DUBLIN–(BUSINESS WIRE)–The “Luxury Fashion Market – Global Outlook & Forecast 2021-2026” report has been added to ResearchAndMarkets.com’s offering.
In-depth Analysis and Data-driven Insights on the Impact of COVID-19 is included in this report. The luxury fashion market size was valued at USD 110.64 billion in 2020 and is expected to reach USD 153.97 billion by 2026 growing at a CAGR of 5.66%.
The online sales of luxury fashion are expected to witness tremendous growth during the forecast period. The global luxury fashion industry is gaining momentum significantly with the rise in the number of high-net-worth individuals, the growing popularity among the young population belonging to the millennials and Gen Z generation, increasing brand loyalty among customers, and increasing association of luxury brands by the individuals. The rapidly changing technological landscape and the growing adoption of technology such as augmented reality (AR) by the fashion industry, supported by the growing penetration of digital channels across developing markets, provide new growth opportunities to vendors.
Key Questions Answered:
1. How big is the luxury fashion market?
2. Who are the end-users in the luxury apparel industry?
3. Who are the key players in the luxury fashion industry?
4. What are the factors driving the luxury fashion industry?
5. Which region accounted for the largest share in the luxury fashion market?
The following factors are likely to contribute to the growth of the luxury fashion market
- Leveraging augmented reality
- Growing inclination towards sustainable products
- Internet shaping purchasing behaviour
- Increasing acceptance by millennials & Gen Z population
- Growing high net worth individuals
- Growth in travel & tourism
- Millennials and the Gen Z population are the key drivers of the luxury fashion industry. This can be attributed to their higher focus on experiences, willingness to pay extra for premium products, and openness to experimentation with new things.
- Psycho-graphical and demographical indicators of end-users have changed drastically over the past few years. Factors such as increased internet penetration, strong smartphone adoption, and rising social media users have provided end-users with unmatched access to information on the go, thus helping end-users make informed purchasing decisions.
Luxury Fashion Market Segments
- In 2020, luxury apparel accounted for a large share in the luxury fashion industry. This is attributed to the Millennials and Gen Z population, who are highly driven by the latest fashion trends compared to any other age group.
- In 2020, men accounted for the highest share in the luxury fashion market. In the past decade, the men’s luxury segment has grown significantly due to increased expenditure on R&D and new product development. The online sales of men’s luxury fashion products are witnessing continuous growth with the increasing trust in online channels, improvement in logistics, and the brands offering more personalized experiences to the customers.
Market Segmentation by Product Type
Market Segmentation by End-User
Market Segmentation by Generation
- Gen X
- Millennials & Gen Z
- Baby Boomer & Silent Gen
Market Segmentation by Distribution Channel
- Mono Brand Stores
- Specialty Stores
- Departmental Stores
- Off-Price Stores
Market Segmentation by Geography
- South Korea
- Rest of APAC
- Rest of Europe
- North America
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
- Latin America
- Rest of Latin America
- Armani Group
- Prada Group
Other Prominent Vendors
- Capri Holdings
- Dolce & Gabbana
- Hugo Boss
- Max Mara Group
- Salvatore Ferragamo
- Tom Ford
For more information about this report visit https://www.researchandmarkets.com/r/b43y2s