Luxury Fashion Market Share, Segment, Key Player, Statistics, Regional Demand, Forecast
Market Highlights
The global luxury fashion market is projected to be
valued at USD 333,775.3 million by 2028, recording a CAGR of 3.59%
during the forecast period. The global luxury fashion market has been
growing over the last few years and is projected to reach USD 333,775.3 million
by 2028 at a CAGR of 3.59% from 2021 to 2028. The significant reasons for the
growth of the global luxury fashion market are increasing per capita disposable
income, social media promotions and celebrity endorsements, and the growth of
the organized retail sector in Asia-Pacific. Moreover, strategic mergers &
acquisitions and increased demand for sustainable and recycled collections are
expected to be prime opportunities for market players. However, a limited
customer base and the rising threat of counterfeit products are expected to
hamper the market in the years to come.
Strict containment measures imposed by the governments of
various countries and preventive measures to control the impact of the outbreak
have led to significant restrictions in transportations, driving a knock-on
effect globally. Transportation is crucial in the supply chain of any market,
as it is responsible for transferring the raw materials to manufacturers and
then distribute the final product from the manufacturers to the retail market.
The pandemic had brought the transportation of goods to a near halt across the
globe to stop the spread of the virus. The supply chain of luxury fashion
products mainly includes specialty stores and e-commerce linked logistic suppliers.
In these unprecedented times, low working efficiency and lockdown in various
regions have witnessed delays in product delivery. Many logistics companies
were operating at low efficiency with very few working staff, which led to the
disruption of the supply chain. The low efficiency of e-commerce websites and
logistics companies' delivery systems and disruptions in international and
modern trade has severely impacted the supply chain of the luxury fashion
market.
The global luxury fashion market share is projected to
exhibit a CAGR of 3.59% during the forecast period of 2021 to 2028.
Key Players
Market Research Future has recognized 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), and Burberry Ltd (UK)as the key players in
the global luxury fashion market.
Segmental Analysis
The global luxury fashion market has been
segmented based on product type, end user, distribution channel, and region.
Based on product type, the global luxury fashion market
has been segmented into clothing & apparel, footwear, and accessories.
The clothing & apparel segment is further broken down into jackets &
coats, skirts, shirts & t-shirts, dresses, trousers & shorts, denim,
underwear & lingerie, and others. The accessories segment is further
classified as gems & jewelry, belts, bags, watches, and others. The
clothing & apparel segment accounted for the largest market share of 42.13%
in 2020 and is projected to register the highest CAGR of 3.67% during the
forecast period. The accessories segment is the second-largest and is valued at
USD 93,322.8 million in 2020. Consumers seek more variety in their clothing
than any other product. Millennial and Gen Z consumers have always strongly
emphasized their appearances, which drives the growth of this segment. Constant
innovation in styles and patterns of clothing & apparel by the luxury
fashion brand manufacturers further boosts the demand for the luxury clothing
& apparel segment.
Based on end user, the global luxury fashion market has
been segmented into men, women, and unisex. The women segment accounted for
the largest market share of 57.04% in 2020 and is projected to register a
decent CAGR of 3.63% during the forecast period. However, the unisex
segment is expected to register the highest CAGR of 3.67% during the forecast
period. An increase in the working women population, high disposable income,
and inclination towards luxury fashion as a status symbol has boosted the
segment growth.
Based on distribution channel, the global luxury fashion
market has been segmented into store-based and non-store-based. The store-based
sub-segment is further classified as supermarkets & hypermarkets, specialty
stores, and others. The store-based segment accounted for a larger market share
of 87.12% in 2020. However, the non-store-based segment is expected to register
ahigher CAGR of 4.55% during the forecast period. The store-based segment has
been divided into supermarkets & hypermarkets, specialty stores, and
others. The supermarkets & hypermarkets sub-segment is expected to be the
largest in 2020. These channels account for the maximum sale of luxury fashion
through the convenience of various brands under one roof. The specialty stores
sub-segment is projected to register the highest CAGR during the review period.
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Regional Analysis
In terms of region, the global luxury fashion industry
has been categorized as North America, Europe, Asia-Pacific, South America, and
the Middle East &Africa. As per MRFR analysis, Europe constituted a
dominant share of the luxury fashion market in 2020. The native people of North
America are diverse in terms of culture, language, and ecological adaptations
to various environments. This variation is expressed in the attire that they
wear. The impact of digital influencers has changed the marketing strategies of
legacy brands where traditionally they relied on storytelling to market their
brands, and now, they are relying on social media as one of the most viable and
expedient ways to showcase their brand values. Also, North Americans rely on
brands that share their values in terms of authenticity, transparency, and
sustainability. More than the product, the new-age consumers build an emotional
connection to the brand, leading to brand loyalty.
With the growing geriatric population, fashion brands also
focus on older generations to increase their consumer base and boost the
overall North American luxury fashion market. Europe is the origin for
international luxury brands as there is a culture of technical excellence. For
instance, Swiss watch making has no technical equivalent worldwide. Similarly,
Italy is popular for its high-end fashion and apparel, where the 'Made in
Italy' logo equates to high quality. The luxury accessories made in Italy
command premium prices across the globe. In the present world, people are
wearing a mix of brands from different regions. There is constant experimentation
of an eclectic mix of fashion and luxury brands among the high-end consumers
who are typically loyal to luxury brands.
The evolution of the consumer group and rapid Internet
adoption contribute to the sales of luxury items in the region. Asia-Pacific is
one of the most lucrative markets of luxury fashion. It accounted for a 21.45% in the global luxury fashion market share. The
regional market is projected to expand at a CAGR of 4.23% during the forecast
period. The growth of the luxury fashion market in Asia-Pacific is attributed
to several factors, such as rapid urbanization in emerging economies and
increasing population. The rising per capita disposable income acts as a
significant factor for the growth of the luxury fashion market.
Furthermore, the luxury fashion market in Asia-Pacific is
growing due to the proliferation of boutique luxury brands, rapidly changing
consumer trends, and the shift from physical stores to digital stores. The Rest
of the World (RoW) consists of South America, the Middle East, and Africa. The
regional market accounted for an 8.54% in luxury
fashion market share in 2020 and is projected to register a CAGR of 3.91%
during the forecast period. The growth of the luxury fashion is anticipated to
be driven by several factors, such as the changing lifestyles of the consumers
and new product developments. Key market players are also promoting their
products to create strong awareness among consumers. Rising per capita
disposable income and product launches are expected to fuel the demand for
luxury fashion in the region.
Key Findings of the Study:
- The
clothing & apparel segment accounted for the largest market share of
42.13% in 2020 and is projected to register the highest CAGR of 3.67%
during the forecast period.
- The
women segment accounted for the largest market share of 57.04% in 2020 and
is projected to register a decent CAGR of 3.63% during the forecast
period. However, the unisex segment is expected to register the highest
CAGR of 3.67% during the forecast period.
- The
store-based segment accounted for a larger market share of 87.12% in 2020.
However, the non-store-based segment is expected to register a higher CAGR
of 4.55% during the forecast period
NOTE: Our Team of Researchers are Studying Covid19 and
its Impact on Various Industry Verticals and wherever required we will be
considering Covid19 Footprints for Better Analysis of Market and Industries.
Cordially get in Touch for More Details.
Contact us:
Market Research Future (part of Wantstats Research and
Media Private Limited),
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