Global Luxury Apparels Market Trends, Market Share, Industry Size, Growth, Opportunities and Market Forecast – 2022 to 2028

The global luxury apparel market is anticipated to grow at a CAGR of 4.0% during the forecast period (2022- 2028). Luxury apparel includes designer clothing and clothing accessories (scarves, belts, hats) that are made ready to wear. Luxury apparel depicts a certain status symbol for individuals who have high purchasing power. The rise in disposable income has allowed individuals to spend more on luxury goods, also the latest fashion trend offered by luxury apparel brands, and the surge in the number of working women, in turn, increases the demand for trendy and stylish luxury apparel that can be used for formal as well as casual occasions.

Nowadays there is an increase in the number of users of various social media sites along with rising internet penetration due to which most of the key players in the global luxury apparel market promote their products and services on these social media platforms. Consumers get attracted to offers and advertising through magazines and social media which in turn increase the sale of luxury apparel and increases communication between consumers and key players through social media platforms and online retail stores. These are some factors driving the growth of the market. Many key players are hiring various renowned celebrities for marketing and promotional activities. For instance, musician Rihanna and luxury conglomerate LVMH launched the Fenty Maison brand in the luxury products segment which accelerates the growth of the market.

Some major players in the market include Prada S.p.A., and Burberry Ltd., and Dolce & Gabbana S.r.l., among others. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, new product launches, and collaborations, to stay competitive in the market. For instance, in July 2021, Qatar Duty-Free announced plans to launch 21 new stores, including new shopping avenues at Hamad International Airport, for brands including Armani and Chlo. Additionally, in October 2020, Guccio Gucci S.p.A joined Alibaba’s online luxury shopping platform, understanding the importance of the Chinese market for high-end brands seeking to reverse a revenue slide due to the COVID-19 pandemic.

Market Coverage                                                                      

• The market number available for – 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
  • By Type
  • By End-user
  • By Distribution Channel
• Regions Covered-
  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World
• Competitive Landscape- Prada S.p.A., Burberry Ltd., and Dolce & Gabbana S.r.l., among others.

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
  • Deviation from the pre-COVID-19 forecast
  • Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Luxury Apparels Market Report by Segment

By Type

• Upper wear
• Lower wear
• Innerwear

By End-User

• Men
• Women
• Children

By Distribution Channel

• Offline Channel
• Online Channel