Luxury Fashion Market Size by Investment to Reach USD 153.97 Billion by 2026 – Arizton

In-depth analysis and data-driven insights on the impact of COVID-19 included in this global luxury fashion market report.

The luxury fashion market size is expected to grow at a CAGR of over 5% during the period 2020−2026.

LUXURY FASHION INDUSTRY OVERVIEW

• Several big players are expanding their presence in various countries, which is likely to pose a threat to many regional players in terms of customer base, market share, and revenue. The rising frequency of partnerships, collaborations, and mergers and acquisitions will intensify the competition among existing players in the luxury fashion market.
• The ongoing mergers, acquisitions, and partnerships by vendors in the luxury fashion market will enable them to expand their product portfolio, upgrade existing product lines, accelerate digitization, enter new markets, and enhance their customer base.
• Latin America is expected to witness the fastest growth rate at a CAGR of 7.92% due to changing lifestyles, increasing demand for premium quality products during the forecast period. Moreover, the changes in the trade policies of the various Latin American countries are likely to encourage the local luxury players, thereby boosting the demand for luxury lifestyle products in the market.
• Luxury apparel dominates the Japanese luxury fashion market. The luxury clothing and footwear companies in Japan account for a revenue share of nearly 33%. International visitors contribute significantly towards the luxury fashion sales in Japan.

Key Offerings:
• Market Size & Forecast by Revenue | 2020−2026
• Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
• Market Segmentation – A detailed analysis by product type, end-user, generation, distribution channel, and geography
• Competitive Landscape – 7 key vendors, and 12 other prominent vendors

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Luxury Fashion Market Segmentation

• The growth is attributable to the increasing women labor force and rising number of independent women. Moreover, the higher inclination of women toward stylish and fashionable products is accelerating the growth of the women’s segment in the global market.
• The growing tourism leads to rising demand for luxury fashion goods by travelers, thereby driving the market growth. Moreover, further growth is anticipated during the forecast period, leading to the expansion of the global luxury fashion market.
• There is a wide scope for vendors to increase their profitability by adopting e-commerce as a business platform. The Collective, Farfetch, and Net-a-Porter are some of the most prominent vendors in the online retail market for the industry.
• China also offers prominent growth opportunities for children’s luxury fashion products in the market due to the one-child policy implemented by the country’s government. The policy has changed parent’s attitudes toward their children and allowed them to fulfill their only child’s desires. Hence, the above factor is expected to support the market growth during the forecast period.

Luxury Fashion Market by Product Type
• Apparel
• Footwear
• Accessories
Luxury Fashion Market by End-User
• Men
• Women
• Children
Luxury Fashion Market by Generation
• Gen X
• Millennials & Gen Z
• Baby Boomer & Silent Gen
Luxury Fashion Market by Distribution Channel
• Online
• Mono Brand Stores
• Specialty Stores
• Departmental Stores
• Off-Price Stores
• Airports
Luxury Fashion Market by Geography
• APAC
• China
• Japan
• India
• South Korea
• Rest of APAC
• Europe
• Germany
• France
• UK
• Italy
• Rest of Europe
• North America
• US
• Canada
• Middle East & Africa
• UAE
• Saudi Arabia
• Rest of MEA
• Latin America
• Brazil
• Mexico
• Rest of Latin America

Luxury Fashion Market – Dynamics

The trend of augmented reality (AR) helps an individual experience the virtual elements in the physical world. It is one of the latest technologies which is increasingly gaining momentum in various industries. According to the luxury fashion market analysis, AR technology over their digital sales platform to provide a better shopping experience to customers. Thus, many luxury brands leveraged AR technology to provide customers with a real-world, in-store environment. Several luxury fashions brands and retailers have started using AR technology to boost the sales of their products. However, AR technology providing significant growth opportunities to luxury fashion brands available in the market. In 2015, Gucci, a luxury fashion brand, laid down its 10-year sustainability plan and announced to minimize its environmental footprint by 40% by 2025. Online retailers such as Net a Porter, Selfridges, Matches Fashion, and others have highlighted sustainability on their respective websites to cater to the growing demand for the same in the market.

Key Drivers and Trends fueling Market Growth:
• Leveraging augmented reality
• Growing inclination towards sustainable products
• Internet shaping purchasing behavior
• Increasing acceptance by millennials & Gen Z population
• Growing high net worth individuals
• Growth in travel & tourism

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Key Vendors
• Armani Group
• Burberry
• Chanel
• Hermes
• Kering
• LVMH
• Prada Group

Other Prominent Vendors
• Capri Holdings
• Dolce & Gabbana
• Hugo Boss
• Max Mara Group
• MCM
• Moncler
• Osklen
• Salvatore Ferragamo
• Tapestry
• Tom Ford
• Valentino
• Zegna

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About Arizton Advisory & Intelligence

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This release was published on openPR.