Luxury Apparels Market Report

Market Insights

The Global Luxury Apparels Market is estimated to grow from USD 71.8 billion in 2020 to USD 88.5 billion by 2026 at a healthy CAGR of 3.6% during the forecast period.

Figure: Global Luxury Apparels Market Size, 2020-2026 (USD Billion)

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What is Luxury apparel?

Luxury apparel is considered to be high-quality and durable branded clothes.

Luxury clothes are often considered a status symbol for many people with high purchasing power. Consumers often spend more on luxurious clothes as a result of brand loyalty. High price & styling are the key factors that differentiate luxury apparel & normal apparel. Cotton is the most widely used material in making luxurious clothes due to its durability and quality.

Key Players

Key players operating in the global luxury apparels market are –

• Giorgio Armani S.p.A. (Italy),
• Burberry (UK),
• Dolce & Gabbana (Italy),
• Prada S.p.A. (Italy),
• Kate Spade (The U.S.),
• PVH Corp. (The U.S.),
• Valentino S.p.A. (Italy),
• Gucci (Italy),
• Coach IP Holdings LLC (The U.S.),
• Christian Dior SE (France), and
• Ralph Lauren Corporation (The U.S.).

Market Dynamics

An increasing number of small players offering unique clothes are likely to spur market growth.

• Growing demand for high quality, royal, and stylish clothing coupled with rising per capita disposable income of the consumers are driving the growth of the global luxury apparel market.
• Rising brand loyalty among the consumers due to consistency in product quality particularly millennials is likely to contribute significantly to the market growth.
• Furthermore, the growing popularity of luxury clothes in developing countries with rising purchasing power is expected to create lucrative opportunities for the market players.

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Market Segmentation

End-User Trends

Based on end-user, the market has been divided into men and women.

• Increased spending on work wear luxury apparels by men is driving the segmental growth.
• Luxury clothing is primarily preferred by young people across geographies as a result of growing fashion trends coupled with purchasing power of the consumers.
• Growing emphasis on introducing new designs in women apparel by the market players is likely to propel the growth of women segment.

Regional Trends

"Europe held the largest market share in 2020."

This can be attributed to huge spending on expensive clothes by business tycoons and presence of key market players such as Valentino S.p.A. (Italy) and Gucci (Italy). Rising consumer awareness and brand consciousness among consumers coupled with increasing purchasing power in the developing countries are likely to further drive the product consumption.

COVID-19 Impact on Global Luxury Apparels market

The global luxury industry has been hit due to the outbreak of coronavirus.

Sales plunged due to widespread store closure amid covid-19 outbreak. The economic magnitude of the COVID-19 virus on retailers and brands were high, although this industry is likely to gain normalcy and prove resilient in the near future. Additionally, supply chain disruptions as a result of lockdown across geographies further affected the product demand.

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Critical Questions answered in the report?

• What are the key trends in the global luxury apparels market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in next five years?
• What is the impact of COVID-19 on global luxury apparels market?
• What are the key strategies adopted by the major vendors to lead in the global luxury apparels market?
• What is the market share of the top vendors?

Target Audience

Here is the list of the group of customers that the global Luxury apparel market hopes to have the greatest opportunity to convert-

• Luxury apparels distributors
• Luxury apparels suppliers
• Logistics organizations
• Government Bodies

Custom Research:

Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.