Global Luxury Apparel Market Size, Share, Growth Analysis, By Product(Top wears, Bottom wears), By Gender(Female, Male), By Distribution channel(Speciality stores, Online stores), By Materials(Cotton, Leather) - Industry Forecast 2023-2030

Global Luxury Apparel Market size was valued at USD 61358.74 million in 2021 and is poised to grow from USD 78852.37 million in 2022 to USD 122772.58 million by 2030, growing at a CAGR of 8.05% in the forecast period (2023-2030).

Growth is anticipated to be fueled by an increase of millionaires and customer brand loyalty. Demand for the product is rising as more consumers believe that purchasing luxury goods makes them more socially acceptable. Additionally significant factors supporting demand are rising disposable income and consumer spending on high-end goods.

Many first-time buyers of luxury clothing do so to enjoy excellent quality and to present a particular societal image. The majority of the time, this produces brand loyalty, and as a result, customers are willing to spend a little bit more money to purchase from their chosen companies. Known premium firms keep their product quality constant and pay great attention to what customers think. This influences how brand names change over time. In order to promote luxury clothing, word-of-mouth from the general public is crucial. One of the major drawbacks of the luxury apparel business is the easy accessibility of knockoffs of well-known brands at cheaper prices, despite the greater price range and style quotient that are some of its USPs. Lack of knowledge regarding the legitimacy of these products among consumers leads to them buying fake goods, which damages their brand loyalty.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Luxury Apparel Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Segments covered in this report:

Global luxury apparel market is segmented based on product type, gender, distribution channel, material, and region. Based on product, luxury apparel market is segmented into top wears, bottom wears, one piece, others. Based on gender, market is segmented into male, female. Based on distribution channel, market is segmented into offline retail, speciality stores, online stores, hypermarkets & supermarkets, others. Based on material, luxury apparel market is segmented into cotton, leather, silk, denim, wool, others. Based on region, market is segmented into North America, Asia Pacific, Europe, Latin America and Middle East Africa.

Driver

Sales of the newest luxury apparel are being fueled by an increase in consumer-key actor engagement through social media platforms and online retailers. The rise in internet sales in recent years has facilitated the expansion of the luxury apparel sector. Consumer-specific offers, alluring promotions, and appealing advertising through magazines and social media are having an effect on luxury apparel sales since nearly half of luxury garment buyers are influenced by what they see or hear from offline and online platforms. Luxury apparel is mainly seen as a status symbol for individuals and is a major driver of affluent customers' discretionary expenditure. The sector is expanding as a result of millennials' increasing preference for premium apparel.

Restraint

Designers of high-end clothing work with the best materials and craftspeople. Premium clothing is produced using different methods and materials than fast fashion, which are very different. High-quality fabrics are the foundation of luxury fashion; unlike rapid fashion, which frequently uses shortcuts in the printing and dyeing processes, luxury fashion uses only the best materials. At every level of the manufacturing process, luxury brands make sure that their high requirements are met. This is the main justification for the higher price of high-end fashion goods. High prices, on the other hand, restrict the consumer base for luxury fashion companies because a large portion of the global population is price sensitive. Rapid fashion is preferred by the customer base that is cost-conscious due to shifting fashion trends.

Market Trends

E-commerce has increased. the capacity of the luxury apparel market

Online marketplaces provide customers more options and are more practical. Many key players in the luxury apparel industry are focusing their efforts on marketing and selling products via their own websites as well as those of pre-selected retail locations or pure luxury e-retailer partners in particular nations. Important players are helping to attract more customers from a variety of financial backgrounds by using marketing strategies like celebrity brand endorsements. In the years to come, offline retail stores are more likely to have an impact on the sales of luxury apparel in online retail stores since they have a lower growth potential than online retail stores.