New York, USA, July 31, 2023 (GLOBE NEWSWIRE) — Luxury Apparel Market Overview:
Market Research Future (MRFR) ‘s report highlights “Luxury Apparel Market Information By Type, Consumer Group, Gender, Distribution Channel, And Region – Forecast till 2030“; the market will achieve USD 139.2 Billion in 2030 at a 3.23% CAGR By 2023 – 2030
Drivers
Increasing E-Commerce Penetration to Boost Market Growth
The increasing use of e-commerce has enabled luxury firms access a wider audience, which has greatly increased sales. More people are moving to online platforms to purchase luxury clothes because they provide a quick shopping experience and a large selection of products.
Opportunities
Aspiration for Uniqueness and Exclusivity to offer Robust Opportunities
Luxury clothing companies are experts in producing items in small quantities, working with renowned designers, & utilizing priceless materials. Customers who want to stand out and own products that are not readily available to the general public are drawn to this emphasis on exclusivity. The fascination of possessing a rare and sought-after fashion item is found in its originality and distinctiveness. Consumer demand is driven by the need for exclusivity as people look for ways to stand out, display their refined taste, and demonstrate their enhanced status by possessing these unique & distinctive luxury fashion items.
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Report Scope:
| Report Attribute | Details |
| Market Size 2030 | USD 139.2 Billion |
| CAGR | 3.23% (2023-2030) |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2019, 2021 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Consumer Group, Gender, Distribution Channel, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increasing working women population Rising trend of revenge spending on luxury goods Deep penetration of social media marketing |
Key Players:
Eminent market players profiled in the global luxury apparel market report include.
- LVMH (France)
- Chanel Limited (France)
- Cristian Dior SE (France)
- Hermes International (France)
- Yves Saint Laurent SAS (France)
- Prada S.p.A. (Italy)
- Ralph Lauren (US)
- Kering (France)
- PVH Corp. (US)
- and Dolce & Gabbana (Italy).
Restraints and Challenges:
Scarce Accessibility to act as Market Restraint
The scare availability of luxury clothes in low economic countries & rural areas and lack of consumers’ awareness concerning fashion may act as market restraints over the forecast period.
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Market Segmentation:
The global luxury apparel market is bifurcated based on distribution channel, gender, consumer group, and type.
By type, clothing will lead the market over the forecast period.
By consumer group, gen X will domineer the market over the forecast period.
By gender, female will spearhead the market over the forecast period.
By distribution channel, offline will command the market over the forecast period.
COVID-19 Analysis
A global pandemic has been caused by the COVID-19 virus’ quick spread across several nations. Due to the limits put in place across many revenue-generating economic activities in order to stop the virus’ spread, the pandemic caused a severe economic downturn and instability. Several governments throughout the world have issued a flurry of lockdowns as part of restrictions, with varying circumstances at various points that led to the shutdown of businesses including offices, retail malls, and the entertainment and media sectors, among others. Additionally, when more individuals switched to working remotely, corporate employees spent less on clothing since there was less of a need or demand for it. The luxury clothes sector has suffered as a result of the major reduction or cessation of social events & public gatherings over a protracted period. Nevertheless, the COVID stimulus fund offered by certain industrialized nations, such the US, the UK, Canada, etc. has allowed a cushion in personal budget to dedicate an additional amount for luxury items, which has led to the trend of luxury resale in the worldwide market.
Browse In-depth Market Research Report (128 Pages) on Luxury Apparel Market: https://www.marketresearchfuture.com/reports/luxury-apparel-market-11938
Regional Analysis
APAC to Head Luxury Apparel Market
In 2022, the luxury clothing market in Asia-Pacific had the greatest market share, with USD 35.82 billion. This is primarily attributable to the region’s three most populous nations—China, India, and Japan—as well as to the rising incomes of millennial and Generation Z residents in these nations, which are positively influencing their preferences for a range of high-end products, including luxury clothing. Since a few years ago, the Asia Pacific area has experienced rapid expansion as a result of rising brand and consumer awareness among local customers. The countries with maximum levels of luxury apparel penetration are China, Hong Kong, & India. Due to the increasing demand, several companies are starting their outlets & exploring the undiscovered markets in the region. Some businesses are trying to break into the market for upscale children’s clothing after looking into its possibilities. Major market growth factors for this area include fast globalization, westernization, modernization, and ever-rising population. The expansion of the market in this region will also be aided by steadily expanding distribution networks. The increased introduction of new items will also provide up profitable and rewarding market expansion chances.
Europe to Have Admirable Growth in Luxury Apparel Market
The region’s dominance of a wide range of luxury fashion companies is what gives it the second-largest share. Additionally, nations like Italy are renowned for the unrivalled quality it provides for a variety of goods, helping to justify a premium price for goods like apparel, footwear, handbags, jewelry, etc. Leading businesses are pursuing a number of measures, including the celebrity brand endorsements, building new retail outlets, etc., to take advantage of the region’s expanding demand for luxury clothes. Millions of tourists from all over the world visit Europe every year since it is one of the most desirable tourist destinations. While on vacation in Europe, everyone from wealthy businesspeople to affluent women buys pricey clothing. Due to creative retail concepts and company strategies in the area, product sales are also increasing.
Discover more research Reports on Consumer and Retail Industry, by Market Research Future:
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