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FEATURED COMPANIES
- Armani Group
- Chanel
- Hugo Boss
- Max Mara Group
- Osklen
- Tapestry
1h Free Analyst Time
Speak directly to the analyst to clarify any post sales queries you may have.
In-depth Analysis and Data-driven Insights on the Impact of COVID-19 Included in this Global Luxury Fashion Market Report
The luxury fashion market size was valued at USD 110.64 billion in 2020 and is expected to reach USD 153.97 billion by 2026 growing at a CAGR of 5.66%.
The online sales of luxury fashion are expected to witness tremendous growth during the forecast period. The global luxury fashion industry is gaining momentum significantly with the rise in the number of high-net-worth individuals, the growing popularity among the young population belonging to the millennials and Gen Z generation, increasing brand loyalty among customers, and increasing association of luxury brands by the individuals. The rapidly changing technological landscape and the growing adoption of technology such as augmented reality (AR) by the fashion industry, supported by the growing penetration of digital channels across developing markets, provide new growth opportunities to vendors.
The luxury fashion market report has the following segments-
APAC: The APAC region is expected to see exponential growth in the luxury fashion market year on year. This can be attributed to the continuous rise in the number of billionaires across the region who have more purchasing power than the normal population. From January to October 2020, the APAC region witnessed the highest share in the opening of luxury stores as compared to other regions.
1. How big is the luxury fashion market?
2. Who are the end-users in the luxury apparel industry?
3. Who are the key players in the luxury fashion industry?
4. What are the factors driving the luxury fashion industry?
5. Which region accounted for the largest share in the luxury fashion market?
The luxury fashion market size was valued at USD 110.64 billion in 2020 and is expected to reach USD 153.97 billion by 2026 growing at a CAGR of 5.66%.
The online sales of luxury fashion are expected to witness tremendous growth during the forecast period. The global luxury fashion industry is gaining momentum significantly with the rise in the number of high-net-worth individuals, the growing popularity among the young population belonging to the millennials and Gen Z generation, increasing brand loyalty among customers, and increasing association of luxury brands by the individuals. The rapidly changing technological landscape and the growing adoption of technology such as augmented reality (AR) by the fashion industry, supported by the growing penetration of digital channels across developing markets, provide new growth opportunities to vendors.
The following factors are likely to contribute to the growth of the luxury fashion market
- Leveraging augmented reality
- Growing inclination towards sustainable products
- Internet shaping purchasing behaviour
- Increasing acceptance by millennials & Gen Z population
- Growing high net worth individuals
- Growth in travel & tourism
KEY HIGHLIGHTS
- Millennials and the Gen Z population are the key drivers of the luxury fashion industry.This can be attributed to their higher focus on experiences, willingness to pay extra for premium products, and openness to experimentation with new things.
- Psycho-graphical and demographical indicators of end-users have changed drastically over the past few years. Factors such as increased internet penetration, strong smartphone adoption, and rising social media users have provided end-users with unmatched access to information on the go, thus helping end-users make informed purchasing decisions.
LUXURY FASHION MARKET SEGMENTATION
The luxury fashion market report has the following segments-
- Product type
- End-User
- Generation
- Distribution channel
- Geography
LUXURY FASHION MARKET SEGMENTS
- In 2020, luxury apparel accounted for a large share in the luxury fashion industry. This is attributed to the Millennials and Gen Z population, who are highly driven by the latest fashion trends compared to any other age group.
- In 2020, men accounted for the highest share in the luxury fashion market. In the past decade, the men’s luxury segment has grown significantly due to increased expenditure on R&D and new product development. The online sales of men’s luxury fashion products are witnessing continuous growth with the increasing trust in online channels, improvement in logistics, and the brands offering more personalized experiences to the customers.
Market Segmentation by Product Type
- Apparel
- Footwear
- Accessories
Market Segmentation by End-User
- Men
- Women
- Children
Market Segmentation by Generation
- Gen X
- Millennials & Gen Z
- Baby Boomer & Silent Gen
Market Segmentation by Distribution Channel
- Online
- Mono Brand Stores
- Specialty Stores
- Departmental Stores
- Off-Price Stores
- Airports
GEOGRAPHICAL ANALYSIS
APAC: The APAC region is expected to see exponential growth in the luxury fashion market year on year. This can be attributed to the continuous rise in the number of billionaires across the region who have more purchasing power than the normal population. From January to October 2020, the APAC region witnessed the highest share in the opening of luxury stores as compared to other regions.
Market Segmentation by Geography
- APAC
- China
- Japan
- India
- South Korea
- Rest of APAC
- Europe
- Germany
- France
- UK
- Italy
- Rest of Europe
- North America
- US
- Canada
- Middle East & Africa
- UAE
- Saudi Arabia
- Rest of MEA
- Latin America
- Brazil
- Mexico
- Rest of Latin America
VENDOR ANALYSIS
- The key vendors in the luxury fashion industry are Armani Group, Burberry, Chanel, Hermes, Kering, LVMH, and Prada Group.
Key Vendors
- Armani Group
- Burberry
- Chanel
- Hermes
- Kering
- LVMH
- Prada Group
Other Prominent Vendors
- Capri Holdings
- Dolce & Gabbana
- Hugo Boss
- Max Mara Group
- MCM
- Moncler
- Osklen
- Salvatore Ferragamo
- Tapestry
- Tom Ford
- Valentino
- Zegna
KEY QUESTIONS ANSWERED:
1. How big is the luxury fashion market?
2. Who are the end-users in the luxury apparel industry?
3. Who are the key players in the luxury fashion industry?
4. What are the factors driving the luxury fashion industry?
5. Which region accounted for the largest share in the luxury fashion market?
Note: Product cover images may vary from those shown
FEATURED COMPANIES
- Armani Group
- Chanel
- Hugo Boss
- Max Mara Group
- Osklen
- Tapestry
1 Research Methodology2 Research Objectives3 Research Process6 Market at a Glance
4 Scope & Coverage
5 Report Assumptions & Caveats
7 Introduction
8 Market Opportunities & Trends
9 Market Growth Enablers
10 Market Restraints
11 Market Landscape
12 Product Type
13 End User
14 Generational Cohort
15 Distribution Channel
16 Geography
17 APAC
18 Europe
19 North America
20 Middle East & Africa
21 Latin America
22 Competitive Landscape
23 Key Company Profiles
24 Other Prominent Vendors
25 Recent Developments
26 Report Summary
27 Quantitative Summary
28 Appendix
List of Exhibitis
List of Tables
Note: Product cover images may vary from those shown
A selection of companies mentioned in this report includes:
- Armani Group
- Burberry
- Chanel
- Hermes
- Kering
- LVMH
- Prada Group
- Capri Holdings
- Dolce & Gabbana
- Hugo Boss
- Max Mara Group
- MCM
- Moncler
- Osklen
- Salvatore Ferragamo
- Tapestry
- Tom Ford
- Valentino
- Zegna
Note: Product cover images may vary from those shown
Our research comprises a mix of primary and secondary research. The secondary research sources that are typically referred to include, but are not limited to, company websites, annual reports, financial reports, company pipeline charts, broker reports, investor presentations and SEC filings, journals and conferences, internal proprietary databases, news articles, press releases, and webcasts specific to the companies operating in any given market.
Primary research involves email interactions with the industry participants across major geographies. The participants who typically take part in such a process include, but are not limited to, CEOs, VPs, business development managers, market intelligence managers, and national sales managers. We primarily rely on internal research work and internal databases that we have populated over the years. We cross-verify our secondary research findings with the primary respondents participating in the study.
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