Luxury Apparel Market Overview
In 2022, the market size for luxury apparel was estimated to be USD 97.23 billion. According to projections, the luxury apparel market will increase from USD 111.45 billion in 2023 to USD 139.2 billion in 2030, growing at a CAGR of 3.23% over the forecast period (2023 – 2030). The market is expanding because to the rising number of working women and the rising tendency of retaliation spending on luxury products. Additionally, the extensive use of social media marketing is promoting the market’s expansion.
The number of working women in the US has been rising over time; this translates to more financial independence, which has a favourable effect on spending on fashion items.
The Protecting the Right to Organise Act, the American Jobs Plan, the Gender Equity and Equity Action Fund, the Women Entrepreneurs Finance Initiative, and other projects and programmes are among those being undertaken by the US government to increase female involvement in the workforce. The measures are anticipated to accelerate the population expansion of working women in the next years.
The number of working women is anticipated to rise in the future years thanks to a number of government initiatives, including child-care support services and increased funding for job centres under the Department for Work and Pensions (DWP). In many industrialised economies, the population increase of working women followed similar trends.
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Major key players in the luxury apparel market include:
Christian Dior SE
Hermès International S.A
Yves Saint Laurent SAS
Kering Holland N.V.
Dolce & Gabbana S.r.l
Clothing, footwear, bags/handbags, and accessories are all included in the Luxury Apparel Market segmentation based on the type of luxury apparel.
Gen Alpha, Gen Z, Millennials, Gen X, and Baby Boomers are part of the segmentation of the luxury apparel market based on consumer groups. The Luxury Apparel Market’s revenue was dominated by the Gen X sector.
Both men and women are included in the segmentation of the luxury apparel market based on gender. With a share of the luxury apparel market revenue of between 50 and 60 percent in 2022, the female segment led all other gender segments.
The data for the world’s luxury apparel market has been divided into online and offline segments based on the distribution channel. In 2022, offline will be the dominant sector.
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The global market has been divided into four regions for the purposes of this report: Europe, North America, Asia-Pacific, and the Rest of the World. In 2022, the luxury apparel market in Asia-Pacific will hold the greatest market share, with USD 35.82 billion. This is primarily attributable to the region’s three most populous nations—China, India, and Japan—as well as to the rising incomes of millennial and Generation Z residents in these nations, which are positively influencing their preferences for a range of high-end products, including luxury clothing. The one-child policy in the nation has also increased the wealth of the Gen Z population. Another high-potential market that is attracting more investment from Western luxury brands is India’s luxury apparel sector, where the ease of doing business ranking has improved to 63 in 2022 from 142 in 2014 and there is considerable penetration.
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