AG and Prada Group began a new chapter in their ongoing collaboration to achieve critical environmental goals. The Adidas for Prada Re-Nylon line, a more sustainable premium athletic range, is set to debut.
Luxury Apparel Key Market Trends
Increase in E-commerce Increasing Luxury Apparel Market Capacity
- Online platforms provide consumers with more options and are more convenient. Many significant participants in the luxury garment business are concentrating their efforts on marketing and selling products through their own websites as well as those of chosen retail outlets or pure luxury e-retailer partners in specific countries. Marketing methods such as celebrity brand endorsement are assisting important players in attracting more consumers from a variety of financial backgrounds. As offline retail stores have a lower growth potential than online retail stores, they are more likely to affect luxury apparel sales in online retail stores in the coming years.
Luxury Apparel Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global luxury apparel market analysis, due to rising urbanization and an increase in consumer disposable income, there is a great demand for comfortable, stylish, and environmentally responsible luxury clothes. Product manufacturers are making attempts to boost the manufacturing of luxury clothes in order to meet expanding global demand. Consumer brand loyalty in developing countries is a crucial factor driving demand for luxury clothes. Manufacturers in the luxury garment business are capitalizing on the growing trend of eco-friendly or sustainable items to increase revenue streams. Furthermore, personalization is a major driving force in the luxury clothes business. Millennials and Gen Z are more willing to spend money on personalized products.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 6.13 billion |
| Market size value in 2031 | USD 12.27 billion |
| Growth Rate | 8.05% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
Luxury Apparel Market Recent Developments
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Luxury Apparel Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Luxury Apparel Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Luxury Apparel Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Luxury Apparel Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Luxury Apparel Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Luxury Apparel Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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