According to a report, “ Luxury Apparel Market Size, Share & Trends Analysis Report By End User (Men, Women), By Distribution Channel (Offline Retail, Online Retail), By Region, And Segment Forecasts, 2019 – 2025 ”, published by Grand View Research, Inc., The global luxury apparel market size is expected to reach USD 84.04 billion by 2025, expanding at a CAGR of 3.5% over the forecast period, Several characteristics includingrise in the number of millionaires coupled with brand loyalty is projected to drive the growth. Consumer perception that luxury goods will contribute to greater social acceptance, is anticipated to further fuel the market. Increasing disposable income and consumer spending on luxury products are also prominent factors driving the demand.
Luxury clothes are usually fashionable, trendy, high-class, and expensive. Luxury apparel companies not only focus on providing latest looks but they also provide apparel based on cultural trends and street culture to attract vast consumer base. For instance Indian brand Raymond Group has introduced its new brand called Raymond Khadi to provide luxury khadi apparel. Such innovations and developments are anticipated to attract luxury customers and drive the market.
Asia Pacific has been witnessing strong growth over the past few years on account of increasing attraction for luxury items in the region. China, Hong Kong, and India has the largest penetration rate of luxury clothing. Number of luxury brands are exploring the untapped regional markets and are establishing their stores owing to the rising demand. Some of the companies have also examined the potential in luxury children wear market and trying to enter into such market. The above factors are driving growth of the regional luxury apparel market.
In terms of end user, men accounted for the largest market share of approximately 56.00% in 2018. Increasing sale of luxury work wear for men is propelling the segment growth. As per the survey, it was found that men spend more on luxury and are more likely to buy the products for gifting purposes. Whereas it was also found that men and women shop for luxury items at around the same rate with the difference being in the spending on per item.
Further key findings from the report suggest:
- In terms of revenue, men purchased most of the luxury apparel and the segment held the largest market share of about 55% in 2018
- Offline segment in the luxury apparel market held a revenue share of over 83.0% in 2018
- U.S., Germany, U.K., France, China, Japan, and Turkey are the major countries with largest market for luxury apparel
Europe was the largest regional market for luxury apparel in 2018, with Europe, Germany, U.K. and France being the prominent countries. Europe being one of the most attractive tourist destinations, always attracts millions of travelers from across the world. Business tycoons to high-class women travelers buy expensive clothes while holidaying in Europe. The product sale is also on the rise, due to innovative retail concepts and business models in the region.
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Asia Pacific has been witnessing strong growth over the past few years on account of increasing consumer awareness and brand consciousness among the regional consumers. China, Hong Kong, and India has the largest penetration rate for luxury clothing. A number of brands are exploring the untapped markets in the region and are establishing their stores owing to the rising demand. Some of the companies have also examined the potential in luxury children wear market and are trying to enter into such market.
End User Insights
By end user, the market is divided into men and women. Men accounted for the largest market share of approximately 56.00% in 2018. Increasing sale of luxury work wear for men is propelling the segment growth. As per a survey, it was found that men spend more on luxury and are more likely to buy things for others than for themselves. Whereas it was also found that men and women shop for luxury items at around the same rate with the difference being in the spending on per item. The average pay for men and women across the world is also one of the prominent factors leading to men spending more on luxury apparels.
Browse Related Report:
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- Ice Cream Market – The rising demand for innovative flavors and formats and growing demand for impulsiveness to consume the product in developing countries is expected to drive the market growth during the forecast period. Asia Pacific, Latin America, and MEA region is expected to drive the market growth during the forecast period.
Grand View Research 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
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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