Luxury Apparel Market Shows Huge Growth US$ 115 Bn by 2031

Transparency Market Research delivers key insights on the global luxury apparel market. In terms of revenue, the global luxury apparel market is estimated to expand at a CAGR of 4% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global luxury apparel market.

Companies are investing in R&D to launch an exclusive collection of luxury apparel products. Manufacturers are expanding their product lines to meet the increasing demand for luxury apparel products. Change in lifestyles, a rise in income level, the existence of many international brands, and improving standard of living in emerging economies are projected to drive the luxury apparel market.

Luxury Apparel Market: Key Segments

In terms of product type, the top wear segment accounts for the dominant share followed by the bottom wear segment. The availability of a wide variety of products such as shirts, t-shirts, jackets, coats, and pullovers, is fueling the demand for top wear in the global luxury apparel market.

In terms of material, the silk segment accounts for a major share in the global luxury apparel market due to its lightweight nature, and luxurious feel. Silk is evolving in different forms of luxury apparel. Moreover, silk has high absorbance quality which makes it ideal to wear in summer, and has low conductivity, which is why it is preferred in winters too. Cotton and wool too have a significant share in the global luxury apparel market.

Based on consumer group, the global luxury apparel market is largely dominated by women. Women are more aware of latest trends and are more interested in fashion than men. Furthermore, increasing population of working women also contributes to market growth. However, the luxury apparel market is likely to witness a significant contribution from the male consumer group as men nowadays are becoming more fashion-conscious.

Based on distribution channel, the luxury apparel market is currently dominated by the offline channel. However, in the near future, sales via the online channel are anticipated to rise at a fast pace.

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Luxury Apparel Market: Prominent Regions

Europe held a prominent share of the global luxury apparel market in 2020, followed by North America and Asia Pacific. Asia Pacific is projected to be the fastest growing market in the upcoming years, due to major contributions from countries such as China, India, Japan, Australia, and Hong Kong. China is the major contributor to the growth in this region due to the presence of a large manufacturing base. Due to luxury apparel is a way of establishing one's identity especially for the emerging upper-middle class in this region, which is contributing to the growth of the luxury apparel market.

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Key Players

Key players operating in the global luxury apparel market are Burberry, Chanel, Christian Dior SE, Dolce & Gabbana, Fendi, Gianni Versace S.r.l., Giorgio Armani S.p.A., Kering, LVMH, and Prada S.p.A.

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