The global luxury apparel market size is expected to reach USD 84.04 billion by 2025, according to Million Insights, registering a 3.5% CAGR over the forecast period, from 2019 to 2025. Factors such as growing number of millennials along with brand loyalty and rising spending capacity on luxury goods have majorly driven the growth of this market.
The luxury apparels are trendy and fashionable. These luxury brands offer a traditional look as well as a latest stylish look to gain popularityamong consumers. For instance, Indian brand Raymond Group launched luxury apparel under the brand name Raymond Khadi.
Men segment held the largest market share of over 56.00%, in 2018. This high revenue shareis attributed to the rising demand for luxury formal wear among consumers, especially in developing countries. According to the survey, men invest a high amount on luxury products and willing to buy for others than themselves.
In 2018, the offline segment held the largest market share, as it allows to physical check luxury product attributes like size, fit, and material. This factor is expected to directly affect consumer buying decisions. Apart from this, these shops provide free alteration and customized designs if it is needed to customers. Thus, the above factors are expected to witness significant growth in this segment over the forecast period.
Asia Pacific is anticipated to have strong growth over the forecast period owing to the increasing demand for luxury apparel among consumers for business purposes. China, Japan, and India are expected to have potential growth from 2019 to 2025. As Chinese people travel frequently across the globe, they are the largest consumers for luxury products including apparel.
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Further key findings from the report suggest:
• In 2018, the men segment accounted for the market share of around 55.0% in terms of revenue.
• The offline segment held the largest market share of more than 83.0%, in 2018.
• Europe accounted for the largest market share, in 2018. U.K. France, Germany, and Italy countries have contributed major market share in regional market.
Million Insights has segmented the global luxury apparel market on the basis of end user, distribution channel, and region:
Luxury Apparel End User Outlook (Revenue, USD Billion, 2015 - 2025)
Luxury Apparel Distribution Channel Outlook (Revenue, USD Billion, 2015 - 2025)
• Offline Retail
• Online Retail
Luxury Apparel Regional Outlook (Revenue, USD Billion, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa