Global Luxury Apparel Market to 2028

Global Luxury Apparel Market to 2028

Summary

This report offers an analysis of both the historic and forecast data of the global luxury apparel market through to 2028. It provides a brief of the key trends along with sales and growth across different regions and category groups. It also highlights the global luxury apparel brands and their current competitive position.

In 2023, after two years of impressive growth propelled by pent-up demand post-pandemic, the global luxury apparel market began to taper as economic challenges in Europe and the US began to hit aspirational shoppers. The market is forecast to have reached $201.6bn, with the resilience of the ultra-wealthy allowing sales growth to remain respectable, at 9.5%. However, 2024 is expected to be an even bigger challenge, with forecast growth of just 4.2%, as consumer confidence remains low, however, luxury will still outperform the total apparel market.

Scope

Global luxury apparel market to grow at a CAGR of 5.9% between 2023 and 2028, with accessories and Asia Pacific expected to outperform.

The market will refocus on its core customer of ultra-welathy shoppers as aspirational shoppers are feeling the impact of high inflation and other macroeconomic woes.
Hermès leads the way within the luxury apparel market, while Gucci continue to see its market share fall.

Reasons to Buy

Gain an understanding of the drivers of the global luxury apparel market along with data, forecasts along with a region-wise and category-wise analysis