Premium Apparel Market Size, Share and Trend Analysis by Segments, Region, Category Performance and Competitive Landscape to 2027
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Premium Apparel Market Report Overview
The premium apparel market size was valued at USD422.2 billion in 2022. The market will grow at a CAGR of more than 5% during 2022-2027. Shoppers prefer premium brands as they perceive to uphold more sustainable practices and offer superior quality. Consumers are increasingly favoring high-quality versatile pieces that can be worn for different seasons and occasions to create a capsule wardrobe, as consumers become increasingly aware of the environmental impact of overconsumption.
Premium Apparel Market Outlook 2022-2027 (USD Billion)
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The premium apparel market report offers data that showcase the trends in the market and sectors by value and volume. It also reveals the brand leaders by market share in 2022 in each of the categories as well as the entire premium apparel market. This premium apparel market research report provides historical and forecast period data for total apparel sales. 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) | USD422.2 billion |
CAGR (2022-2027) | >5% |
Forecast Period | 2023-2027 |
Historical Period | 2017-2022 |
Key Regions | · Europe
· Asia-Pacific · Americas · Middle East and Africa |
Key Categories | · Clothing
· Accessories · Footwear |
Key Premium Apparel Retailers | · Lululemon
· Levi’s · Tommy Hilfiger · Calvin Klein · Ralph Lauren |
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Premium Apparel Market Dynamics
Sportswear will continue to outperform generally in the apparel market during the forecast period, especially within the premium segment. After the success of Lululemon, more premium brands such as Alo Yoga, Castore and Vuori have gained popularity as shoppers associate premium price points with greater durability and stronger performance features. Value for money has become more important to consumers, as they want their spending to be worthwhile. Premium brands also often focus on classic, timeless styles, that can become wardrobe staples which drive lower cost per wear.
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Premium Apparel Market Segmentation by Categories
The clothing category dominated the premium apparel market in 2022.
The key categories of the premium apparel market are clothing, accessories, and footwear. Womenswear, menswear, and childrenswear are the key sub-categories of the clothing category. Womenswear is the most dominant category sold premium due to females’ greater interest in fashion and keeping up with trends.
Premium clothing brands have historically focused more on formal styles, and even though they are adapting their ranges, it will take time before many of them are seen as destinations for casual clothing. The accessories category is expected to achieve a strong CAGR due to products such as handbags, gloves, and belts, where premium materials such as leather are prioritized. Consumers in this category also seek products that have classic, long-lasting appeal.
Premium Apparel Market Analysis by Categories, 2022 (%)
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Premium Apparel Market Segmentation by Region
The Americas dominated the premium apparel market in 2022
The key regions of the premium apparel market are the Americas, Europe, Asia-Pacific, and Middle East and Africa. In 2022, the Americas was the leading regional segment of the premium apparel market. The US was the leading country in the Americas region. However, growth in the Americas will be slowed down during the projected period. Latin American countries such as Peru, Argentina, and Brazil will drive the strongest growth, though their potential will be limited due to higher proportions of lower-income consumers.
Premium Apparel Market Analysis by Country, 2022 (%)
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Premium Apparel Market – Competitive Landscape
The key brands in the premium apparel market are:
- Lululemon
- Levi’s
- Tommy Hilfiger
- Calvin Klein
- Ralph Lauren
In 2023, Lululemon was the leading premium apparel brand. The company will overtake Levi’s as the largest premium apparel brand as the athleisure trend remains strong.
Premium Apparel Market Analysis by Brands, 2022 (%)
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Key Segments Covered in the Premium Apparel Market Report
Premium Apparel Category Outlook (Value, USD Billion, 2017-2027)
- Clothing
- Accessories
- Footwear
Premium Apparel Regional Outlook (Value, USD Billion, 2017-2027)
- Europe
- Asia-Pacific
- Americas
- Middle East and Africa
Key Highlights
Global Premium Apparel Market to grow at a CAGR of 5.9% between 2023 and 2027, to reach $557.0bn
Performance and athleisure brands came out on top in 2023
Growing environmental awareness will see more consumers trade up to premium brands in the coming years
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
Levi's
Tommy Hilfiger
Calvin Klein
Ralph Lauren
Victoria's Secret
The North Face
Coach
Boss
Lacoste
Table of Contents
Frequently asked questions
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What was the premium apparel market size in 2022?
The premium apparel market size was valued at USD422.2 billion in 2022.
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What is the expected growth rate of the premium apparel market for the forecast period?
The premium apparel market is expected to grow at a CAGR of more than 5% during 2022-2027.
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Which category dominated the premium apparel market in 2022?
The clothing category dominated the premium apparel market in 2022.
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Which are the key brands in the premium apparel market?
Lululemon, Levi’s, Tommy Hilfiger, Calvin Klein, Ralph Lauren among others are some of the key brands in the premium apparel market.
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