Luxury Apparels Market: Snapshot
Since the historic times, only the rich could afford luxury apparels. Reserved for the elite class, the luxury apparels market has boasted an esteemed clientele comprising the high net worth individuals. However, over the years several designers and fashion brands have started reaching out the broader range of customers through affordable products. Big brands such as Louis Vuitton, Prada, and Versace are expanding to developing economies, which has not only improved their geographical reach but also won them a newer consumer base. The research report states that the opportunity in the global luxury apparels market will be worth US$60,793.7 mn by the end of 2024 from US$1,8842.69 mn in 2015. Between the years of 2016 and 2024, the global market is expected to expand at a CAGR of 13.2%. The increasing affordability of luxury apparels is attributable to the mass production of goods, which has transformed the 19th-century ways of dress making.
Consumer Preference Tilts toward Cotton due to Increasing Global Temperatures
On the basis materials, the global luxury apparels market is segmented into leather, cotton, denim, silk, and others. The report indicates that cotton dominates the global market as it held a share of 35.87% in 2015. The preference for cotton due to its convenience in hot and humid weather in regions such as Asia Pacific and the Middle East and Africa has triggered a monumental demand. The material has become ubiquitous in the clothing and fashion industry due to high terrific absorbency, comfort, and breathable nature of the fiber. Furthermore, high cotton production in India and China have also made Asia Pacific a frontrunner in the global market.
The leather is the next emerging segment in the global market. This material is being preferred due to its durability and ability adapt to myriad designs that characterize high fashion. The expensive nature of leather also makes it fit for luxury brands, who work on the premise of premium pricing of the exceptionally high quality of products. Furthermore, silk is also gaining a significant momentum due to smooth texture, softness, and the elegance it bestows to the overall design. The remarkable production of silk in India and China has also once again lent an impetus to the luxury apparels market of Asia Pacific.
Asia Pacific Emerges as Leading Segment as International Brands Garner New Consumers
In terms of regions the global luxury apparels market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and Rest of the World. Presently, Europe has a strong footing in the global market due to the presence of several luxury brands and houses that have been in the business for several decades. However, analysts predict that Asia Pacific will undergo a radical shift in demand towards luxury apparels over the coming years. This demand will be dictated due to rising disposable incomes, changing lifestyles, improving standards of living, and the presence of several international brands in the emerging countries of Asia Pacific. The penetration of e-commerce is also likely to drive the growth of the global market in the coming few years.
Some of the key players operating in the global luxury apparels market are Kering, Versace, Prada, Dolce and Gabbana, Burberry Group Inc, LVMH Moet Hennessy Louis Vuitton SE, Giorgio Armani S.p.A. These players hold a dominant share in the overall market. The other prominent players in the market are Ermenegildo Zegna, Kiton, Ralph Lauren Corporation, and Hugo Boss AG.
Global Luxury Apparels Market: Overview
This report covers the analysis and forecast of the luxury apparels market on a global and regional level. The study provides historic data of 2015 along with forecast for the period between 2016 and 2024 based on revenue (US$ Mn).
The study provides a decisive view of the luxury apparels market by segmenting it based on materials, gender, and regional demand. Materials segments have been analyzed based on current trends and future potential. The market has been estimated from 2016 to 2024 in terms of revenue (US$ Mn). Regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, the Middle East and Africa and Latin America. These have been further sub-segmented into countries and regions with relevance to the market. The segmentation also includes demand for individual applications in all regions.
The study covers the drivers and restraints governing the dynamics of the market along with their impact on demand during the forecast period. Additionally, the report includes potential opportunities in the luxury apparels market on the global and regional level.
Global Luxury Apparels Market: Research Methodology
We have included a detailed value chain analysis to provide a comprehensive view of the luxury apparels market. Analysis of Porter’s Five Forces model has also been included to help understand the competitive landscape in the market. The study encompasses market attractiveness analysis, wherein applications have been benchmarked based on their market size, growth rate, and general attractiveness for future growth.
The market has been forecast based on constant currency rates. Prices of luxury apparels vary in each region and are a result of the demand-supply scenario in the region. Hence, a similar volume-to-revenue ratio does not follow for each individual region. Individual pricing of luxury apparels for each material has been taken into account while estimating and forecasting market revenue on a global basis. Regional average price has been considered while breaking down the market into material segments in each region.
The report provides the size of the luxury apparels market in 2015 and the forecast for the next nine years up to 2024. The size of the global luxury apparels market is provided in terms of revenue. Market revenue is defined for regions in US$ Mn. The market size and forecast for each product segment is provided in the context of global and regional markets. Numbers provided in this report are derived based on demand generated from different applications and types of raw materials. Market dynamics prevalent in North America and Europe have been taken into account for estimating the growth of the global market.
Global Luxury Apparels Market: Scope of the Report
Market estimates for this study have been based on revenue and with revenue being derived through regional pricing trends. The price for commonly utilized types of luxury apparels in each application has been considered, and customized product pricing has not been included. Demand for luxury apparels has been derived by analyzing the global and regional demand for luxury apparels in each application. The global luxury apparels market has been analyzed based on expected demand. Market data for each segment is based on volume and corresponding revenues. Prices considered for calculation of revenue are average regional prices obtained through primary quotes from numerous regional suppliers, distributors, and direct selling regional producers based on manufacturers’ feedback and application requirement. Forecasts have been based on the expected demand from luxury apparels applications.
We have used the top-down approach to estimate the global luxury apparels market, split into regions. The material split of the market has been derived using a top-down approach for each regional market separately, with the global material segment split being an integration of regional estimates. Companies were considered for the market share analysis based on their product portfolio, revenue, and manufacturing capacity. In the absence of specific data related to the sales of luxury apparels of several privately held companies, calculated assumptions have been made in view of the company’s product portfolio and regional presence along with the demand for products in its portfolio.
Key Players Mentioned in the Report
The report covers a detailed competitive outlook that includes market share and company profiles of key players operating in the global market. Key players profiled in the report include Kering, Versace, Prada, Dolce and Gabbana, Burberry Group Inc, LVMH Moet Hennessy Louis Vuitton SE, Giorgio Armani S.p.A., Ralph Lauren Corporation, Ermenegildo Zegna, Kiton and Hugo Boss AG.
Company profiles include attributes such as company overview, brand overview, financial overview (in terms of financial year), business strategies, and recent/key developments.
Global Luxury Apparels Market, By Material
Global Luxury Apparels Market, By Gender
Global Luxury Apparels Market, By Geography
- North America
- The U.S.
- The U.K.
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East and Africa
- South Africa
- Rest of MEA