Global Luxury Apparel Market By End-User (Men, and Women), By Distribution Channel (Offline Retail, and Online Retail), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2022-2032

Luxury Apparels Market Overview:

The global luxury apparel market was valued at USD 87,750 Million in 2021 and is forecast to grow at a CAGR of 4.6% during the forecast period.

The growth will be driven by the growing number of millionaires, as well as customer loyalty. The rise in consumer acceptance of luxury products as a means to better social acceptance is fueling product demand.

Global Luxury Apparel Market Scope:

End-User Analysis

According to end-user, there are two types of market: men and women. With 61.5%, men held the largest market share in 2021. This is due to the increasing sales of premium workwear for men.

A survey revealed that men are more likely to shop for luxury items for others than for themselves. It was also found that luxury items are purchased at roughly the exact same rate by men and women, the difference being in how much each item is spent. This is one of the reasons why men are more likely to spend on luxury apparel than women. The market for luxury women’s apparel is expected to grow at 3.5% over the forecast period.

Distribution Channel Analysis

According to distribution channels, there are two types of market: offline retail and internet retail. The high quality and pricing of luxury products made offline retail the biggest contributor to 2021’s market. Consumers are more comfortable checking the fit and material of luxury clothes before they spend a lot. Online is expected to be the most popular channel. If required, specialist shops and multi-brand shops can offer free alternations.

The expansion of offline distribution channels is driven by the above factors. The fastest expected CAGR for the online channel in the forecast period is 1. Multi-brand e-retailers, as well as own-branded online stores, can interact with customers.

Luxurious dresses of all brands aren’t available at different shops so they are not easily accessible to everyone. You can purchase such items online from people who reside in different parts of the world. Online shopping for luxury apparel can be made easier by the multi-brand platform.

Key Market Segments:

By End-User

• Men
• Women

By Distribution Channel

• Offline Retail
• Online Retail

Market Dynamics:

Demand is driven by increasing disposable income and consumers spending more on luxury products. A lot of first-time buyers opt for luxury apparel because they want to be able to experience the best quality and portray a certain image. Most often, this leads to brand loyalty which allows them to spend more on products they love.

The best luxury brands are those that have high standards of quality and respect the opinions of their customers. This allows for the evolution of brand names. Public word-of-mouth is an important factor in the promotion of luxury clothing.

The luxury apparel market faces major challenges due to the high price range and style quotient. But, it is easy to find duplicates of top brands at lower prices. The lack of awareness by consumers about the authenticity and cost of these products causes them to make poor purchases, which can negatively impact their brand loyalty. ‘

Assocham found that India’s fake luxury market has been growing at a rate of 40 to 45 percent annually. This is a major concern for many manufacturers, as it not just eats into their market share, but also harms their brand image.

Luxury clothes are fashionable, trendy, and often expensive. The latest fashion trends are not the only thing that brands focus on, but they also appeal to street culture and the cultural tastes of different people to draw them in.

Raymond Khadi is an Indian brand that has recently launched luxury khadi clothes. These developments and innovations are expected to continue to attract premium customers and drive the market.

Regional Analysis

Europe was the top regional market in luxury apparel in 2021, with France, Germany, Britain, and Europe being the main countries. It has accounted for a regional share of 41%.

Europe is a popular tourist destination that attracts millions from around the world. While on vacation in Europe, high-ranking businessmen and women travelers from all walks of life buy luxurious clothes. Due to the innovative business models and retail concepts in the region, product sales are on the rise.

The Asia Pacific has witnessed strong growth over the last few decades due to growing consumer awareness and brand consciousness. India, Hong Kong, China, and China have the highest penetration rates of luxury clothing. Numerous brands are exploring untapped markets in the region, and are setting up stores due to growing demand. Some of the companies are also trying to get into the luxury market for children’s clothing.

Key Regions and Countries covered іn thе rероrt:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• MEA
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Market Share & Key Players Analysis:

The main concentration of manufacturers is in Europe and North America. Low entry barriers make it difficult for small companies to compete in this market, as most consumers only trust certain brands.
Given the competitive landscape of the market, strong marketing campaigns are crucial to keep consumers interested. In order to promote their products and services, some of the major players have hired a wide range of famous celebrities. Rihanna launched Fenty Maison with luxury conglomerate LVMH in the luxury product segment:

Georgia Armani, Burberry Prada, Dolce & Gabbana, Burberry, Burberry, and Prada are key market players, amongst others.

Market Key Players:

• Giorgio Armani
• Burberry
• Dolce & Gabbana
• Prada
• Kate Spade
• Phillip Lim
• PVH Corp. (Calvin Klein).
• Other Key Players

For the Luxury Apparels Market research study, the following years have been considered to estimate the market size: