Luxury Apparels Market Registering a Strong Growth by 2026
Global Luxury Apparels Market was valued US$ 1.56 Bn in 2017 and is expected to reach US$ 2.63 Bn by 2026, at a CAGR of 6.75% during a forecast period.
The luxury apparels market is segmented into material type, gender, mode of sale, and region.
In terms of material type, global luxury apparels market is classified into cotton, silk, leather, and denim. Based on gender, global luxury apparels market is divided into male and female. Further mode of sale, global luxury apparels market is split online, and offline sale.
Based on regions, the global luxury apparels market is divided into five main regions are America, Europe, Asia-pacific, Latin America and Middle East & Africa.
Based on the mode of sale, online platforms provide more options to choose and it is convenient for consumers. Increased preference of consumers for luxury products through online mode is encouraged many new market players to launch their own e-commerce sites. Thus, the online sales platform is expected to exhibit the high growth rate in the luxury apparels market. As offline retail stores have limited growth potential over online retail stores, it is likely to influence sales of luxury apparels in online retail stores during the forecast period.
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In terms of material type, denim is the most worn fabric apparel among global consumers and offers a wide range of products than other materials. Apparels, such as denim jackets, jeans, dresses, shirts, shorts, skirts, and tops, are some of the popular and preferred denim apparels used as regular wear. Moreover, unique weaving pattern of raw denim showcases it as a luxury apparel.
Cotton is believed as one of the luxury apparels extensively employed as natural clothing in the textile market all over the world. Pure cotton is believed to be the real luxury due to the kind of weave, namely twill and plain weave utilized. More than 50% of the users all over the world demand for cotton dresses, shirts, and tops, due to its need low maintenance, durability, and cooling capability. Hence, the cotton fabric material made the most income for the global luxury apparels market.
Based on gender, it is bifurcated into male and female. Fashion designers are always experimenting with women fashion in terms of material, design, and pallet. Thus, the female segment is dominated not only the global fashion market but also the luxury apparel market. Women in entertainment, modeling, and sports prefer premium fabric clothing made of satin, lace, fur, and polyester that provides them comfort dominating the global luxury apparels market.
The leather is the second high growing material in luxury apparels market during the forecast period and is expected to exhibit a growth of the market during the forecast period.
Growth in the online mode of sale, rapid urbanization, and change in lifestyle owing to the increased disposable income of the consumers drive the luxury apparels market growth. Moreover, growing attraction of luxury lifestyle and the influence of celebrity endorsement is boosting the market growth.
The high cost of raw materials hampers the luxury apparels market growth.
On the basis of region, North America is likely to hold significant market share in luxury apparels industry followed by Europe region over the forecast period due to increased demand of luxury goods including luxury apparels in the region. The growing attraction of luxury lifestyle, high purchasing power, and the influence of celebrity endorsement is driving the market growth in North America. Asia-Pacific region is estimated to witness a significant growth rate during the forecast period owing to improving distribution network across the region. However, value-added taxes imposed on luxury apparels market by governments and high dominance of key players is restraining the market growth in developing economies.
Some of the key players in the global luxury apparels market are Kering, Versace, Prada, Dolce and Gabbana, Burberry, LVMH, Giorgio Armani, Ralph Lauren, Hugo Boss, Kiton, Ermenegildo Zegna, and Chanel.
Scope of Global Luxury Apparels Market:
Global Luxury Apparels Market, by Material Type:
• Cotton
• Silk
• Leather
• Denim
Global Luxury Apparels Market, by Gender:
• Male
• Female
Global Luxury Apparels Market, by Mode of sale:
• Offline
• Online
Global Luxury Apparels Market, by Region
• North America
• Europe
• Middle East & Africa
• Asia Pacific
• Latin America
Key players operating in Global Luxury Apparels Market:
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• Kering
• Versace
• Prada
• Dolce and Gabbana
• Burberry
• LVMH
• Giorgio Armani
• Ralph Lauren
• Hugo Boss
• Kiton
• Ermenegildo Zegna
• Chanel