Luxury Apparels Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Luxury Apparel Market
The global luxury apparel market size was valued at USD 59.87 billion in 2022 and is projected to grow from USD 63.00 billion in 2023 to USD 93.10 billion by 2030, exhibiting a CAGR of 5.74% during the forecast period of 2023-2030.
The COVID-19 pandemic decreased income in the luxurious apparel marketplace due to closures and lower consumer spending. However, it boosted online buying and extended the call for casual luxurious put-on, riding digital transformation within the enterprise, impeding the luxury apparel market growth.
The fundamental drivers of the upmarket clothing market include growing disposable earnings, growing client appreciation towards top-rate brands, and escalating calls for personalized and sustainable garb. Further, investment is being made in OM, social media, and celebrity endorsements to enhance the market.
Personalization and customization are critical trends within the luxurious garb marketplace. Consumers are increasingly looking for made-to-measure clothing that suits their body and style, considering tailored enjoyment. Luxury manufacturers are responding to this call by providing a much wider variety of customization alternatives, consisting of monogramming, embroidery, and particular finishes, expanding the luxury apparel market share globally. This personalized method creates an extra one-of-a-kind and highly-priced revel for clients, differentiating luxurious manufacturers from mass-marketplace offerings.
Comprehensive Analysis of Luxury Apparel Market
The luxury garb market is segmented by product type, cease-user, and distribution channel. The topwear section, which incorporates gadgets like shirts and jackets, dominated the marketplace in 2022 because of its versatility and flexibility to diverse styles and climate conditions. Bottomwear, more advantageous by modern substances, is also gaining traction. By cease-user, the lady segment leads the market with an extensive range of luxury services, even as male fashion grows with numerous styles. In terms of distribution, offline channels stay dominant because of the personalized sensory experience supplied through physical shops, although online structures are expanding worldwide.
The European region led the luxury apparel market by benefitting a size of USD 20.50 billion in 2022 due to Europe's rich history of expertise and comfort style; many iconic manufacturers have emerged from France, Italy, and the U.K.
The leading players in the luxury apparel market play a pivotal role in shaping its growth and setting industry standards. Key companies, including Gucci (Italy), Prada S.p.A. (Italy), Dior SE (France), Ralph Lauren Corporation (U.S.), Armani S.p.A. (Italy), Chanel (U.K.), Burberry (U.K.), LVMH (France), Dolce & Gabbana (Italy), and Valentino S.p.A. (Italy), contribute to a highly competitive landscape, driving innovation and advancing the market with their iconic designs and strong brand heritage.
In July 2023, A US-based luxury clothing line named Ralph Lauren released a new clotting line it designed in support of the G2 Esports team.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2017-2030
Base Year 2022
Estimated Year 2023
Forecast Period 2023-2030
Historical Period 2017-2021
Growth Rate CAGR of 5.74% from 2023 to 2030
Unit Value (USD Billion)
Segmentation By Product Type
Topwear
Bottomwear
Others
By End-user
Male
Female
By Distribution Channel
Online
Offline
By Geography
North America (By Product Type, End-user, Distribution Channel, and Country)
U.S.
Canada
Mexico
Europe (By Product Type, End-user, Distribution Channel, and Country)
Germany
U.K.
France
Italy
Spain
Rest of Europe
Asia Pacific (By Product Type, End-user, Distribution Channel, and Country)
China
India
Japan
South Korea
Rest of Asia Pacific
South America (By Product Type, End-user, Distribution Channel, and Country)
Brazil
Argentina
Rest of South America
Middle East & Africa (By Product Type, End-user, Distribution Channel, and Country)
South Africa
UAE
Rest of the Middle East & Africa
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- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 3.4. Emerging Trends
- 4. Key Insights
- 4.1. Overview of the Parent/Related Markets
- 4.2. Industry SWOT Analysis
- 4.3. Supply Chain and Regulatory Analysis
- 4.4. Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- 4.5. Market Analysis and Insights (in Relation with COVID-19)
- 4.5.1. Impact of COVID-19 on the Market
- 4.5.2. Supply Chain Challenges due to the Pandemic
- 4.5.3. Potential Opportunities to Support the Market during the Global Crisis
- 5. Global Luxury Apparel Market Analysis, Insights and Forecast, 2017-2030
- 5.1. Key Findings / Summary
- 5.2. Market Size Estimates and Forecast
- 5.2.1. By Product Type (Value)
- 5.2.1.1. Topwear
- 5.2.1.2. Bottomwear
- 5.2.1.3. Others
- 5.2.2. By End-user (Value)
- 5.2.2.1. Male
- 5.2.2.2. Female
- 5.2.3. By Distribution Channel (Value)
- 5.2.3.1. Online
- 5.2.3.2. Offline
- 5.2.4. By Region (Value)
- 5.2.4.1. North America
- 5.2.4.2. Europe
- 5.2.4.3. Asia Pacific
- 5.2.4.4. South America
- 5.2.4.5. Middle East & Africa
- 6. North America Luxury Apparel Market Analysis, Insights and Forecast, 2017-2030
- 6.1. Key Findings / Summary
- 6.2. Market Size Estimates and Forecast
- 6.2.1. By Product Type (Value)
- 6.2.1.1. Topwear
- 6.2.1.2. Bottomwear
- 6.2.1.3. Others
- 6.2.2. By End-user (Value)
- 6.2.2.1. Male
- 6.2.2.2. Female
- 6.2.3. By Distribution Channel (Value)
- 6.2.3.1. Online
- 6.2.3.2. Offline
- 6.2.4. By Country (Value)
- 6.2.4.1. U.S.
- 6.2.4.2. Canada
- 6.2.4.3. Mexico
- 7. Europe Luxury Apparel Market Analysis, Insights and Forecast, 2017-2030
- 7.1. Key Findings / Summary
- 7.2. Market Size Estimates and Forecast
- 7.2.1. By Product Type (Value)
- 7.2.1.1. Topwear
- 7.2.1.2. Bottomwear
- 7.2.1.3. Others
- 7.2.2. By End-user (Value)
- 7.2.2.1. Male
- 7.2.2.2. Female
- 7.2.3. By Distribution Channel (Value)
- 7.2.3.1. Online
- 7.2.3.2. Offline
- 7.2.4. By Country (Value)
- 7.2.4.1. Germany
- 7.2.4.2. France
- 7.2.4.3. Italy
- 7.2.4.4. Spain
- 7.2.4.5. U.K.
- 7.2.4.6. Rest of Europe
- 8. Asia Pacific Luxury Apparel Market Analysis, Insights and Forecast, 2017-2030
- 8.1. Key Findings / Summary
- 8.2. Market Size Estimates and Forecast
- 8.2.1. By Product Type (Value)
- 8.2.1.1. Topwear
- 8.2.1.2. Bottomwear
- 8.2.1.3. Others
- 8.2.2. By End-user (Value)
- 8.2.2.1. Male
- 8.2.2.2. Female
- 8.2.3. By Distribution Channel (Value)
- 8.2.3.1. Online
- 8.2.3.2. Offline
- 8.2.4. By Country (Value)
- 8.2.4.1. China
- 8.2.4.2. India
- 8.2.4.3. Japan
- 8.2.4.4. South Korea
- 8.2.4.5. Rest of Asia Pacific
- 9. South America Luxury Apparel Market Analysis, Insights and Forecast, 2017-2030
- 9.1. Key Findings / Summary
- 9.2. Market Size Estimates and Forecast
- 9.2.1. By Product Type (Value)
- 9.2.1.1. Topwear
- 9.2.1.2. Bottomwear
- 9.2.1.3. Others
- 9.2.2. By End-user (Value)
- 9.2.2.1. Male
- 9.2.2.2. Female
- 9.2.3. By Distribution Channel (Value)
- 9.2.3.1. Online
- 9.2.3.2. Offline
- 9.2.4. By Country (Value)
- 9.2.4.1. Brazil
- 9.2.4.2. Argentina
- 9.2.4.3. Rest of South America
- 10. Middle East & Africa Luxury Apparel Market Analysis, Insights and Forecast, 2017-2030
- 10.1. Key Findings / Summary
- 10.2. Market Size Estimates and Forecast
- 10.2.1. By Product Type (Value)
- 10.2.1.1. Topwear
- 10.2.1.2. Bottomwear
- 10.2.1.3. Others
- 10.2.2. By End-user (Value)
- 10.2.2.1. Male
- 10.2.2.2. Female
- 10.2.3. By Distribution Channel (Value)
- 10.2.3.1. Online
- 10.2.3.2. Offline
- 10.2.4. By Country (Value)
- 10.2.4.1. South Africa
- 10.2.4.2. UAE
- 10.2.4.3. Rest of Middle East & Africa
- 11. Competitive Matrix
- 11.1. Business Strategies Adopted by Leading Players
- 11.2. Global Luxury Apparel Market Revenue Share/Ranking Analysis, By Key Manufacturer
- 12. Company Profiles
- 12.1. Gucci
- 12.1.1. Overview
- 12.1.2. Description
- 12.1.3. Product Portfolio
- 12.1.4. Financials (Data as available in public domain and/or on paid databases)
- 12.1.5. Recent Developments
- 12.2. Prada S.p.A.
- 12.2.1. Overview
- 12.2.2. Description
- 12.2.3. Product Portfolio
- 12.2.4. Financials (Data as available in public domain and/or on paid databases)
- 12.2.5. Recent Developments
- 12.3. Dior SE
- 12.3.1. Overview
- 12.3.2. Description
- 12.3.3. Product Portfolio
- 12.3.4. Financials (Data as available in public domain and/or on paid databases)
- 12.3.5. Recent Developments
- 12.4. Ralph Lauren Corporation
- 12.4.1. Overview
- 12.4.2. Description
- 12.4.3. Product Portfolio
- 12.4.4. Financials (Data as available in public domain and/or on paid databases)
- 12.4.5. Recent Developments
- 12.5. Armani S.p.A.
- 12.5.1. Overview
- 12.5.2. Description
- 12.5.3. Product Portfolio
- 12.5.4. Financials (Data as available in public domain and/or on paid databases)
- 12.5.5. Recent Developments
- 12.6. Chanel
- 12.6.1. Overview
- 12.6.2. Description
- 12.6.3. Product Portfolio
- 12.6.4. Financials (Data as available in public domain and/or on paid databases)
- 12.6.5. Recent Developments
- 12.7. Burberry
- 12.7.1. Overview
- 12.7.2. Description
- 12.7.3. Product Portfolio
- 12.7.4. Financials (Data as available in public domain and/or on paid databases)
- 12.7.5. Recent Developments
- 12.8. LVMH
- 12.8.1. Overview
- 12.8.2. Description
- 12.8.3. Product Portfolio
- 12.8.4. Financials (Data as available in public domain and/or on paid databases)
- 12.8.5. Recent Developments
- 12.9. Dolce & Gabbana
- 12.9.1. Overview
- 12.9.2. Description
- 12.9.3. Product Portfolio
- 12.9.4. Financials (Data as available in public domain and/or on paid databases)
- 12.9.5. Recent Developments
- 12.10. Valentino S.p.A.
- 12.10.1. Overview
- 12.10.2. Description
- 12.10.3. Product Portfolio
- 12.10.4. Financials (Data as available in public domain and/or on paid databases)
- 12.10.5. Recent Developments
- 13. Strategic Recommendations
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