Luxury Apparels Market by Application (Formal Wear, Sports Wear, Casual Wear, Safety Apparel, and Others), Sales Channel (Supermarkets/Hypermarkets, Independent Retail Stores, Specialty Stores, E-Commerce, and Others), and Age Group (Geriatric, Adult, Kids, and Toddler): Global Opportunity Analysis and Industry Forecast, 2022–2031
The global luxury apparels market size was valued at $71,040.0 million in 2020, and is projected to reach $278,181.5 million by 2031, registering a CAGR of 11.1% from 2022 to 2031. Luxury apparels depict a certain status symbol of individuals who splurge discretionarily and have high purchasing power. The success of luxury brands is majorly determined by their ability to innovate and perceive the complexities of the Indian market. The latest fashion trend offered by luxury apparel brands has led to increase in popularity among millennials. The rise in disposable income has elevated the consumer lifestyle and shifted their preference towards premium products. Moreover, the escalation in online and web purchasing is likely to supplement the luxury apparels market growth.
Rise in penetration of various online portals in developing regions and increase in number of offers & discounts attractconsumers to purchase luxury apparelsproducts through e-commerce channels. Moreover, e-commerce channels have increased consumer reach, owing to which it has evolved as a key source of revenue for many companies. Furthermore, the e-commerce industry is expected to expand in the future, owing to rapid growth in mobile users in emerging markets. Increase in e-commerce sales, improvements in logistics services, ease in payment options, and facility to enter in new international markets for major brands further boost growth of the luxury apparelsmarket. However, the recent outbreak of coronavirus has significantly impacted the luxury apparelsindustry along with all stages of supply chain and value chain. It has further affected consumer behavior with regard to purchasing luxury apparelsglobally.
The luxury apparelsmarket is segmented into application, sales channel, age group, and region. By application, the market is bifurcated into formal wear, sportswear, casual wear, safety apparel and others. By sales channel, it is categorized into supermarkets/hypermarkets, independent retail stores, specialty stores, e-commerce and others. On the basis of age group, it is classified into geriatric, adult, kids and toddler. Region wise, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany,UK, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, India,Japan, ASEAN, Australia and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East and Africa).
The report includes comprehensive analysis of the key players in the luxury apparels market, such as Ralph Lauren Corporation, Christian Dior, Michael Kors, Coach, Inc., Gianni Versace S.P.A., Girogio Armani S.P.A., Nike, Inc., Hermes International, Inc., Tommy Hilfiger USA Inc., and Burberry Group, Inc.
The other prominent players in the luxury apparels industry include Dolce &Gabbana, Fendi, Socit Cartier, Calvin Klein Inc., True Religion, Chanel S.A., and Guess, Inc.
KEY BENEFITS FOR STAKEHOLDERS
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the luxury apparelsmarket analysis from 2020 to 2031 to identify the prevailing market opportunities.
The market research is offered along with information related to key drivers, restraints, andluxury apparelsmarket opportunities.
Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier–buyer network.
In-depth analysis of the luxury apparelsmarket segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market industry.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global luxury apparelsmarket trends, key players, market segments, application areas, and luxury apparelsmarket growth strategies.
KEY MARKET SEGMENTS
By Application
Formal Wear
Sports Wear
Casual Wear
Safety Apparel
Others
By Sales Channel
Supermarkets/Hypermarkets
Independent Retail Stores
Specialty Stores
E-Commerce
Others
By Age Group
Geriatric
Adult
Kids
Toddler
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
India
Japan
ASEAN
Australia
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook