A recent report by Transparency Market Research states that global luxury apparels market is projected to witness a robust growth from 2016 to 2024. As per the report the growth is the result of demand for designer clothing in women across the globe. Moreover, the changing life style of people in India, China, and the U.S. is also attributing to the growth of the market in the projected tenure. Based on the growing trend for wearing high class dress at various occasions the global luxury apparels market is anticipated to experience 13.2% CAGR in coming years.
Tight Competition Still Draws Major Revenue
The global luxury apparels market is currently having a fragmented scenario. This is because, there are several businesses and designers that are designing and developing high-end designer clothes for women. As a result of this scenario the market is highly competitive which is quite challenging for new players to enter. However, to establish themselves in the global luxury apparels market, the new players are adopting product promotions and branding as their resort.
Additionally, social media is also playing an important role in establishing these players in the global luxury apparels market. With the help of the vast reach of social media platforms such as Facebook and Instagram, businesses dealing in luxury apparels can reach to a larger number of audience.
Cumulatively, the competition and strategies to overcome it is anticipated to be an advantage for the growth of global luxury apparels market. In terms of revenue the market is expected to reach to the value of US$ 60.7 bn by the end of 2026.
Growing Disposable Income of People to Boost the Growth
The economy of several countries is gaining a major momentum these days. This growing and stabilizing economy is boosting the disposable income of an individual especially females. Due to this increasing disposable income, more people and can purchase and afford the designer clothes. This growth in the affordability by the consumers, is aiding the growth of the global luxury apparels market.
Moreover, the growth of online shopping portals that can deliver the high-quality product right at the customers’ door steps is another factor responsible for the pacing growth of global luxury apparels market.
Asia Pacific to be the Dominant Region
Geographically, Asia Pacific is anticipated to dominate rest of the region of global luxury apparels market. This because of the growing trend of online shopping in countries like India and China. Moreover, the growing demand for high-end, sassy and attractive clothing for several occasions in India also stimulates the dominance of Asia Pacific in global luxury apparels market from 2016 to 2024.
The global luxury apparels market is segmented on the basis of:
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- North America
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