Luxury Apparels Market Report
Global Luxury Apparels Market, Trends, Market Analysis See less
Global Luxury Apparels Market, Trends, Market Analysis
The report on Global Luxury Apparels Market is segmented By Material (Cotton, Silk, Leather, Denim), By End User (Men, Women), By Distribution Channel (Online, Offline). This market research report provides in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the global Luxury apparels market. The historic years considered for the study are 2016-2019, base year is 2020, estimated year is 2021, and forecast period is 2022-2026.
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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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 operating in the global luxury apparels market are –
An increasing number of small players offering unique clothes are likely to spur market growth.
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Based on end-user, the market has been divided into men and women.
"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.
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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Here is the list of the group of customers that the global Luxury apparel market hopes to have the greatest opportunity to convert-
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Luxury apparels market is expected to reach an estimated value of USD 88.5 billion in the foreseeable future.
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.) are among the key players in the luxury apparels market.
The luxury apparels market is expected to grow at an impressive CAGR of 3.6% in the coming years.
Europe held the largest share of the luxury apparels market in 2020.
Luxury apparels distributors, Luxury apparels suppliers, Logistics organizations, Government Bodies are the target audience in the luxury apparels market.