Published: Oct, 2018
According to a recent report by Transparency Market Research (TMR), the vendors of the global luxury apparels market may witness remarkable growth opportunities owing to the presence of a number of companies in the market worldwide. The competitive landscape of the market is seen to be fragmented because various companies offer numerous growth opportunities whether it be branding of products or investing huge sum of money on research and development strategies.
Some of the leading players of the luxury apparels market are Ralph Lauren Corporation, Prada, Burberry Group Inc., Hugo Boss AG, and Dolce. There is intense competition between players to collect most revenue as compared to the other companies and establish their foothold in the market. All companies are focusing on designing high fashion clothing and other factors that can also help to gain momentum so that the market can grow with the advent of time.
As per the TMR report, the global luxury apparels market is estimated to be worthUS$60.7 bn by the end of 2024. The market is expected to expand with a CAGR of 13.2 % within the forecast period of 2016 to 2024. On the basis of material, the market is dominated by the category of cotton with an account of 35.87% of the total share of the market. As per geographical segmentation, Asia Pacific is estimated to be contributing more number of shares with a CAGR of 14.75% by the end of the forecast period.
Increase in Disposable Incomes to Boost Market Growth
Luxury apparels are the symbol of class and only people with good financial background are expected to be able to afford such luxury apparels. The global market for luxury apparels is expected to be rising with time due to increase in disposable incomes of people nowadays and this further leads to rise in purchasing capacity of consumers. Moreover, the trend of luxury apparels amongst the young generation is propelling the market for luxury apparels.
Another factor envisioned to boost the demand for market is the emergence of online shopping services. It is easier to do shopping online instead of having to go places and try various outfits. Easy return facility has further boosted the market and attracted more prospective consumers. Digital marketing was a cherry on top and had left no stone unturned in order to advertise the benefits of online shopping and the urge for developing a classy taste of fashion increased among people.
The global luxury apparels market is seen to be dominated by Asia Pacific The market in Asia Pacific is presumed to witness rapid growth due to rise in disposable incomes, along with the change in lifestyles of people and their improvised standard of living especially in its emerging nations of China, and India in the coming years. Europe, on the other hand, has already attained maturity because of the presence of many luxury brands that have been doing business for the past few decades.
Huge Investment to Restrict New Players from Joining Market Hampering Growth
Even though the luxury apparels market is seen to have several growth prospects, there is the need for higher investment in order to establish and run the business. The fact that the investment amount is more on the higher side seems to be acting as a hindrance to the overall growth of the market. Apart from that, major vendors are investing more and more in innovation and research so that to outstand other players. Thus, new entrants are finding it difficult to enter the market to compete with such high level set players. This is also projected to hamper the growth of the luxury apparels market in the years to come.
However, the rise in sales all around the world by the medium of hypermarkets and online sales are presumed to create new opportunities of growth in the luxury apparel market globally.
The information presented in the review is based on a TMR report titled, “Luxury Apparels Market (Material - Cotton, Leather, Silk, and Denim; Gender - Men and Women) - Global Industry Analysis, Trend, Size, Share and Forecast 2016 – 2024”.
The global luxury apparels market is segmented as follows:
Global Luxury Apparels Market by Material:
Global Luxury Apparels Market by Gender:
Global Luxury Apparels Market by Geography:
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa
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