The global Luxury Apparel Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
The global luxury apparel market size is expected to reach USD 84.04 billion by 2025, according to Million Insights, registering a 3.5% CAGR over the forecast period, from 2019 to 2025. Factors such as growing number of millennials along with brand loyalty and rising spending capacity on luxury goods have majorly driven the growth of this market. In addition, luxury products contribute to greater social acceptance is fueling the luxury apparel demand among millionaires.
Key Players:
- Giorgio Armani
- Burberry
- Dolce &Gabbana
- Prada
- Kate Spade
- Phillip Lim
- PVH Corp. (Calvin Klein)
- Valentino
- Gucci
- Coach
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Growth Drivers:
Most of the consumers buy luxury apparels to experience high quality and better designs. Hence, brand loyalty plays an important role where the customer is ready to pay a slightly extra for its desired brand. Established brands look to maintain certain level of quality and aim for higher customer satisfaction. Word-of-mouth also plays a vital role to promoting luxury brands.
The style quotient and better designs, quality and fabric durability are some USP of luxury apparel, however, the easy availability of duplicate luxury products at cheaper price became a challenge for this market. Low awareness how to differentiate between original and duplicate products among consumers has further hampered market growth. According to Assocham study, the fake luxury market is increasing at the rate of 40% to 45% yearly. Therefore, this duplicate products is becoming a major challenge for manufacturers as they gain market share and also hamper brand image.
End User Outlook:
- Men
- Women
Distribution Channel Outlook:
- Online
- Offline
In 2018, the offline segment accounted for the largest market share due to the high price and quality attributes of these products. It allows the buyers to check products physically in terms of material, size and quality, which directly affects the purchasing decision of buyers before spending a high amount on luxury apparel. The specialty stores and multi-branded retail shops provide free alteration to customers. Thus, the above factors have resulted in high revenue share for this segment.
On the other hand, the online segment is expected to register the highest CAGR from 2019 to 2025. Both own branded online retailers and multi-brand e-retailer are used to interact with customers. Luxury products, especially clothes are not easily available at several shops resulted in limited access to consumers. People who are living in remote places and rural areas can easily purchase these products through online channels. In addition, the online portal, which offers multi-brand, can reach to those consumers who do not have more time to browse all mono-brand online portals, thereby expected to open new avenues for this segment in the next few years.
Regional Outlook:
Europe accounted for the largest market share, in 2018. The U.K., France, Germany, and Italy are the key markets in the region. Europe is one of the most popular tourist destinations that attract many travelers across the globe. Europe is home to some of the biggest luxury brands in the world. Thus is resulted in the revenue share in the region.
Asia Pacific is projected to witness healthy growth in the next few years due to the increasing demand for luxury apparel among working professionals. In this region, China, India, and Japan are major countries are expected to contribute growth over the forecast period. China is the largest consumer for these products, as they travel frequently across the world.
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