The report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
The Luxury Apparels Market is estimated to grow from USD 71.8 billion in 2020 to USD 88.5 billion by 2026 at a healthy CAGR of 3.6% during the forecast period.
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Based on end-user, the market has been divided into men and women.
- Increased spending on work wear luxury apparels by men is driving the segmental growth.
- Luxury clothing is primarily preferred by young people across geographies as a result of growing fashion trends coupled with purchasing power of the consumers.
- Growing emphasis on introducing new designs in women apparel by the market players is likely to propel the growth of women segment.
“Europe held the largest market share in 2020.”
This can be attributed to huge spending on expensive clothes by business tycoons and presence of key market players such as Valentino S.p.A. (Italy) and Gucci (Italy). Rising consumer awareness and brand consciousness among consumers coupled with increasing purchasing power in the developing countries are likely to further drive the product consumption.
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
What is Luxury apparel?
Luxury apparel is considered to be high-quality and durable branded clothes.
Luxury clothes are often considered a status symbol for many people with high purchasing power. Consumers often spend more on luxurious clothes as a result of brand loyalty. High price & styling are the key factors that differentiate luxury apparel & normal apparel. Cotton is the most widely used material in making luxurious clothes due to its durability and quality.
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