Home / Consumer Goods / Luxury Clothing Market by Distribution Channel (Online, Supermarkets & hypermarkets, Multi brand and Exclusive stores, Boutiques, Others) by End-user (Men, Women, Kids)- Growth, Future Prospects, And Competitive Analysis, 2017 -2025

Luxury Clothing Market by Distribution Channel (Online, Supermarkets & hypermarkets, Multi brand and Exclusive stores, Boutiques, Others) by End-user (Men, Women, Kids)- Growth, Future Prospects, And Competitive Analysis, 2017 -2025

Published: Nov 2021 | Report Code: 60441-11-21

Luxury Clothing Market Analysis

The fashion industry is changing every day, with new innovations and a competitive bid for creativity. Post-industrialization, the industry has grown rapidly due to the higher production volumes and a globalised market. For a long time, luxury clothing was based on the European concept of haute culture, which involved exclusive, high-end, custom-made clothing. Over time, the luxury clothing industry has evolved to be characterised by the democracy of luxury: high-end clothing is available to more people and employs more sources of inspiration and creativity. Luxury clothing is no longer about one-of-a-kind pieces but more about brands and status symbols.

Luxury Clothing Market

Global Luxury Clothing market was worth USD 56,212 million amin COVID 19 situation and likely to grow at a CAGR of over 4.37% during the forecast period. The Luxury Clothing market is expected to generate revenue of over 90,000 million in 2027.

Interesting Facts about Luxury Clothing Industry

  • High net worth or millionaire population has been reached over 48 million in 2020
  • North America has over 40% share of all millionaires in the world
  • High net worth people spend over USD 250 billion on purchasing luxury goods
  • Asia Pacific is growing in number of millionaires and so as demand for Luxury Clothing
  • Men Luxury Clothing segment accounted for over 55% share in total revenue generated by the global Luxury Clothing market

The luxury clothing market is the perfect example of excess, wealth, and status symbols. Nothing shows your value and high status like the clothes you wear and the brands you indulge in. The luxury clothing market has been projected to grow with a CAGR of 4.37% during the forecasted period of 2021-2026. With the rise of Covid-19, luxury fashion has seen a change in how it is marketed. Social media and e-commerce have led to a boom in the market and rising sales and profits. The market is growing incredibly quickly and shows no signs of slowing down in the globalized capitalist market.

The Role of Brand Heritage in Luxury Clothing

The luxury clothing market has been built upon the foundations of a handful of luxury brands. Because these brands have a long history of tradition, respect, and the idea of luxury, they have survived so long and made such big names for themselves. The most iconic luxury brands are recognised across the world simply by name or brand logo. Wearing clothing with a brand logo on it immediately cues everybody who sees you to the history and status of your luxury clothes. Brands like Channel, Dior, and Gucci have built their reputation over decades, and today that reputation carries them to the forefront of the luxury clothing market. Brand heritage is a huge barrier to entry in the market, and because of the reputations of existing brands, newer brands cannot rise and become key players in the market. Existing brands have had a monopoly in the market for decades.

Expected Growth of the Luxury Clothing Market

In 2020, the luxury clothing market was estimated to be worth an incredible 56 billion US dollars. This figure is expected to go up to 90.8 billion US dollars by 2027. The increase in social media advertisement, e-commerce, and online transactions in recent years has assured that the luxury clothing market will see sustained growth for many years to come. Europe is expected to hold the largest share of the market, followed closely by North America. The Asia-Pacific region is also expected to make a huge growth in market shares due to the globalised nature of the luxury clothing market. In the next few years, the key players to look out for are Giorgio Armani; Burberry; Dolce & Gabbana; Prada; Kate Spade; Phillip Lim; PVH Corp. (Calvin Klein), Hermes International, Kering and Versace.

Frequently asked questions about global Luxury Clothing industry

COVID 19 has brought down Luxury Clothing industry in 2020 with almost over 17.71% decline compared to previous year. However, demand is likely to restore in 2021 and expected to register whopping 25% growth rate

Europe and North America are largest regional markets with highest share in the total volume of Luxury Clothing consumed in 2020

Counterfeit products is one of the major concerns for manufacturers of Luxury Clothing as it hampers their brand value and reputation

Men’s segments dominated the consumption of Luxury Clothing

Offline segments dominated the consumption of Luxury Clothing

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