The global luxury apparels market size was valued at $71,040.0 million in 2020, and is projected to reach $278,181.5 million by 2031, registering a CAGR of 11.1% from 2022 to 2031. Luxury apparels depict a certain status symbol of individuals who splurge discretionarily and have high purchasing power. The success of luxury brands is majorly determined by their ability to innovate and perceive the complexities of the Indian market. The latest fashion trend offered by luxury apparel brands has led to increase in popularity among millennials. The rise in disposable income has elevated the consumer lifestyle and shifted their preference towards premium products. Moreover, the escalation in online and web purchasing is likely to supplement the luxury apparels market growth.
The rise in penetration of various online portals in developing regions and increase in number of offers & discounts attract consumers to purchase luxury apparels products through e-commerce channels. Moreover, e-commerce channels have increased consumer reach, owing to which it has evolved as a key source of revenue for many companies. Furthermore, the e-commerce industry is expected to expand in the future, owing to rapid growth in mobile users in emerging markets. Increase in e-commerce sales, improvements in logistics services, ease in payment options, and facility to enter in new international markets for major brands further boost growth of the luxury apparels market. However, the recent outbreak of coronavirus has significantly impacted the luxury apparel industry along with all stages of supply chain and value chain. It has further affected consumer behaviour with regard to purchasing luxury apparel globally.
The luxury apparels market is segmented into application, sales channel, age group, and region. By application, the market is bifurcated into formal wear, sportswear, casual wear, safety apparel and others. By sales channel, it is categorized into supermarkets/hypermarkets, independent retail stores, specialty stores, e-commerce and others. On the basis of age group, it is classified into geriatric, adult, kids and toddler. Region wise, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany,UK, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, India,Japan, ASEAN, Australia and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East and Africa).
The report includes comprehensive analysis of the key players in the luxury apparels market, such as Ralph Lauren Corporation, Christian Dior, Michael Kors, Coach, Inc., Gianni Versace S.P.A., Girogio Armani S.P.A., Nike, Inc., Hermes International, Inc., Tommy Hilfiger USA Inc., and Burberry Group, Inc.
The other prominent players in the luxury apparels industry include Dolce &Gabbana, Fendi, Socit Cartier, Calvin Klein Inc., True Religion, Chanel S.A., and Guess, Inc.
The luxury apparels market is segmented into application, sales channel, age group, and region. By application, the market is bifurcated into formal wear, sportswear, casual wear, safety apparel and others. By sales channel, it is categorized into supermarkets/hypermarkets, independent retail stores, specialty stores, e-commerce and others. On the basis of age group, it is classified into geriatric, adult, kids and toddler. Region wise, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany,UK, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, India,Japan, ASEAN, Australia and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East and Africa).
The report includes comprehensive analysis of the key players in the luxury apparels market, such as Ralph Lauren Corporation, Christian Dior, Michael Kors, Coach, Inc., Gianni Versace S.P.A., Girogio Armani S.P.A., Nike, Inc., Hermes International, Inc., Tommy Hilfiger USA Inc., and Burberry Group, Inc.
The other prominent players in the luxury apparels industry include Dolce &Gabbana, Fendi, Socit Cartier, Calvin Klein Inc., True Religion, Chanel S.A., and Guess, Inc.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the luxury apparels market analysis from 2020 to 2031 to identify the prevailing market opportunities
- The market research is offered along with information related to key drivers, restraints, and luxury apparels market opportunities
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network
- In-depth analysis of the luxury apparels market segmentation assists to determine the prevailing market opportunities
- Major countries in each region are mapped according to their revenue contribution to the global market industry
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players
- The report includes the analysis of the regional as well as global luxury apparels market trends, key players, market segments, application areas, and luxury apparels market growth strategies
KEY MARKET SEGMENTS
By Application
- Formal Wear
- Sports Wear
- Casual Wear
- Safety Apparel
- Others
By Sales Channel
- Supermarkets/Hypermarkets
- Independent Retail Stores
- Specialty Stores
- E-Commerce
- Others
By Age Group
- Geriatric
- Adult
- Kids
- Toddler
By Region
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- ASEAN
- Australia
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Table of Contents
Chapter 1: Introduction
Chapter 2: Executive Summary
Chapter 3: Market Landscape
Chapter 4: Luxury Apparels Market, by Application
Chapter 5: Luxury Apparels Market, by Sales Channel
Chapter 6: Luxury Apparels Market, by Age Group
Chapter 7: Luxury Apparels Market, by Region
Chapter 8: Company Profiles
List of Tables
List of Figures
Executive Summary
According to a new report titled, “Luxury apparels Market by Application, Sales Channel, and Age Group: Global Opportunity Analysis and Industry Forecast, 2022–2031,” the global luxury apparelsmarket size was valued at $71,040.0 million in 2020, and is projected to reach $278,181.5 million by 2031, registering a CAGR of 11.1% from 2022 to 2031.Growth in online mode of sale, rapid urbanization, and change in lifestyle, owing to increased disposable income of the consumers drive the luxury apparels market growth. In addition, growth in the emerging economies, such as Asia-Pacific and LAMEA, is anticipated to create lucrative opportunities for the global luxury apparels market. However, high cost of raw materials hampers the luxury apparels market growth.The global per capita income has witnessed a strong growth rate over the past few years, particularly in the emerging. Moreover, increase in urbanization and growth of the middle class consumers in the developing and developed markets have encouraged the adoption of convenience-oriented lifestyles, making luxury apparelsmore desirable for all age group people especially for youngsters.
The outbreak of the COVID-19 pandemic has created a number of challenges for exporters in developing and developed countries. The challenges witnessed by exporters of luxury apparels products are likely to remain for the foreseeable future, as different states and governments around the world attempt to tackle COVID-19 with various measures. However, implementation of lockdown and curfew practices globally has affected domestic as well as international production of luxury apparels, which, in turn, hampers growth of the overall market. Thus, the outbreak of COVID-19 has negatively impacted the luxury apparels market in 2020, as sales of companies have reduced and operations have been halted.
Rise in penetration of various online portals in developing regions and increase in number of offers &discounts attract consumers to purchase luxury apparels products through e-commerce channels. Moreover, e-commerce channels have increased consumer reach, owing to which it has evolved as a key source of revenue for many companies. Furthermore, the e-commerce market is expected to expand in the future, owing to rapid growth in online and mobile user customer bases in emerging markets. Surge in e-commerce sales, improvements in logistics services, ease in payment options, and facility to enter in new international markets for major brands further boosts growth of the luxury apparels market.
Key Findings Of The Study
- By application, the luxury apparels market is categorized into formal wear, sportswear, casual wear, safety apparel, and others Formal wear segment constitute a major luxury apparels market share; however, the safety apparel segment is projected to experience growth at the highest CAGR during the luxury apparels market forecast period
- By distribution channel, the hypermarket/supermarket segment led the market value in 2020 Theavailability of broad range of consumer goods under a single roof, provision of ample parking space, and convenient operation timingsare the factors that boost the growth of the hypermarket/supermarketsegment in the developed and the developing region
- Based on age group, it is classified into geriatric, adult, kids and toddlerAdult segment constitute a major luxury apparels market share; however, the kids segment is projected to experience growth at the highest CAGR during the luxury apparels market forecast period
- By region, Asia-Pacific accounted for highest market share in 2020, and is expected to grow at a significant CAGR during the forecast period
- Major companies have adopted agreement, product launch, expansion, and merger strategies to sustain the intense market competition. Key players profiled in the report include Ralph Lauren Corporation, Christian Dior, Michael Kors, Coach, Inc., Gianni Versace S.P.A., Girogio Armani S.P.A., Nike, Inc., Hermes International, Inc., Tommy Hilfiger USA Inc, and Burberry Group, Inc
The other prominent players in the luxury apparels industry include Dolce &Gabbana, Fendi, Socit Cartier, Calvin Klein Inc., True Religion, Chanel S.A., and Guess, Inc.
Companies Mentioned
- Ralph Lauren Corporation
- Christian Dior
- Michael Kors
- Coach, Inc.
- Gianni Versace S.P.A.
- Girogio Armani S.P.A.
- Nike, Inc.
- Hermes International, Inc.
- Tommy Hilfiger USA Inc.
- Burberry Group, Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 120 |
| Published | February 2022 |
| Forecast Period | 2020 - 2031 |
| Estimated Market Value ( USD | $ 71040 million |
| Forecasted Market Value ( USD | $ 278181.5 million |
| Compound Annual Growth Rate | 13.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
