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.
