Luxury Apparel Market Size, Sector Analysis, Consumer and Retail Trends, Competitive Landscape and Forecast, 2020-2025
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Luxury Apparel Market Report Overview
The luxury apparel market size was valued at $109.2 billion in 2020. The market is projected to grow at a CAGR of more than 9% during 2020-2025. A rise in demand for luxury apparel in the APAC and the Americas will help the market recoup its losses from the pandemic by 2022. The rising number of middle-class consumers and the shift to domestic purchasing due to COVID-19 international travel restrictions have boosted the growth in the APAC market. Likewise, federal stimulus payments have bolstered sales in the Americas. Brands that were early adopters of streetwear and athleisure trends were resilient as they benefitted from the front-of-mind appeal.
Luxury Apparel Market Outlook, 2020-2025 ($ Billion)
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The Luxury Apparel market research report provides an overview of luxury fashion retailing which includes key trends, key retail innovations, regional and sector analysis along with major luxury fashion retailers, and the competitive landscape.
Market size (2020) | $109.2 billion |
CAGR (2020-2025) | >9% |
Historic Period | 2015-2019 |
Forecast period | 2020-2025 |
Key Categories | Clothing, Footwear, and Accessories |
Key Regions | Asia-Pacific, Europe, the Americas, and the Middle East and Africa |
Key Brands | Gucci, Louis Vuitton, Chanel, Hermès, Dior, Burberry, Saint Laurent, Fendi, Moncler, and Prada |
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Luxury Apparel Market Drivers
Millennial and Gen-Z shoppers are enthusiastic about aspirational products. This is driving the growing popularity of luxury apparel among these generations. In addition, new technologies, such as augmented and virtual reality, artificial intelligence, and blockchain, are providing brands with new opportunities to boost revenue. Moreover, the APAC luxury apparel market saw a boom in demand in 2020 and 2021. This was because consumers were unable to purchase luxury items abroad due to international travel restrictions. Athleisure and sportswear will remain an important focus for luxury brands in 2022 and beyond, as consumers continue to gravitate towards comfortable apparel in a wider range of social settings, as well as prioritizing their health and fitness.
Luxury Apparel Market Analysis by Category
The key categories in the luxury apparel market are clothing, footwear, and accessories. While clothing will remain the biggest category, accessories will gain the most share of the market in the forecast period.
Luxury Apparel Market Analysis by Categories, 2020 (%)
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Luxury Apparel Market Segmentation by Region
The key regions associated with the luxury apparel market are Asia-Pacific, Europe, the Americas, and the Middle East and Africa. In 2020, Asia-Pacific accounted for the highest share of the luxury apparel market and will retain the position till 2025. The sustained demand of Chinese consumers for luxury fashion, the rising middle-class population in the country, and continued urbanization will aid the regional market in retaining its position. Other contributing factors are the high growth rates forecast in major Asian markets such as India and the Philippines.
Luxury Apparel Market Analysis by Reg
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Luxury Apparel Market – Competitive Landscape
A few of the key brands in the luxury apparel market are Gucci, Louis Vuitton, Chanel, Hermès, Dior, Burberry, Saint Laurent, Fendi, Moncler, and Prada. Gucci remained the largest luxury brand in 2020.
Luxury Apparel Market Analysis by Brands, 2020 (%)
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Segments Covered in the Report
Luxury Apparel Regional Outlook (Value, $ Billion, 2015-2025)
- Asia-Pacific
- Europe
- The Americas
- The Middle East & Africa
Luxury Apparel Category Outlook (Value, $ Billion, 2015-2025)
- Clothing
- Footwear
- Accessories
Reasons to Buy
- Gain a comprehensive knowledge of global luxury fashion market and develop a competitive advantage.
- Investigate current trends in the global luxury fashion market to identify the best opportunities to exploit.
- Analysis of key luxury fashion players operating globally.
- Explore novel opportunities that will allow you to align your product offerings and strategies to meet demand by analyzing the key consumer and technology trends influencing the luxury fashion market globally.
- Analyze the recommended actions to align your marketing strategies with the crucial trends influencing consumer behavior.
- Analysis of key international players operating in the global luxury fashion retail market – including store counts and revenues that give you a competitive edge and identify opportunities to improve your market share.
Louis Vuitton
Chanel
Hermès
Dior
Burberry
Saint Laurentt
Fendi
Moncler
Prada
Table of Contents
Frequently asked questions
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What was the luxury apparel market size in 2020?
The luxury apparel market size was valued at $109.2 billion in 2020.
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What is the luxury apparel market growth rate?
The luxury apparel market is projected to grow at a CAGR of more than 9% during the forecast period.
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What are the key categories in the luxury apparel market?
The key categories in the luxury apparel market are clothing, footwear, and accessories.
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What are the key brands in the luxury apparel market?
Some of the key brands in the luxury apparel market are Gucci, Louis Vuitton, Chanel, Hermès, Dior, Burberry, Saint Laurent, Fendi, Moncler, and Prada.
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