Premium Apparel Market Size and Trend Analysis by Category (Clothing, Footwear, Accessories), Segments, Region, Key Brands, and Forecast, 2020-2025
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Global premium apparel market value was $308.7 billion in 2020 and is forecasted to grow with CAGR of more than 7% by 2025. Asia-Pacific led the premium apparel market, followed by Americas, and Europe. The US has the highest share in the global premium apparel market, followed by China, and Japan.
Clothing held the highest share in the global premium apparel market, followed by footwear, and accessories. Amongst the price positioning segments in 2020, mass market constituted the largest share followed by premium, value, and luxury. Womenswear accounted for the most valued segment, followed by menswear, and accessories. In 2020, Levi’s was the largest premium apparel brand, followed by Victoria’s secret, and Ralph Lauren.
Global premium apparel market overview
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What are the market dynamics of the global premium apparel market?
Consumers’ growing awareness of the negative environmental impacts of apparel is driving them to shop at sustainable brands, many of which have premium price points due to the additional costs required in production. Many midmarket players such as Arcadia and Gap have severely struggled over the past couple of years, with the resulting store closures driving many consumers to seek new places to shop.
Despite already being the largest premium apparel market, Asia is forecast to experience the highest growth over the next five years. Growing internet penetration, along with affluent millennials and the active engagement of brands on social media will drive regional sales, with the strongest growth coming from the region’s largest country, China. Premium accessories sales are expected to outperform over the next five years. This is driven by consumers having an increased preference for investing in higher-quality pieces that will last for longer.
What are the top regions and countries for the premium apparel market?
Asia-Pacific holds the highest share in the global premium apparel market, followed by the Americas and Europe. Asia-Pacific performance has been largely driven by a strong recovery in China, though the Philippines and India are taking longer to rebound from the impacts of the pandemic due to further waves of COVID-19, these markets have high growth potential once the virus subsides. The premium apparel market in the Americas region lost sales in 2020 due to a drop in consumer spending during the pandemic because of prolonged lockdown periods and retail store closures. However, as the COVID-19 situation stabilized and people started returning to work, demand for premium apparel in the Americas has been revived by a robust US economy and government stimulus cheques.
The majority of Europe was badly impacted by COVID-19 in 2020, resulting in a significant decline in premium apparel sales. Concerns related to personal finances and the state of the economy put a dent in consumer confidence, which resulted in a lot of shoppers cutting back discretionary spending and trading down to value players. Saudi Arabia, the largest market in Middle East & Africa, witnessed a decline in 2020, despite having high-net-worth consumers that are comfortable spending more on discretionary items, while Israel saw the steepest decline.
Global premium apparel market, by region
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What are the major segments in the global premium apparel market?
The segments of the global premium apparel market include clothing, footwear, and accessories. Clothing accounted for the highest share in 2020, followed by footwear, and accessories. Accessories are expected to show the highest growth rate during the forecast period. The women’s category has the highest share in each of the segments.
Global premium apparel market, by category
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Who are the major vendors in the global premium apparel market?
The top 10 retailers in the premium apparel market include Levi’s, Victoria’s Secret, Ralph Lauren, Tommy Hilfiger, Michael Kors, Lululemon, Calvin Klein, Coach, Hugo Boss, and Lacoste. Levi’s was the market leader in 2020, and Lululemon showed the highest market share growth in 2020. Levi’s’ apparel revenue in 2020 was over $6 billion.
Global premium apparel market, by key players
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Market report scope
|Market size (2020)||$308.7 billion|
|Growth rate (2021-2025)||CAGR of >7%|
|Base year for estimation||2020|
|Segmentation by Category||Clothing, footwear, and accessories|
|Regional coverage||Asia-Pacific, the Americas, Europe, and Middle East & Africa.|
|Key players||Levi’s, Victoria’s Secret, Ralph Lauren, Tommy Hilfiger, Michael Kors, Lululemon, Calvin Klein, Coach, Hugo Boss, and Lacoste.|
Reasons to Buy
- Gain an understanding of the drivers of the Premium apparel market along with data, forecasts along with a region-wise and category-wise analysis
Table of Contents
Table of Contents
Key Trends in the Premium Apparel Market
Global Market Size & Forecasts 2020-2025
Regional Performance & Forecasts 2020-2025
Category Performance & Forecasts 2020-2025
Competitive Landscape: Top 20 Brands
Competitive Landscape: Brand Profiles
Methodology, Definitions & Contacts
Frequently asked questions
What is the global premium apparel market value in 2020?
The global premium apparel market value in 2020 was $308.7 billion.
What is the growth rate of the global premium apparel market?
The global premium apparel market is forecasted to grow at a CAGR of more than 7% during 2021-2025.
What are the categories of the global premium apparel market?
Global premium apparel market categories include clothing, footwear, and accessories.
Who are the major vendors in the global premium apparel market?
In 2020, Levi’s had the highest share in the global premium apparel market, followed by Victoria’s Secret, and Ralph Lauren.
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