Luxury Apparel Market Size, Share, Industry Trends Analysis 2020, & Forecast 2021-2026 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Global Luxury Apparel Market


The global Luxury Apparel market size is projected to reach US$ 89.35 billion by 2026, from US$ 72.68 billion in 2020, at a CAGR of 3.5% during 2021-2026. Rising number of millionaires and brand loyalty among customers are anticipated to fuel the growth. Rising perception among consumers that luxury goods contribute to greater social acceptance, is driving the product demand. Increasing disposable income and consumer spending on luxury products are also prominent factors driving the demand.

Many first time buyers of luxury apparels go for the products to experience of high quality and to portray a certain image in the society. Most of the times, this converts into brand loyalty and as a result, they do not mind spending some extra amount for purchasing from their favorite brands. Recognized luxury brands have some consistency in the quality of the product and take extra care of consumer sentiments. This contributes to the evolution of brand name. Word-of-mouth conversation from public also plays a key role in promoting luxury clothing.

The higher price range and style quotient are some of the USPs of luxury apparels but the easy availability of duplicate products of top brands at cheaper prices is one of the major restraints for the luxury apparel market. Lack of awareness among consumers regarding the authenticity of these products leads them to purchasing fake products, thereby affecting their brand loyalty. As per a study by Assocham, the fake luxury market in India is growing at the rate of 40% to 45% annually. This is one of the serious concerns for many manufacturers since it not only eats up their market share but also destroys the brand image with the low quality products.Luxury clothes are usually fashionable, trendy or high class, and expensive. Brands not only focus on providing the latest young looks but they also cater to the cultural trends and street culture to attract different consumers. For instance, Indian brand Raymond Group has introduced its new brand called Raymond Khadi to provide luxury khadi apparel. These kind of innovations and developments are anticipated to continue attracting luxury customers and driving the market.

Market Segmentation, Outlook & Viewpoint: Global Luxury Apparel Market

End User Market Segmentation & Outlook (Revenue, USD Billion, 2014 - 2025)

  
Men
  
Women

Distribution Channel Market Segmentation & Outlook (Revenue, USD Billion, 2014 - 2025)

  
Offline Retail
  
Online Retail

Key Players, Recent Developments & Regional Insights: Global Luxury Apparel Market

By end user, the market is divided into men and women. 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 a survey, it was found that men spend more on luxury and are more likely to buy things for others than for themselves. 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. The average pay for men and women across the world is also one of the prominent factors leading to men spending more on luxury apparels.

The market for women luxury apparel is anticipated to register a CAGR of 3.5% during the forecast period.

Distribution Channel Insights

On the basis of distribution channel, the market has been divided into offline retail and online retail. Offline retail was the highest contributor to the market in 2018 owing to the high pricing and quality of luxury products. Consumers prefer to do physical checks in terms of material, fit, and other such factors before spending huge amount on luxury clothes. As a result, offline channel is anticipated to hold the largest market share. The multi-branded shops and specialist stores also provides a leverage of free alteration if it is required in certain clothes. The above factors drive the expansion of the offline distribution channels.

The online channel is expected to register the fastest CAGR over the forecast period. Both multi brand e-retailers and own branded online stores interact with the consumers. The luxury dresses for all brands are not readily available at various shops and hence are accessible to limited consumers. People living in different countries can easily purchase such items through online channels. Also, the multi brand online platform can reach out to time pressed consumers who do not have much time to browse through different mono brand sites giving a wider opportunity for online retailing of luxury apparels.

Regional Insights

Europe was the largest regional market for luxury apparel in 2018, with Europe, Germany, U.K. and France being the prominent countries. Europe being one of the most attractive tourist destinations, always attracts millions of travelers from across the world. Business tycoons to high-class women travelers buy expensive clothes while holidaying in Europe. The product sale is also on the rise, due to innovative retail concepts and business models in the region.

Asia Pacific has been witnessing strong growth over the past few years on account of increasing consumer awareness and brand consciousness among the regional consumers. China, Hong Kong, and India has the largest penetration rate for luxury clothing. A number of brands are exploring the untapped markets in the region 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 are trying to enter into such market.

Luxury Apparel Market Share Insights

Some of the key market players are Georgia Armani, Burberry, Prada, and Dolce & Gabbana among others. The manufacturers are mainly concentrated in Europe and North America. High entry barriers, since most of the consumers are loyal to certain brands only, creates difficulty for small players to enter this market.

With a relatively concentrated competitive landscape, robust marketing campaigning is the key factor to retain the consumer interest. As a result, the key players are hiring various renowned celebrities for their marketing and promotional activities. For instance, Rihanna and luxury conglomerate LVMH launched a brand Fenty Maison in luxury products segment.

Key Insights Covered: Global Luxury Apparel Market

1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Luxury Apparel industry.
2. Global major manufacturers operating situation (sales, revenue, growth rate and gross margin) of Luxury Apparel industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Luxury Apparel industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Luxury Apparel industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Luxury Apparel industry.

Research Methodology: Global Luxury Apparel Market

  
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other