Luxury Fashion Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2024-2032F 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
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Consumer Goods and Retail | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationLuxury Fashion Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2024-2032F 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
The global luxury fashion market is witnessing high demand owing to the rising popularity of luxury apparel, accessories and footwear among the younger population. The rising number of luxury fashion brands, with their increasing brand value, and active participation on social media platforms, are also contributing to the overall growth of the luxury fashion market around the globe. For instance, in 2020, Nike had a brand value of USD36.8, and Louis Vuitton had a brand value of USD32.3 billion. Moreover, new product launches by brands, marketing as well promotional strategies by market players as well as the growing presence of luxury brands on e-commerce platforms are further driving the growth of the global luxury fashion market worldwide.
Luxury goods are composed of high-quality materials; thus, they tend to last longer than other products. Moreover, luxury goods are gaining popularity through social media platforms among individuals and increasing company’s reach via retail retailers in different countries. For instance, Gucci has nearly 501 retailers worldwide
Luxury clothing is mostly seen as a status symbol for individuals and encourages affluent shoppers to spend discretionary money. Since millennials are more prone than other consumer groups to be influenced by the newest fashion trends, the appeal of luxury apparel is rising among this generation, which is fueling market expansion. The expansion of the luxury apparel market over the past few years has been significantly attributed to advancements in digital marketing and an increase in the usage of digital media for product promotion in developing nations.
Moreover, the amount of convenience that e-commerce retailing offers consumers is the primary factor driving the increase in sales for luxury fashion brands. Additionally, people find it simple to select their favourite brands and obtain a broad range of clothing and associated accessories in accordance with their requirements and preferences. Online platforms offer additional options for consumers to opt from.
Additionally, new product launches in the luxury fashion market are boosting the market growth at a global level. For instance, Burberry, a British luxury brand, and the New Concepts platform at Nordstrom launched the Concept 019Burberry, a capsule collection in 2022. The collection's offering comprises a range of ready-to-wear items and accessories for men, women, and kids, from separates like graphic T-shirts and knitwear to outerwear designs like trench coats and puffer jackets. The collection also offers, a variety of sophisticated and contemporary metallic items, such as sequined dresses, embossed shoes, accessories, and crystal-embellished jewellery.
Download Free Sample ReportSponsorships and Social Media Promotions are Propelling the Market's Expansion
The market is expanding as a result of promotions and celebrity endorsements influencing customer purchases. Celebrities are quite valuable to marketers because of their immense influence on fashion, which drives consumers to a particular brand. Celebrities are frequently employed to promote products on social media through their blogs and videos to attract consumers. Social media offers a good platform for product introductions and branding as it expands the brand’s reach to consumers. Moreover, luxury fashion brands are highly vocal about the designers in addition to posting information about their products and prices on social media to adhere to the luxury fashion industry trends. They employ their ambassadors and select a particular theme for a specific season to promote their business. The demand for luxury clothing is greatly influenced by social media, particularly among young people which are using it frequently to get information. On social media, businesses can advertise their brands on a number of sites, including Twitter, Facebook, YouTube, and Instagram. These are the factors that contribute to the expansion of the luxury fashion market share.
Rising Demand from Individuals with High-Net Worth is Driving the Market Growth
Major purchasers of luxury fashion products are high net-worth individuals as they have a greater desire for luxury fashion. As per the data published in the article of Business Insider, United States has more than 140,000 high-net-worth individuals after adding approximately 30,000 more individuals in 2021 with net worth of more than USD50 million. The rising number of net-worth individuals increases, with their strong purchasing power, and changing lifestyle will further contribute to the luxury fashion market growth.
High Prices are Restricting Market Expansion
The price increase of luxury fashion items is primarily high as they are produced using different methods and materials than rapid fashion. In contrast to fast fashion, which frequently uses low-quality printing and dyeing techniques, the luxury fashion is built on the use of high-quality textiles. At every stage of production, luxury brands make sure that their high standards are upheld. High prices limit the customer base for luxury fashion, because a majority of the people globally, who are price sensitive, prefer fast fashion, which is found at at affordable prices will further hamper the luxury fashion market demand.
Additionally, the high prices of luxury products make it difficult even for their committed clients to make repeat purchases, which has a negative impact on the market's overall sales volume. Therefore, these factors, along with a small customer base hamper the global luxury fashion market demand.
Market Segmentation
The global luxury fashion market is segmented based on product type, end user and distribution channel. On the basis of product type, the market is divided into apparel, footwear, accessories. On the basis of end user, the market is divided into men, women, children. Based on distribution channel, the market is fragmented into
Company Profiles
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 are
Recent Development
- Thelaunch of virtual goods on the metaverse is becoming a big priority for manyluxury fashion firms in order to attract a larger audience and increase marketsales. Numerous luxury brands, including Gucci, Louis Vuitton, Nike, Adidas,Prada, Ralph Lauren, and others, are observing enormous financial growth due tothe integration of artificial intelligence and machine learning, which isincreasing audience engagement. Furthermore, in 2021, On the 200th anniversaryof the founding of Louis Vuitton, the company developed a mobile game called"Louis the Game" in collaboration with digital artists Beeple. Thegame allowed players to customize their avatars with a variety of LouisVuitton prints and other collectibles that surfaced during gameplay.
- In2020, Hermes opened its first digital flagship stores in Saudi Arabia (KSA) andthe United Arab Emirates. This allows customers to view the brand's luxurycollections. In addition, the website offers a variety of other elements, suchas short films, essays that explore the Hermes universe, and the most recentround of fashion shows.
- In2021, tt their Alta Moda couture presentation in Venice, the Italian designbrand Dolce & Gabbana unveiled Dolce & Gabbana Casa, their first-everhome decor collection. It included everything from furniture for dining andseating to cabinets is decorated with one of four distinctive patternsMediterranean Blue, Carretto, Leo, and Zebra.
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