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In 2022, the luxury apparel market was estimated to be worth $97.29 billion. During the projection period (2023 - 2030), the luxury apparel market is expected to expand from USD 111.49 billion in 2023 to USD 139.22 billion in 2030, a CAGR of 5.23%. Market expansion is being fueled by factors such as the growing number of women in the labor force and the growing pattern of vengeance spending on opulent products. Market expansion is also being helped along by the widespread use of social media advertising.
Growth is anticipated to be driven by an uptick in the number of affluent people and the loyalty of existing customers. Consumers' belief that spending money on affluence guarantees social success is driving growth in the market. Demand is being fueled in part by rising disposable income and subsequent increased spending on luxury products.
Many people who buy luxury goods for the first time do so because they want to have an unforgettable first impression. As a result, consumers are often prepared to pay a premium to continue patronizing their favorite stores and companies. Luxury brands that have earned their reputations consistently produce high-quality goods and pay close attention to how their customers perceive them. This has a role in shaping how brands develop over time. Promotion of high-end clothing relies heavily on word-of-mouth. Luxury apparel's competitive advantages include its higher price point and better style quotient, but the market's major weakness is the easy availability of copy items of top brands at lower rates. Brand loyalty is damaged when consumers buy fake items because they are unaware of the risks of doing so.
Luxury brands and garments are always at the forefront of the fashion industry. Luxury clothes can be distinguished from more affordable options in a number of ways, including but not limited to price, fabric quality, and longevity. Companies are consistently working to produce new clothing items, with a focus on enhancing the wearables' resistance to odor, wrinkles, and fading, as well as their ability to absorb moisture and perspiration. The incorporation of 4D printing technology into the garment manufacturing process is having a profound impact on the industry's long-term outlook.
These days, even modest fashion brands are spending more money on research and development in an effort to break into the high-end market. Companies are increasingly using Big data and consumers' digital footprints to make tailor-made clothes for specific individuals. Some of the most promising industries to watch in the next years are those dealing with professional comfort wear and athletic wear.
The expansion of the market is primarily being driven by the increasing demand for high quality and luxury apparel among consumers. The rising number of the middle class, who can afford these things, and the convenience of shopping at trendy boutiques are also driving up demand. In addition, the branded online stores and physical retail stores' application of discount schemes and coupons on various selected stylish accessory wears is mainly driving the revenues from these things.
Since more and more American women are entering the labor force, they have more disposable income to spend on clothing and accessories. The US government is also taking action to increase women in the workforce through efforts like the Protecting the Right to Organize Act, American Jobs Plan, Gender Equity and Equity Action Fund, Women Entrepreneurs Finance Initiative, etc. More women entering the labor force is anticipated as a result of these programs.
Positive trends in women's labor force participation have been observed in the United Kingdom (see Figure 3), and the Office of National Statistics reports that there will be two million more women in the labor force in 2021 than there were in 2010. There has been a 25% increase in the number of women in top leadership roles since 2010. This includes managers, top officials, and board members.
Report Coverage
Global Luxury Apparel research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Luxury Apparel report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Luxury Apparel competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Luxury Apparel market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Luxury Apparel market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Luxury Apparel market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
LVMH Moët Hennessy Louis Vuitton SE, Kering SA, Ralph Lauren Corporation, Giorgio Armani SpA, Burberry Group plc, PVH Corp., Hugo Boss AG, Prada SpA, Hermès International SA, Chanel SA, Richemont SA, Salvatore Ferragamo SpA, Versace SpA, Gucci Group NV, Bottega Veneta SA, Dolce & Gabbana Srl, Michael Kors Holdings Limited, Christian Dior SE, Tod's SpA, Moncler S.p.A.
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Luxury Apparel market based on the below-mentioned segments:
Global Luxury Apparel Market, By Consumer Group
Gen Alpha
Gen Z
Millennials
Gen X
Baby Boomers
Global Luxury Apparel market, By Gender
Female
Male
Global Luxury Apparel Market, By Distribution Channel
Offline
Online
Global Luxury Apparel market, Regional Analysis
Growth is anticipated to be driven by an uptick in the number of affluent people and the loyalty of existing customers. Consumers' belief that spending money on affluence guarantees social success is driving growth in the market. Demand is being fueled in part by rising disposable income and subsequent increased spending on luxury products.
Many people who buy luxury goods for the first time do so because they want to have an unforgettable first impression. As a result, consumers are often prepared to pay a premium to continue patronizing their favorite stores and companies. Luxury brands that have earned their reputations consistently produce high-quality goods and pay close attention to how their customers perceive them. This has a role in shaping how brands develop over time. Promotion of high-end clothing relies heavily on word-of-mouth. Luxury apparel's competitive advantages include its higher price point and better style quotient, but the market's major weakness is the easy availability of copy items of top brands at lower rates. Brand loyalty is damaged when consumers buy fake items because they are unaware of the risks of doing so.
Luxury brands and garments are always at the forefront of the fashion industry. Luxury clothes can be distinguished from more affordable options in a number of ways, including but not limited to price, fabric quality, and longevity. Companies are consistently working to produce new clothing items, with a focus on enhancing the wearables' resistance to odor, wrinkles, and fading, as well as their ability to absorb moisture and perspiration. The incorporation of 4D printing technology into the garment manufacturing process is having a profound impact on the industry's long-term outlook.
These days, even modest fashion brands are spending more money on research and development in an effort to break into the high-end market. Companies are increasingly using Big data and consumers' digital footprints to make tailor-made clothes for specific individuals. Some of the most promising industries to watch in the next years are those dealing with professional comfort wear and athletic wear.
The expansion of the market is primarily being driven by the increasing demand for high quality and luxury apparel among consumers. The rising number of the middle class, who can afford these things, and the convenience of shopping at trendy boutiques are also driving up demand. In addition, the branded online stores and physical retail stores' application of discount schemes and coupons on various selected stylish accessory wears is mainly driving the revenues from these things.
Since more and more American women are entering the labor force, they have more disposable income to spend on clothing and accessories. The US government is also taking action to increase women in the workforce through efforts like the Protecting the Right to Organize Act, American Jobs Plan, Gender Equity and Equity Action Fund, Women Entrepreneurs Finance Initiative, etc. More women entering the labor force is anticipated as a result of these programs.
Positive trends in women's labor force participation have been observed in the United Kingdom (see Figure 3), and the Office of National Statistics reports that there will be two million more women in the labor force in 2021 than there were in 2010. There has been a 25% increase in the number of women in top leadership roles since 2010. This includes managers, top officials, and board members.
Report Coverage
Global Luxury Apparel research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Luxury Apparel report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Luxury Apparel competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Luxury Apparel market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | LVMH Moët Hennessy Louis Vuitton SE, Kering SA, Ralph Lauren Corporation, Giorgio Armani SpA, Burberry Group plc, PVH Corp., Hugo Boss AG, Prada SpA, Hermès International SA, Chanel SA, Richemont SA, Salvatore Ferragamo SpA, Versace SpA, Gucci Group NV, Bottega Veneta SA, Dolce & Gabbana Srl, Michael Kors Holdings Limited, Christian Dior SE, Tod's SpA, Moncler S.p.A. |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Luxury Apparel Market from 2021 to 2030.
- Market Forecast for Luxury Apparel Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Luxury Apparel competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Luxury Apparel
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Luxury Apparel market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Luxury Apparel market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
LVMH Moët Hennessy Louis Vuitton SE, Kering SA, Ralph Lauren Corporation, Giorgio Armani SpA, Burberry Group plc, PVH Corp., Hugo Boss AG, Prada SpA, Hermès International SA, Chanel SA, Richemont SA, Salvatore Ferragamo SpA, Versace SpA, Gucci Group NV, Bottega Veneta SA, Dolce & Gabbana Srl, Michael Kors Holdings Limited, Christian Dior SE, Tod's SpA, Moncler S.p.A.
Primary Target Market
- Market Players of Luxury Apparel
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Luxury Apparel market based on the below-mentioned segments:
Global Luxury Apparel Market, By Consumer Group
Gen Alpha
Gen Z
Millennials
Gen X
Baby Boomers
Global Luxury Apparel market, By Gender
Female
Male
Global Luxury Apparel Market, By Distribution Channel
Offline
Online
Global Luxury Apparel market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
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Through INFINITIVE Data Expert is a professional Market Research services, I will identify the luxury apparel market market size, demand & opportunities, growth rate, and target audience with a comprehensive analysis of your competitors.