Market Research Future Insights

According to market research future insights analysis, the global luxury fashion market is expected to register a CAGR of 3.59% from 2023 to 2030 and hold a value of over USD 320.8 billion by 2030.

Various luxury fashion players are focused on strategic growth initiatives such as acquisitions and product launches to strengthen their market position and expand their consumer base. This, in turn, is driving the global market for luxury fashion. For instance, in March 2022, LIORE’e, a baby luxury accessories designer company from New York, launched a new product line of luxury baby clothes in Dubai. Similarly, in July 2021, LVMH acquired a stake in the Italian luxury fashion brand Off White to expand the existing and new product lines. Other than this, Millennials and the Gen Z population are key drivers of the luxury fashion market owing to their willingness to spend additional for premium products, focus on style and fashion and broad-mindedness towards experimenting with new things. Furthermore, an increase in the number of wealthy people is expected to fuel market expansion. To capture the attention of the millennial and Gen Z generation, businesses are tailoring their product offerings. Therefore, the market's expansion would be supported by the wealthy population's rising desire for high-end fashion goods. The demand for eco-friendly goods is projected to increase as sustainable luxury fashion production projects gain traction. The market for authentic luxury products is anticipated to be hampered by a rising trend of buying used branded goods or renting designer clothing because used goods are typically available for less than the original price of the item. Similar to the previous point, the market growth is projected to be constrained by the rising trend of counterfeiting, in which goods that resemble premium brands are sold for less money.

Regional Analysis

North America dominated the market for luxury fashion in 2021. Higher spending capacity, presence of a large number of players, tourism-based purchasing and high preference towards luxury products is pushing multinational companies to launch their products earlier in this region compared to other geographies.

Asia-Pacific is expected to witness lucrative growth in luxury fashion products. This is due to rising purchasing power, changing consumer trends, and the entry of many luxury brands across the region, leading to the growth of the luxury fashion market. In addition, the rising number of luxury brand stores and increased online presence further accelerate the market growth.

Market Segmentation

The global luxury fashion market has been segmented into product type, end user, and distribution channel.

Based on product type, the market has been segmented into clothing apparel, footwear, and accessories. The clothing apparel segment accounted for the largest market share in 2021 owing to the increasing popularity of luxury brands, growing online presence, and increasing fashion awareness among Millenials Gen Z population. In addition, the clothing apparel segment is projected to witness the highest growth during the forecast period due to rising living standards and changing lifestyles.

Based on end user, the market has been segmented into men, women and unisex. The women segment accounted for the largest revenue share in 2021 in the luxury fashion market. This is due to the rising awareness of grooming and fashion sense among females, and increasing awareness of product availability is accelerating market growth. On the other hand, the unisex segment is expected to witness the highest growth during the forecast period.

Based on distribution channels, the market has been segmented into store-based and non-store based. The store-based segment is further sub-segmented as supermarkets hypermarkets, specialty stores, and others. The store-based segment accounted for the largest share in 2021 owing to consumers' preference to try buy high-value products. On the other hand, the non-store-based segment is expected to witness the fastest growth during the forecast period.

Key Players

Some of the key luxury fashion market players are 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).

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