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, according to a new report by Grand View Research, Inc. Several characteristics including rise 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.
To request a sample copy:
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
About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For More Information: www.grandviewresearch.com