Luxury Fashion Market Estimated To Experience A Hike In Growth By 2028

Luxury Fashion Market Research Future Insights
The Global Luxury Fashion Market is anticipated to grow at a 3.59% CAGR and is estimated to be worth USD 333.8 Billion by the end of 2028.

The online sales of luxury fashion are anticipated to witness a tremendous rise during the forecast period. The global luxury fashion industry is gaining momentum significantly with the elevation in the number of high- net- worth individuals, the tending popularity among the young population belonging to the millennial and Gen Z generation, escalating brand loyalty among customers, and augmenting association of luxury brands by the individuals. The fast-changing technological terrain and the growing embracement of technology such as augmented reality (AR) by the fashion industry, backed by the growing penetration of digital channels across developing markets, feed new growth opportunities to vendors.

The increasing per capita disposable income of people across the world, especially in emerging economies, is augmenting the requisition for luxury fashion in the global market. The standard of living of people is enhancing due to their rising disposable income, driving them to choose luxury products as a symbol of status.

Additionally, the elevation in the number of High- Net-Worth Individuals (HNWIs) and wealthy consumers drives the growth of the luxury fashion market. Individuals with a total net worth of more than USD 1 million are classified as HNWIs.

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Regional Analysis

The Global Luxury Fashion Market is segmented into five regions; North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.

Europe is considered for the largest market share of 38.63% in 2021 and the market is anticipated to record a CAGR of 3.42%. North America was the second largest market in 2021, assessed at USD 79071.3 million; the market is projected to flaunt a CAGR of 3.27%. Though, the market in Asia- Pacific is anticipated to register the highest CAGR of 4.23% during the forecast period.

The native people of North America are diverse in terms of culture, language, and ecological adaptations to several environments. This riff is expressed in the attire that they wear. Utmost of the population in North America perceives luxury products as synonymous with quality, exclusivity, and rarity.

The growth of the luxury fashion market in Asia- Pacific is ascribed to several factors, similar to expanding population and fast urbanization in emerging economies. Also, the luxury fashion market in Asia- Pacific is rising due to the proliferation of boutique luxury brands, fast-changing consumer trends, and the move from physical stores to digital stores. China holds the largest part of the Asia- Pacific luxury fashion market.

Market Segmentation

The Global Luxury Fashion Market is divided by

By Product Type

• Clothing & Apparel
• Jackets & Coats
• Skirts
• Shirts & T-Shirts
• Dresses
• Trousers & Shorts
• Denim
• Underwear & Lingerie
• Others
• Footwear
• Accessories
• Gems & Jewelry
• Belts
• Bags
• Watches
• Others

By End User

• Men
• Women
• Unisex

By Distribution Channel

• Store-Based
• Supermarkets & Hypermarkets
• Specialty Stores
• Others
• Non-Store-Based

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Key Players

The Global Luxury Fashion Market key players are Ralph Lauren (US), Capri Holdings Limited (US), PVH Corp. (US), Kering (France), LVMH (France), Inditex (Spain), Giorgio Armani S.P.A. (Italy), Chanel S.A. (France), Dolce & Gabbana (Italy), Burberry Ltd. (UK)

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