According to Reports and Data
The global luxury apparel market size was significantly robust in 2021, and is expected to register rapid revenue CAGR over the forecast period. Growing importance of fashion and rising
brand consciousness are some factors expected to drive market revenue growth.
Luxury apparel includes high end and designer clothing which enhance the appearance and personality of consumers. Customers are shifting towards luxury apparels due to its high quality, appeal, and brand popularity. In addition, inclination of consumers towards their favourite brands due to consistent quality and high brand image creates brand loyalty and is expected to drive demand for luxury apparel in the market. Moreover, word-of-mouth conversations from consumers create publicity and promotion of luxury apparels and are expected to contribute to revenue growth of the market over the forecast period.
However, lack of consumer awareness regarding fashion and scarce accessibility of luxury apparel in rural areas and low economic countries are some key factors expected to restrain revenue growth of global luxury apparel market over the forecast period.
Major Factors Driving Revenue Growth of the Global Luxury Apparel Market
Increasing popularity of high fashion and changing fashion and apparel trends are some key factors expected to drive revenue market growth. In addition, customized offers, distinctive
marketing and innovative social media advertising by luxury brands are some factors contributing to increasing demand for luxury apparels in the market. Rising online and offline retail stores, attractive pricing offers, lucrative discounts and ease of payment through online transactions are some other factors contributing to the sale of luxury apparels in the market. Moreover, increasing popularity of luxury brands among millennials and growing brand loyalty are some additional factors contributing to revenue growth of the market and is expected to continue to do so over the forecast period.
Factors Restraining Growth of the Global Luxury Apparel Market
High pricing of luxury apparels is a key factor that can hamper revenue growth of the market to a certain extent going ahead. Increasing market presence of lookalike products and fake brands are affecting brand loyalty of consumers. In addition, a low price of these fake apparels hamper the sale of luxury apparels and is expected to restrain revenue growth of the market to a significant extent. Moreover, lowering of spending capacity on luxury, less international travelling, and closure of trade and marketing activities due to lockdown during the COVID-19 pandemic, is some other factors expected to drive revenue growth of global luxury apparel market over the forecast period.
Opportunities for the Players in the Global Luxury Apparel Market
Growing consumer awareness regarding fashion and appearance are leading to shifting of businesses towards fashion and designing industries to meet rising demand of customers for luxurious and fashionable apparel. In addition, rising fashion trends and shifting consumer preferences towards newer and advanced apparel are expected to further open up new avenues for major companies and for growth of the market across the globe.
Global Luxury Apparel Market Revenue Led by End User Segment
Based on end user, men segment is expected to account for largest revenue share over the forecast period. Increasing spending capacity and growing awareness regarding luxurious apparel among men are key factors expected to drive revenue growth of the market. In addition, growing attention towards fashion, dressing and increasing importance of appearance among men are some other factors expected to drive revenue growth of the segment. Moreover, innovative marketing initiatives using celebrities and attractive advertisements by luxury brands are expected to further boost adoption of luxury apparel among men across the globe.
Global Luxury Apparel Market Distribution Channel Segment
Based on distribution channel, online segment is expected to register significant revenue growth rate over the forecast period due to shifting consumer preferences and inclination towards luxurious brands. Rising online shopping owing to growing millennial population are some factors contributing to demand for luxurious apparel in the market. In addition, ease of accessibility and availability of discounts and offers on online shopping portals are some factors expected to significantly contribute to revenue growth of the segment. Moreover, online channel offers apparel options from variety of luxurious brands procured from different countries which are not easily available in offline stores. Online channels also provide consumers apparel with variation in colors, sizes, styles and exquisite designs. These key factors are expected to drive growth of global luxury apparel in the market.
Asia Pacific to Account for Significant Revenue Share in Global Luxury Apparel Market
Asia Pacific is expected to account for largest revenue share over the forecast period due to growing advancements in fashion industry and rising brand awareness among consumers. Rapid population growth leading to rising demand for clothing and opening of luxury stores are some other factors expected to drive revenue growth of the market. In addition, rising brand penetration and growing fashion consciousness in major countries such as India, China, and Hong Kong are other factors expected to drive demand for luxury apparel in the market. For instance, in February 2022, German sandal making company ‘Birkenstock’, announced opening of 25 outlets in India. Moreover, growing e-commerce and shifting preferences of millennial population towards shopping of luxurious apparel are some additional factors expected to significantly contribute to revenue growth in the region.
Europe to Lead in Terms of Revenue CAGR
Europe is expected to register highest revenue CAGR over the forecast period. Growing tourist activities and rising international travelling are leading to rising demand for luxury apparels in major countries such as France, Germany and the U.K. Moreover, rising demand for exclusively designed and limited edition apparel are some other factors expected to drive revenue growth of global luxury apparel market over the forecast period.
Major Companies in the Market Include
Louis Vuitton SE, PVH Corp. (Calvin Klein), Versace, Prada, Burberry Group Inc., Kering, Dolce and Gabbana, Giorgio Armani.