Apparel Luxury Fashion Market to Grow During the Forecast Period
Growing
popularity of fashion trends among young generation, rising demand from
individuals with high-net worth, and increasing demand from online channels are
the leading factors driving the global luxury fashion market during the forecast
period.
According to
TechSci Research report, “Luxury Fashion Market – Global Industry Size,
Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F” The luxury fashion market is
witnessing high demand owing to the rising number of high-net-worth individuals
globally. As per the data published in the news article of The Guardian, the
high-net-worth number rose to 218,200 with assets of up to USD50 million in
2021. Moreover, the rising disposable income owing to the increasing per capita
income of consumers and the growing popularity of luxury brands are driving the
demand for luxury fashion market.
A luxury fashion brand is one
that stands out for its high standard of quality, exclusivity, and cost. The
high price points of luxury clothing set it apart from basic types of clothing.
Luxury clothing ought to cost more because it is made with superior materials
and is expertly crafted. Their products are futuristic, high-quality, and
durable. Though distinctive, it has an appealing aesthetic. Luxury brands are
also focusing on improving their brand positioning and strategies to target the
affluent consumer segment.
Browse over xx market data Figures spread through xx Pages and an in-depth TOC on the "Global Luxury Fashion Market"
Luxury clothing brands are
focusing on more promotions to increase sales. Celebrity endorsements have a
big impact on the purchase preferences of consumers, particularly in the luxury
fashion sector. They have a great deal of influence in the fashion industry and
have a large social media base. Celebrities have long been used to promote
high-end brands. Additionally, social media celebrities that promote products
through their blogs and videos have a significant impact on consumers. Product
launches and branding are benefiting by using social media to close the gap
between marketers and customers.
Social media's rapid growth
has changed the business landscape and given market players new opportunities. There
are ongoing blogs and live streaming on social networking sites like Facebook,
Instagram, Twitter, and YouTube. Manufacturers engage with consumers on social
media by providing exclusive insights and deals to promote their brands and
foster relationships. The amount of social media content devoted to the fashion
sector is constantly increasing. The demand for luxury clothing is
significantly influenced by social media, particularly among young people who
use it frequently to get information today. As a result, blogs in support of
luxury companies that are published on social media platforms have a significant
impact on the market's expansion.
During the forecast period, the
apparel product type segment will witness a huge demand, especially among
millennials. As the brands’ presence is growing rapidly on social media
platforms, the demand for luxury apparels is increasing. Moreover, the rising buying
power of individuals is also boosting the demand for the product. The spending
of millennials in the United States is USD600 billion annually. Thus, these
factors are anticipated to further fuel the market growth of luxury goods in
the forecast period.
The global luxury
fashion market is segmented into men, women, children on the basis of end user.
The demand for luxury brands witnessed high demand among women, owing to the
rising number of working female individuals and their rising purchasing power.
More than 39,000 women fall under the ultra-high-net individuals who have net
worth of USD30 million or more.
Key market players in the global
luxury fashion market include:
- Capri Holdings
Limited
- Giorgio Armani
S.P.A.
- Burberry Ltd.
- Chanel S.A.
- Dolce &
Gabbana S.r.l.
- Tom Ford
International LLC
- Hugo Boss AG
- The Shiseido
Company, Ltd.
- EssilorLuxottica
SA
- Luxottica Group
S.p.A
Owing to the rising number of competitors in the
luxury fashion market, different companies are taking up several measures as
well as strategizing to survive in the market. For instance, in 2021, Reebok
International Limited was acquired by Authentic Brands Group, an American
holding company whose wide portfolio of over 50 brands also includes
Aéropostale, Nautica, and Volcom. Additionally, in 2021, Chanel S.A. acquired a majority stake in
Paima Srl, an Italian company founded in 1968 that specializes in knitwear.
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"The rising popularity
of luxury brands among individuals due to the rising growth of social media, increasing
number of high-net-worth individuals, surging demand from online channels and
increasing penetration of multiple brands in the market will influence the
demand for global luxury fashion market.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.”
Luxury Fashion Market –
Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented
By Product Type (Apparel, Footwear, Accessories), By End User (Men, Women,
Children), By Distribution Channel (Supermarket & Hypermarket, Exclusive
Stores, Departmental Stores, Travel Retail, Others (Direct Sales, Multi Branded
Stores), By Region, Competition, Forecast & Opportunities, 2018-2028F” has evaluated the future growth potential of global
luxury fashion market
and provides statistics and
information on market structure, size, share, and future growth. The report is
intended to provide cutting-edge market intelligence and help decision-makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges and
opportunities present in luxury fashion market globally.
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