Global Luxury Apparel Market - Overview
It is estimated for the global luxury apparel market to witness growth at a CAGR of 4.1% during the forecast period of 2022 to 2030. The market witnessed growth at a CAGR of 2.8% during the previous forecast period of 2018 to 2021. Luxury Apparel includes designer clothing and clothing accessories that are made ready-to-wear. The overall market definition follows the Consumer Market Outlook's Apparel market, while here only sales of luxury brands are considered.
Global Luxury Apparel Market - Growth Factors
The growth in the appeal to look good and stylish to match the peers in the society is estimated to boost the growth of the market during the forecast period. Wearing luxury apparels is considered as a matter pride and this factor is also considered to boost the growth of the market during the forecast period. The increasing disposable income is also providing people with the luxury to opt for branded apparels and this factor is also estimated to boost the growth of the market during the forecast period. The decrease in the ticket prices of various tourist destinations is also making people shop for luxury apparels as per the geographical location they are travelling to and this factor is also estimated to boost the growth of the market during the forecast period. However, the rising prices of the luxury apparels is estimated to hamper the growth of the market during the forecast period.
Global Luxury Apparel Market - Market Trends
Wearing luxury apparels is considered as a matter pride and this factor is also considered to boost the growth of the market during the forecast period.
The increasing disposable income is also providing people with the luxury to opt for branded apparels and this factor is also estimated to boost the growth of the market during the forecast period.
The decrease in the ticket prices of various tourist destinations is also making people shop for luxury apparels as per the geographical location they are travelling to and this factor is also estimated to boost the growth of the market during the forecast period.
Global Luxury Apparel Market Segmentation
The global luxury apparel market is segmented based on end user and distribution channel.
Based on the end user, the market is segmented into,
Men
Women
Based on the distribution channel, the market is segmented into,
Offline Retail
Online Retail
Global Luxury Apparel Market Regional Analysis
It is estimated for the region of US to drive the growth of the market during the forecast period. The growing in the technological advancements in the food sector in the region is estimated to foster the growth of the market during the forecast period. The region of Europe is estimated to witness growth at a healthy rate during the forecast period. The Asia Pacific region is also estimated to witness a notable growth rate in the market.
Global Luxury Apparel Market Key Market players
Giorgio Armani, Burberry, Dolce & Gabbana, Prada, Kate Spade, Phillip Lim, and PVH Corp. (Calvin Klein) are the major players that are driving the growth of the market during the forecast period.
