• US: +1-408-610-2300
  • Toll Free: +1-866-831-4085
  • Login / Register
Luxury Apparel Market Size, Growth 2025 | Industry Analysis Report

Luxury Apparel Market Analysis Report By End User, By Distribution Channel, By Region And Segment Forecasts From 2019 To 2025

Report ID: MN17619820  |  Published: June 2020  |  No of Pages: 80
Format: Electronic (PDF)  |  Industry: Clothing and Textiles  |  Publisher: Grand View Research

Industry Insights

The global luxury apparel market size was valued at USD 67.85 billion, in 2018 and is anticipated to grow at CAGR 3.5% over the forecasted period, from 2019 to 2025.Rising demand for attractive and stylish luxury products among millionaires has majorly driven the market growth. In addition, luxury products contribute to greater social acceptance is fueling the luxury apparel demand among millionaires. Increasing consumer-spending capacity on luxury products due to the rising disposable income is projected to drive product demand over the forecast period.

Most of the consumers buy luxury apparels to experience high quality and better designs. Hence, brand loyalty plays an important role where the customer is ready to pay a slightly extra for its desired brand. Established brands look to maintain certain level of quality and aim for higher customer satisfaction. Word-of-mouth also plays a vital role to promoting luxury brands.

U.S. luxury apparel market

The style quotient and better designs, quality and fabric durability are some USP of luxury apparel, however, the easy availability of duplicate luxury products at cheaper price became a challenge for this market. Low awareness how to differentiate between original and duplicate products among consumers has further hampered market growth. According to Assocham study, the fake luxury market is increasing at the rate of 40% to 45% yearly. Therefore, this duplicate products is becoming a major challenge for manufacturers as they gain market share and also hamper brand image.

The luxury clothes have better quality and they offer latest fashion. For example, the Indian Raymond Group introduced Raymond Khadi brand to offer luxury khadi appeal.

End User Insights

By end-user, the luxury apparel market is fragmented into men and women. In 2018, Men segment accounted for the largest market share of around 56.00%. The high revenue share is attributed to the demand for luxury formals wear among men. According to the study, men spend a high amount on luxury brands and are more likely to buy for others than themselves. The average pay for women and men is also a major factor. This has led to men spending more on luxury goods. The women segment is anticipated to grow with a CAGR of more than 3.0% over the forecast period, 2019 to 2025.

Distribution Channel Insights

By distribution channel, the luxury apparel market is fragmented into offline and online retail channels. In 2018, the offline segment accounted for the largest market share due to the high price and quality attributes of these products. It allows the buyers to check products physically in terms of material, size and quality, which directly affects the purchasing decision of buyers before spending a high amount on luxury apparel. The specialty stores and multi-branded retail shops provide free alteration to customers. Thus, the above factors have resulted in high revenue share for this segment.

Global luxury apparel market

On the other hand, the online segment is expected to register the highest CAGR from 2019 to 2025. Both own branded online retailers and multi-brand e-retailer are used to interact with customers. Luxury products, especially clothes are not easily available at several shops resulted in limited access to consumers. People who are living in remote places and rural areas can easily purchase these products through online channels. In addition, the online portal, which offers multi-brand, can reach to those consumers who do not have more time to browse all mono-brand online portals, thereby expected to open new avenues for this segment in the next few years.

Regional Insights

Europe accounted for the largest market share, in 2018. The U.K., France, Germany, and Italy are the key markets in the region. Europe is one of the most popular tourist destinations that attract many travelers across the globe. Europe is home to some of the biggest luxury brands in the world. Thus is resulted in the revenue share in the region.

Asia Pacific is projected to witness healthy growth in the next few years due to the increasing demand for luxury apparel among working professionals. In this region, China, India, and Japan are major countries are expected to contribute growth over the forecast period. China is the largest consumer for these products, as they travel frequently across the world. Some manufacturers have seen potential in children’s wear market, which is expected, to fuel product demand over the forecast period

Luxury Apparel Market Share Insights

The major players included in this market are Burberry, Georgia Armani, Prada, Dolce & Gabbana, Kate Spade, Phillip Lim, Gucci, PVH Corp. (Calvin Klein), and Coach. The key players are majorly concentrated in North America and Europe. Due to strong brand loyalty, market has high entry barrier to enter in this market. 

To sustain in a competitive market, companies are focusing on marketing campaigns hence, they are hiring celebrities for promotional activities to attract consumers. For example, luxury conglomerate LVMH and Rihanna introduced a brand FentyMaisonin in their product range.

Report Scope

Attribute

Details

Base year for estimation

2018

Actual estimates/Historical data

2015 - 2017

Forecast period

2019 - 2025

Market representation

Revenue in USD Billion and CAGR from 2019 to 2025

Regional scope

North America, Europe, Asia Pacific, Central & South America, Middle East & Africa

Country scope

U.S.,U.K., Germany, France, Japan, China and Turkey

Report coverage

Revenue forecast, company share, competitive landscape, and growth factors and trends

15% free customization scope (equivalent to 5 analyst working days)

If you need specific information, which is not currently within the scope of the report, we will provide it to you as a part of customization


Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels, and provides an analysis on latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, Million Insights has segmented the global luxury apparel market report based on end user, distribution channel, and region:

• End User Outlook (Revenue, USD Billion, 2015 - 2025)
    • Men
    • Women

• Distribution Channel Outlook (Revenue, USD Billion, 2015 - 2025)
    • Offline Retail
    • Online Retail

• Regional Outlook (Revenue, USD Billion, 2015 - 2025)
    • North America
        • U.S.
    • Europe
        • Germany
        • U.K.
        • France
    • Asia Pacific
        • China
        • Japan
    • Central & South America
    • Middle East & Africa
        • Turkey

What questions do you have? Get quick response from our industry experts. Request More information
Key questions answered in the report include
key questions
We also offers customization on reports based on specific client requirement.
Request for Customization

Choose License Type

Research Assistance

Ryan Manuel
Ryan Manuel

Research Support Specialist, USA

  1. Phone: +1-408-610-2300
  2. Toll Free: +1-866-831-4085
  3. Email: [email protected]
  • World's largest premium report database
  • Transparent pre & post sale customer engagement model
  • Unparalleled flexibility in terms of rendering services
  • Safe & secure web experience
  • 24*5 Research support service
  • 100% Secure Payments
  • Our Promise
  • 100% Service Assurance
  • Market Monitoring
  • Service Flexibility
  • 24X5 Care available