Luxury Fashion Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Luxury Fashion Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

The global luxury fashion market size reached US$ 237.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 294.7 Billion by 2028, exhibiting a growth rate (CAGR) of 3.60% during 2023-2028.

Luxury fashion is a brand characterized by non-essential, premium, elevated quality, exclusivity, and high-price tag products. It comprises premium watches, jewelry, fashion accessories, clothing, designer handbags, perfumes, and high-end cosmetics. These products are manufactured using high-grade materials and offer superior craftsmanship, high-value aesthetics, and an extended warranty period. Luxury fashion includes artistic and unique products that are highly desirable in a culture or society and serve as a status symbol. They also exhibit uniqueness and provide an unforgettable and personalized experience in terms of luxurious packaging, high-touch service, and an affluent in-store environment.

Luxury Fashion Market Trends:

The evolving fashion industry and changing aesthetic trends are among the key factors driving the market growth. In line with this, the shifting consumer preference towards high-quality and stylish products with advanced technical fabrications and craftsmanship is favoring the market growth. Moreover, the rising popularity of high-end fashion brands as a status symbol, coupled with the increasing expenditure capacities of consumers, is acting as another growth-inducing factor. Furthermore, the rising influence of social media and surging promotions and celebrity endorsements are propelling the market growth. Apart from this, key players are adopting sustainable production methods, such as utilizing ethically sourced, eco-friendly, or recycled materials, due to the rising environmental concerns, which, in turn, is providing an impetus to the market growth. Additionally, the incorporation of augmented reality (AR) in the fashion industry to provide a virtual in-shop buying experience to customers from the comfort of their homes, making it easier and more convenient, is positively influencing the market growth. Other factors, including increasing brand loyalty among customers, inflating online sales, and rising demand for premiumization and customization for superior quality and design of products, are anticipated to drive the market growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global luxury fashion market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product type, distribution channel and end user.

Breakup by Product Type:

Clothing & Apparel

Jackets & Coats
Skirts
Shirts & T-Shirts
Dresses
Trousers & Shorts
Denim
Underwear & Lingerie
Others

Footwear
Accessories

Gems & Jewellery
Belts
Bags
Watches


Breakup by Distribution Channel:

Store-Based
Non-Store Based

Breakup by End User:

Men
Women
Unisex

Breakup by Region:

North America

United States
Canada

Asia-Pacific

China
Japan
India
South Korea
Australia
Indonesia
Others

Europe

Germany
France
United Kingdom
Italy
Spain
Russia
Others

Latin America

Brazil
Mexico
Others

Middle East and Africa

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Burberry Group Plc, Capri Holdings Limited, Chanel S.A., Diesel S.p.A. (OTB Group), Dolce & Gabbana S.r.l., Giorgio Armani S.p.A., Industria de Diseño Textil S.A., Kering SA, LVMH Moët Hennessy Louis Vuitton, Prada S.p.A., PVH Corp., Ralph Lauren Corporation and Rolex SA. Kindly, note that this only represents a partial list of companies, and the complete list has been provided in the report.

Key Questions Answered in This Report:

What was the size of the global luxury fashion market in 2022?

What is the expected growth rate of the global luxury fashion market during 2023-2028?

What are the key factors driving the global luxury fashion market?

What has been the impact of COVID-19 on the global luxury fashion market?

What is the breakup of the global luxury fashion market based on product type?

What is the breakup of the global luxury fashion market based on the distribution channel?

What is the breakup of the global luxury fashion market based on the end user?

What are the key regions in the global luxury fashion market?

Who are the key players/companies in the global luxury fashion market?