Global Luxury Apparel Market By Product Type (Upper wear, Lower wear and Inner wear), Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Specialist Retailers, Online Retail and Others), End User (Men, Women, and Children), Material (Cotton, Silk, Leather, and Denim), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2028
Market Analysis and Insights of Luxury Apparel Market
The luxury apparel market is expected to be growing at a growth rate of 4.50% in the forecast period of 2021 to 2028. Data Bridge Market Research analyses the factors responsible for fostering the growth of luxury apparel market. This rise in luxury apparel market value can be attributed to the various factors such as rising product innovations by the major players, ever rising population globally, and increasing personal disposable income. Therefore, the market value, which was USD 70000 million in 2020, will rocket up to USD 99547.04 million by 2028.
In layman’s language, luxury apparel refers to ready to wear clothing items and clothing accessories. Cotton is one of the widely used fabrics for clothing. Some of the examples of clothing accessories are belts, hats, scarves, and so on.
Rising westernization, modernization and increasing personal disposable income are the major factors fostering the growth of luxury apparel market. Ever-rising young population, growth, and expansion of apparel industry and growing popularity of brands are some other indirect luxury apparel market growth determinants. Impulsive buying behaviour of consumers has further propelled the manufacturers to foster large scale availability of different varieties of luxury apparel in the market. Rising penetration of internet, online platforms, and social media platforms will also create lucrative and remunerative luxury apparel market growth opportunities in the long run. Growth and expansion of e-commerce industry in the developing economies will further carve the way for the growth of luxury apparel market.
On the flip side, high and volatile cost of raw materials will pose a major challenge to the growth of market in the long run. Also, fluctuations in the supply rate of raw materials will further derail the candy market growth rate.
This luxury apparel market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographical expansions, technological innovations in the market. To gain more info on luxury apparel market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Luxury Apparel Scope and Market Size
The luxury apparel market is segmented on the basis of product type, distribution channel, end user, and material. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target markets.
- On the basis of product type, the luxury apparel market is segmented upper wear, lower wear and inner wear.
- On the basis of distribution channels, the luxury apparel market is segmented into supermarkets and hypermarkets, convenience stores, specialty stores, online retail, and others.
- On the basis of end users, the luxury apparel market is segmented into men, women, and children.
- On the basis of material, the luxury apparel market is segmented into cotton, silk, leather, and denim.
Luxury Apparel Market Country Level Analysis
The luxury apparel market is analysed and market size, volume information is provided by country, product type, distribution channel, end user, and material as referenced above.
The countries covered in the luxury apparel market report are the U.S., Canada, and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Europe dominates the luxury apparel market and will continue to flourish its trend of dominance during the forecast period. This is because of the increased demand for luxury goods, including luxury apparel in the region, luxury lifestyle, high purchasing power, presence of key players, and rising product launches by the major players. However, Asia-Pacific will register the highest compound annual growth rate (CAGR) for the forecast period. Rising personal disposable income, rapid globalization, westernization, modernization, and ever-rising population are major market growth determinants for this region. Continuously improving distribution networks will also foster the growth of market in this region. Increasingly launching of new products will also create lucrative and remunerative market growth opportunities.
The country section of the luxury apparel market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Luxury Apparel Market Share Analysis
The luxury apparel market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to luxury apparel market.
The major players covered in the luxury apparel market report are Hermès, KERING, Gianni Versace S.r.l., PRADA, Dolce & Gabbana S.r.l., Giorgio Armani S.p.A, Burberry Limited, kate spade, 3.1 Phillip Lim, PVH Corp., Calvin Klein., RALPH LAUREN., CHRISTIAN DIOR, Michael Kors, COACH IP HOLDINGS LLC. COACH, Nike, Inc., Tommy Hilfiger licensing, LLC., LEVI STRAUSS & CO., and Jockey among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.