Press release
Global Luxury Apparel Market to Grow at a CAGR of 3.5% by 2028
Increased connection between consumers and key actors via social media platforms and online retail outlets is pushing sales of the most fashionable luxury clothing. Over the last few years, the rise in internet transactions has aided the growth of the luxury clothes business. Consumer-specific offers and appealing promotions and advertising through magazines and social media are impacting luxury clothes sales, since nearly half of luxury garment purchasing decisions are influenced by what customers see or hear from offline and online platforms.The global luxury apparel market is divided into five regions: North America, Europe, Asia Pacific, South America, and the Middle East and Africa.
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North America is expected to account for a sizable portion of the market due to high consumer spending on outdoor recreation products such as sports clothes, footwear, gear, vehicle purchases, and so on in the United States and Canada. According to the Outdoor Industry Association, consumer expenditure on outdoor recreation products in the United States is expected to reach about USD 887,000 million in 2019. Furthermore, expanding clothing players' focus on productivity and operational efficiency for their garment businesses is fueling the region's market expansion. The Asia Pacific region is predicted to expand at a quicker rate due to rising retail infrastructure facilities associated to fashion apparel stores and shopping malls in countries such as India and China, which is likely to support the region's consumption of luxury wearables. For example, in February 2018, IKEA announced a USD 612 million investment plan in Maharashtra, India, to establish multiformat shops and experience centers. Furthermore, supportive government policies governing FDI for the textile and apparel industries in countries such as India and Vietnam are boosting market expansion. According to Invest India, the National Investment Promotion and Facilitation Agency, the government of India began a 100 percent FDL policy in July 2020 and has provided USD 1,000 million to the textile and apparel industry under their ATUFS plan.
Read Market Research Report, "Global Luxury Apparel Market By Product Type (Top Wears, Bottom Wears, One Piece, Others), Material (Cotton, Leather, Silk, Denim, Wool, Others), Gender (Male, Female), Distribution Channel (Specialty Stores, Online Stores, Hypermarkets & Supermarkets, Others), and Region- Forecast and Analysis 2022-2028" by SkyQuest.
The report published by SkyQuest Technology Consulting provides in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions.
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What does this Report Deliver?
● Market Estimation for 20+ Countries
● Global Luxury Apparel market demand by Region, Sub-Region, and Country
● Customization on Segments, Regions, and Company Profiles
● 100+ tables, 150+ Figures
● Global, Regional and Country specific Global Luxury Apparel market Trends
● Comprehensive Mapping of Global Luxury Apparel market Parameters
● Attractive Investment Proposition in the Global Luxury Apparel market Industry
● Competitive Strategies Adopted by Global Luxury Apparel market Key Players
● Drivers, Restraints, Opportunities, Challenges, and the impact on the Global Luxury Apparel market Size
● Market growth rate till 2028
● Regulatory scenario, regional dynamics, and Global Luxury Apparel market insights of leading countries in each region
● In-depth Market insights by Region and Country
● Market Segmentation Trend Analysis, Opportunities and Growth
● Porter's five force analysis to know the market's condition
● Pricing Analysis and Global Luxury Apparel market Sales
● Parent market analysis
● Product portfolio benchmarking
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Key Companies in the Global Luxury Apparel Market
• Ralph Lauren
• Capri Holdings Limited
• PVH Corp.
• Kering
• LVMH
• Inditex
• Giorgio Armani S.P.A.
• Chanel S.A.
• Dolce & Gabbana
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