Luxury Apparel Market Size, Trends and Analysis by Regional and Category Performance, Brands and Forecast to 2028

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Luxury Apparel Market Report Overview

The luxury apparel market size was $201.6 billion in 2023 and will grow at a CAGR of more than 5% during 2023-2028. In 2023, after two years of impressive growth propelled by pent-up demand post-pandemic, the global luxury apparel market began to taper as economic challenges in Europe and the US began to hit aspirational shoppers. However, the luxury apparel market demand will pick up again in 2025 as inflation rates begin to stabilize and aspirational shoppers re-engage.

Luxury Apparel Market Outlook, 2023-2028 ($ Billion)

Luxury Apparel Market Outlook, 2023-2028 ($ Billion)

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The luxury apparel market research report provides historical and forecast period data for luxury apparel sales globally. This report offers a detailed analysis of the market with the impact of recent events on customer shopping behavior, key apparel retailers, and sectors.

Market Size (2022) $201.6 billion
CAGR >5%
Historical Period 2018-2023
Forecast Period 2023-2028
Key Categories ·        Clothing

·        Accessories

·        Footwear

Key Regions ·        Asia Pacific

·        Americas

·        Europe

·        Middle East and Africa

Key Brands ·        Hermes

·        Louis Vuitton

·        Gucci

·        Chanel

·        Dior

·        Burberry

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Luxury Apparel Market Dynamics

While macroeconomic difficulties in Western Europe and North America will impact luxury demand in the short term, countries in APAC and Eastern Europe will continue to emerge as burgeoning economies. Emerging markets will continue to experience growth in their middle-class and urbanized populations up to 2028. This trend will drive more luxury spending as designer items are seen as status symbols. Newly wealthy consumers in these markets are eager to display their newfound wealth through the purchase of luxury goods.

The rising quiet luxury trend is boosting the popularity of discreet brands. Quiet luxury taps into the idea of wealth. Consumers convey their status through the high-quality materials and cuts of their garments, without relying on loud logos or recognizable pieces. Brands catering to the quiet luxury aesthetic are relatively new.

Luxury Apparel Market Segmentation by Category

The key categories of the luxury apparel market are clothing, footwear, and accessories. The clothing segment led the market in 2023, as it is more trend-driven and consumers will prefer multifunctional products. The category was mainly driven by womenswear, which rose significantly.

Luxury Apparel Market Analysis, by Category, 2023 (%)

Luxury Apparel Market Analysis, by Category, 2023 (%)

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Luxury Apparel Market Segmentation by Regions

The key regions of the Luxury apparel market are the Americas, Asia Pacific, Europe, and the Middle East and Africa. Asia Pacific generated the highest revenue in the Luxury apparel market in 2023. The growing middle class and economies of Asia Pacific will cause a dramatic increase in the region’s share in 2028.

Luxury Apparel Market Analysis, by Regions, 2023 (%)

Luxury Apparel Market Analysis, by Regions, 2023 (%)

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Luxury Apparel Market – Competitive Landscape

A few of the major companies in the luxury apparel market are Hermes, Louis Vuitton, Gucci, Chanel, Dior and Burberry among others. Hermes emerged as the uncontestable winner within the luxury apparel market, growing its share at an exponential rate in 2023.

Luxury Apparel Market Analysis, by Brands, 2023 (%)

Luxury Apparel Market Analysis, by Brands, 2023 (%)

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Key Segments Covered in this Report

Luxury Apparel Market Category Outlook (Luxury, $ Billion, 2018-2028)

  • Clothing
  • Footwear
  • Accessories

Luxury Apparel Market Regions Outlook (Luxury, $ Billion, 2018-2028)

  • Asia Pacific
  • Americas
  • Europe
  • Middle East and Africa

Key Highlights

  • Grocers will continue to play an important role in the growth of luxury apparel.
  • Hermes is the biggest winner within the luxury apparel market.
  • While many luxury players have felt the effects of the loss of the aspirational shopper, Hermès’ predominant focus on the ultra-wealthy has offered it protection from economic challenges. Once a front-runner, Gucci is undeniably the biggest loser of recent years.

Reasons to Buy

  • Gain a comprehensive view of the Luxury Apparel market and forecasts to 2028.
  • Asia Pacific will remain luxury’s biggest region in next few years.
  • Explore new opportunities that will allow you to align your product offerings and strategies to meet demand following the impact of recent events on the luxury apparel market.
  • Investigate key trends in the luxury Apparel market.
  • Understand who the main competitors are in the category and their profiles.

Hermès
Gucci
Louis Vuitton
Chanel
Burberry
Balenciaga
Jacquemus
The Row
Matches
Farfetch
Loro Piana
LVMH
Khaite
Nike
Adidas
StockX
Miu Miu
New Balance
Yoox-Net-a-Porter
MyTheresa
Saint Laurent
Dior
Prada
Fendi
Moncler
Loewe
Chloé
Coperni
Di Petsa
16Arlington
Totême

Table of Contents

Executive Summary

Key Trends in the Global Luxury Apparel Market

Global Luxury Apparel Market Drivers

Global Luxury Market Inhibitors

The rising quiet luxury trend is boosting the popularity of discreet brands

Luxury players collaborate with sports brands to attract younger shoppers

Luxury marketplaces fall into disarray due to cooling online demand

Strategies for Success

Global Market Size to 2028

Global Luxury Apparel Market 2018-2028

Global Luxury Apparel Market Value 2018-2028

Global Luxury Apparel Market by Price Positioning Share 2018-2028

Global Luxury Apparel Market by Price Positioning Growth 2023-2028

Regional Performance to 2028

Global Luxury Apparel Market by Regional Share, 2018-2028

Global Luxury Apparel Market by Regional Growth 2023-2028

Top 10 Luxury Apparel Markets by Value, 2018-2028

Top 10 Luxury Apparel Markets by Forecast CAGR, 2023-2028

Category Performance to 2028

Global Luxury Apparel Market by Category Share 2018-2028

Global Luxury Apparel Market by Category Growth 2023-2028

Global Luxury Apparel Market by Category Value, 2018-2028

Competitive Landscape: Top 10 Market Shares and Brand Profiles

Top 10 Brands 2021-2023

Winners & Losers Outlook

Brands in Focus: Louis Vuitton

Brands in Focus: Gucci

Brands in Focus: Loewe

Brands in Focus: Miu Miu & Chloé

Brands to Watch

Methodology

Contact us

Figures

Global Luxury Apparel Market Value, 2018, 2023 & 2028 ($ bn) with five-year CAGR (%)

Global Luxury Apparel Market Value ($ bn) 2018-2028, and Annual Growth (%)

Price Positioning Share (%) within the Global Apparel Market, 2018, 2023 & 2028

Price Positioning Growth (%) within the Global Apparel Market, 2023-2028

Regional Share (%) within the Global Luxury Apparel Market, 2018, 2023 & 2028

Regional Growth (%) within the Global Luxury Apparel Market, 2023-2028

Top 10 Global Luxury Apparel Markets by Value ($ bn) 2018, 2023, 2024 & 2028 with Forecast CAGR (%) 2023-2028

Top 10 Global Luxury Apparel Markets by Forecast CAGR (%) 2023-2028

Category Share (%) within the Global Luxury Apparel Market, 2018, 2023 & 2028

Category Growth (%) within the Global Luxury Apparel Market, 2018-2028

Global Luxury Apparel Categories by Value ($ bn), 2018, 2023, 2024 & 2028 with Forecast CAGR (%) 2023-2028

Top 10 Luxury Apparel Brands by Market Share (%), 2021-2023 with Change in Share 2021-2023

Louis Vuitton’s Luxury Apparel Market Share (%) 2018-2023(f)

Gucci’s Luxury Apparel Market Share (%) 2018-2023(f)

Loewe’s Luxury Apparel Market Share (%) 2018-2023(f)

Frequently asked questions

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