The global luxury apparel market size is
expected to reach USD 84.04 billion by 2025, expanding at a CAGR of 3.5% over
the forecast period, according to a new report by Grand View Research, Inc.
Several characteristics includingrise in the number of millionaires coupled
with brand loyalty is projected to drive the growth. Consumer perception that
luxury goods will contribute to greater social acceptance, is anticipated to
further fuel the market. Increasing disposable income and consumer spending on
luxury products are also prominent factors driving the demand.
Luxury clothes are
usually fashionable, trendy, high-class, and expensive. Luxury apparel
companies not only focus on providing latest looks but they also provide
apparel based on cultural trends and street culture to attract vast consumer
base. For instance Indian brand Raymond Group has introduced its new brand
called Raymond Khadi to provide luxury khadi apparel. Such innovations and
developments are anticipated to attract luxury customers and drive the market.
Asia Pacific has been
witnessing strong growth over the past few years on account of increasing
attraction for luxury items in the region. China, Hong Kong, and India has the
largest penetration rate of luxury clothing. Number of luxury brands are
exploring the untapped regional markets and are establishing their stores owing
to the rising demand. Some of the companies have also examined the potential in
luxury children wear market and trying to enter into such market. The above
factors are driving growth of the regional luxury apparel market.
In terms of end user,
men accounted for the largest market share of approximately 56.00% in 2018.
Increasing sale of luxury work wear for men is propelling the segment growth.
As per the survey, it was found that men spend more on luxury and are more
likely to buy the products for gifting purposes. Whereas it was also found that
men and women shop for luxury items at around the same rate with the difference
being in the spending on per item.
Further key findings from the report suggest:
· In terms of revenue, men purchased most of
the luxury apparel and the segment held the largest market share of about 55%
in 2018
· Offline segment in the luxury apparel
market held a revenue share of over 83.0% in 2018
· U.S., Germany, U.K., France, China, Japan,
and Turkey are the major countries with largest market for luxury apparel
Grand View Research has
segmented the global luxury apparel market on the basis of end user,
distribution channel, and region:
Luxury Apparel End User Outlook (Revenue, USD Billion,
2015 - 2025)
·
Men
·
Women
Luxury Apparel Distribution Channel Outlook (Revenue, USD
Billion, 2015 - 2025)
·
Offline Retail
·
Online Retail
Luxury Apparel Regional Outlook (Revenue, USD Billion,
2015 - 2025)
·
North America
o
U.S.
·
Europe
o
U.K.
o
Germany
o
France
·
Asia Pacific
o
China
o
Japan
·
Central & South America
·
Middle East & Africa
o
Turkey
About Grand View Research
Grand View Research,
Inc. is a U.S. based market research and consulting company, registered in the
State of California and headquartered in San Francisco. The company
provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
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