Elegance in Evolution: Unveiling the Luxury Apparel Market with Significant Growth of CAGR of 3.23% Forecast
Research Reports
Dec 05, 2023
Luxury Apparel Market Overview
In 2022, the luxury apparel market was estimated to be worth USD 97.23 billion. The market for luxury clothing is expected to expand at a compound annual growth rate (CAGR) of 3.23% from USD 111.45 billion in 2023 to USD 139.2 billion by 2030. The market is expanding because to the growing number of working women and the rising tendency of retaliatory spending on upscale products. Furthermore, the industry is expanding due to social media marketing’s extensive penetration.
Women’s engagement in the workforce in the UK has shown great promise throughout the years, and the Office for National Statistics reports that the country’s labour force added 2 million more women in 2021 than it did in 2020. The number of women in leadership roles, such as managers, senior officials, and directors, has increased by 25% since 2010. Furthermore, one of the fastest-growing demographics of working women in the UK is the 16–24 age range.
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The number of working women is anticipated to rise in the next years due to a number of government initiatives, including increased funding for job centres through the Department for Work and Pensions (DWP) and child-care support services. The population growth trends of working women in several industrialised economies, such as Canada, Germany, France, Japan, Finland, Denmark, etc., were similar. For example, the number of working women in Canada increased by 14.62% between 2011 and 2021.
The number of working women is rising, and this means that more of their income is available for luxury purchases like clothes, accessories, and purses. As a result, the growing number of working women is favourably influencing the market’s expansion.
Key Companies in the Luxury apparel market include.
LVMH
Chanel Limited
Christian Dior SE
Hermès International S.A
Yves Saint Laurent SAS
Prada S.p.A.
Ralph Lauren
Kering Holland N.V.
PVH Corp.
Dolce & Gabbana S.r.l.
Segmentation
The Luxury Apparel Market is segmented based on the kind of luxury apparel and comprises accessories, bags/handbags, footwear, and garments.
The Luxury Apparel Market is segmented according to consumer categories, which include Baby Boomers, Gen Z, Millennials, Gen Alpha, and Gen X.
The segmentation of the luxury apparel market based on gender include both men and women.
The worldwide luxury apparel industry market data has been split into online and offline segments based on the distribution channel.
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Regional Analysis
By Region, the report has been studied by segmenting the global market into Europe, North America, Asia-Pacific, and the Rest of the World. With a projected market share of USD 35.82 billion in 2022, the luxury apparel market in Asia-Pacific holds the biggest share. This is mostly due to the fact that the most populous nations in the area are China, India, and Japan, as well as the fact that the Gen Z and millennial populations in these nations are becoming more affluent, which is positively influencing their preference for a variety of luxury goods, including luxury clothing. For example, in 2022, the number of Gen Z consumers in China’s luxury garment sector would surpass that of the US by over 300%. Furthermore, the wealth of Generation Z has increased as a result of the nation’s one-child policy. Due to the country’s strong e-commerce sales channel penetration and improved ease of doing business ranking (63 in 2022 compared to 142 in 2014), India’s luxury apparel market is another high-potential nation that is drawing more investments from Western luxury brands.
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