Luxury Apparel Market Size, Sector Analysis, Consumer and Retail Trends, Competitive Landscape and Forecast, 2020-2025
All the vital news, analysis, and commentary curated by our industry experts.
Luxury Apparel Market Overview
The luxury apparel market size was valued at $109.2 billion in 2020. The market is projected to grow at a CAGR of more than 9% during the forecast period. Luxury apparel will recoup its losses from the pandemic by 2022, driven by heightened demand in APAC and the Americas. Growth in APAC has been boosted by the rising number of middle-class consumers and the shift to domestic purchasing due to COVID-19 international travel restrictions, while sales in the Americas have been bolstered by federal stimulus payments. Formalwear-centric brands suffered the most in 2020 as the pandemic led to an acceleration in the adoption of athleisure. In contrast, brands that were early adopters of streetwear and athleisure trends were more resilient as they benefitted from the front-of-mind appeal.
Luxury Apparel Market Overview 2020-2025 ($ Billion)
This luxury apparel market research report provides an overview of the global 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 (Year – 2020)||$109.2 billion|
|Key categories||Clothing, Footwear, and Accessories|
|Key brands||Gucci, Louis Vuitton, Chanel, Hermès, Dior, Burberry, Saint Laurent, Fendi, Moncler, and Prada|
|Enquire & Decide||Discover the perfect solution for your business needs. Enquire now and let us help you make an informed decision before making a purchase.|
Buy full report for more insights on this report or download a free report sample
Luxury Apparel Market Drivers
The growing popularity of luxury apparel among Millennial and Gen-Z shoppers is driving the market due to their enthusiasm for aspirational products. New technologies such as augmented and virtual reality, artificial intelligence, and blockchain are providing brands with new opportunities to boost revenue, with the metaverse recently emerging as a significant potential driver of sales. Moreover, the APAC luxury apparel market saw a boom in demand in 2020 and 2021 due to international travel restrictions, as consumers were unable to purchase luxury items abroad. 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 Segmentation by Region
Asia-Pacific: The Asia Pacific region will retain the largest share of luxury apparel out to 2025. This dominance is driven by Chinese consumers’ sustained demand for luxury fashion, the rising middle class, and continued urbanization in the country. Other contributing factors are the high growth rates forecast in major Asian markets such as India and the Philippines.
Europe: E-commerce is well established in Europe, and platforms such as Farfetch and Net-a-Porter have made it easier to purchase luxury items, boosting spend via the channel. But physical stores retain their appeal due to the elevated in-store experiences associated with luxury players. Turkey will grow the fastest out to 2025 However, the conflict in Ukraine might dampen the growth in Eastern European countries due to its widespread consequences within the region.
The Americas: In the Americas, luxury apparel market almost bounced back to pre-pandemic levels in 2021 as disposable income in the dominant market of the US was supplemented by federal stimulus cheques and tax returns. The US will remain the largest market for luxury apparel within the Americas through to 2025, while Canada will grow the fastest. In Latin America, Colombia and Peru will be the fastest-growing countries.
The Middle East and Africa: The luxury apparel market in MEA declined in 2020 due to its reliance on tourist expenditure and the impact of store closures. However, this decline is soft in comparison to other regions thanks to highly affluent domestic individuals supporting luxury apparel sales in the region by shifting them spend domestically due to the lack of international travel. The region saw sales almost totally recover in 2021, as travel restrictions eased and events such as the Dubai Expo 2020 encouraged tourism in the UAE.
Luxury Apparel Market Analysis by Key Regions, 2020 (%)
For more regional insights, download a free report sample or buy the full report
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 (%)
Buy the full report for more category insights and download a free report sample
Luxury Apparel Market – Competitive Landscape
Some 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 Key Brands, 2020 (%)
Buy the full report or download a free report sample to know more about key brands
Key Segments Covered in this Report.
Luxury Apparel Regional Outlook ($ Million, 2020-2025)
- The Americas
- The Middle East & Africa
Luxury Apparel Category Outlook ($ Million, 2020-2025)
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.
Table of Contents
Key Trends in the Luxury 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 was the luxury apparel market size in 2020?
The luxury apparel market size was valued at $109.2 billion in 2020.
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.
What are the key categories in the luxury apparel market?
The key categories in the luxury apparel market are clothing, footwear, and accessories.
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.
Tel +44 20 7947 2745
Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.
Business Intelligence & Marketing Manager, SAL Heavy Lift
“The GlobalData platform is our go-to tool for intelligence services. GlobalData provides an easy way to access comprehensive intelligence data around multiple sectors, which essentially makes it a one-for-all intelligence platform, for tendering and approaching customers.
GlobalData is very customer orientated, with a high degree of personalised services, which benefits everyday use. The highly detailed project intelligence and forecast reports can be utilised across multiple departments and workflow scopes, from operational to strategic level, and often support strategic decisions. GlobalData Analytics and visualisation solutions has contributed positively when preparing management presentations and strategic papers.”
Market Analyst & Management, Liebherr-Werk
“COVID-19 has caused significant interference to our business and the COVID-19 intelligence from GlobalData has helped us reach better decisions around strategy. These two highlights have helped enormously to understand the projections into the future concerning our business units, we also utilise the project database to source new projects for Liebherr-Werk to use as an additional source to pitch for new business.”
Head of Key Accounts, Saab AB
Your daily news has saved me a lot of time and keeps me up-to-date with what is happening in the market, I like that you almost always have a link to the source origin. We also use your market data in our Strategic Business Process to support our business decisions. By having everything in one place on the Intelligence Center it has saved me a lot of time versus looking on different sources, the alert function also helps with this.
Marketing Intelligence Manager, Portugal Foods
Having used several other market research companies, I find that GlobalData manages to provide that ‘difficult-to-get’ market data that others can’t, as well as very diverse and complete consumer surveys.
Head of Customer Insight and Research, Standard Chartered
Our experience with GlobalData has been very good, from the platform itself to the people. I find that the analysts and the account team have a high level of customer focus and responsiveness and therefore I can always rely on. The platform is more holistic than other providers. It is convenient and almost like a one stop shop. The pricing suite is highly competitive and value for our organisation.
I like reports that inform new segments such as the analysis on generation Z, millennials, the impact of COVID 19 to our banking customers and their new channel habits. Secondly the specialist insight on affluent sector significantly increases our understanding about this group of customers. The combination of those give us depth and breadth of the evolving market.
I’m in the business of answering and helping people make decisions so with the intelligence center I can do that, effectively and efficiently. I can share quickly key insights that answer and satisfy our country stakeholders by giving them many quality studies and primary research about competitive landscape beyond the outlook of our bank. It helps me be seen as an advisory partner and that makes a big difference. A big benefit of our subscription is that no one holds the whole data and because it allows so many people, so many different parts of our organisation have access, it enables all teams to have the same level of knowledge and decision support.
Head of Consumer Sensory Insights, Givaudan
“I know that I can always rely on Globaldata’s work when I’m searching for the right consumer and market insights. I use Globaldata insights to understand the changing market & consumer landscape and help create better taste & wellbeing solutions for our customers in food, beverage and healthcare industries.
Globaldata has the right data and the reports are of very high quality compared to your competitors. Globaldata not only has overall market sizes & consumer insights on food & beverages but also provides insights at the ingredient & flavour level. That is key for B2B companies like Givaudan. This way we understand our customers’ business and also gain insight to our unique industry”
Senior Account Manager, TSYS
GlobalData provides a great range of information and reports on various sectors that is highly relevant, timely, easy to access and utilise. The reports and data dashboards help engagement with clients; they provide valuable industry and market insights that can enrich client conversations and can help in the shaping of value propositions. Moreover, using GlobalData products has helped increase my knowledge of the finance sector, the players within it, and the general threats and opportunities.
I find the consumer surveys that are carried out to be extremely beneficial and not something I have seen anywhere else. They provided an insightful view of why and which consumers take (or don’t) particular financial products. This can help shape conversations with clients to ensure they make the right strategic decisions for their business.
One of the challenges I have found is that data in the payments space is often piecemeal. With GD all of the data I need is in one place, but it also comes with additional market reports that provide useful extra context and information. Having the ability to set-up alerts on relevant movements in the industry, be it competitors or customers, and have them emailed directly to me, ensures I get early sight of industry activity and don’t have to search for news.