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Report Overview
The global luxury apparel market size reached approximately USD 102.62 billion in 2023. The market is assessed to grow at a CAGR of 5.7% between 2024 and 2032 to attain a value of around USD 168.68 billion by 2032.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Market Share by End Use
Women hold a significant portion of the luxury apparels market share due to their increasing social independence and financial freedom. Extensive spending on self-improvement and self-care by women is further surging the demand for high-end fashion, cosmetics, and jewellery. With luxury goods becoming a part of pop culture and the increasing availability of different types of luxury items on online channels, the demand for luxury apparels among women is likely to bolster in the coming years.
Market Share by Region
As per the luxury apparels market analysis, Europe is witnessing a strong demand for luxury goods due to developed countries with high per-capita incomes in the region. Cities such as Milan and Paris in Europe are recognised as fashion capitals of the world and house reputed events such as international fashion weeks.
Meanwhile, the market in North America is experiencing significant growth, supported by the growing number of social media users and evolving customer behaviours. Brands in the region are also embracing authenticity, inclusivity, and diversity to develop connections with audiences and resonate with a wide range of customers.
Luxury Apparel Market Report Snapshots
Luxury Apparel Market Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market attained a value of nearly USD 102.62 billion.
The market is assessed to grow at a CAGR of 5.7% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 168.68 billion by 2032.
The shift towards e-commerce platforms and the increasing willingness of the millennial and Gen-Z population to try new things are the major market drivers.
The key trends aiding the market growth are the rising trend of sustainability, the increasing spending on luxury apparel by women, and the surging attempts by key players to enhance their diversity and inclusivity.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The significant distribution channels in the market are offline and online.
The major players in the market are Chanel S.A., LVMH Moet Hennessy-Louis Vuitton SE, PVH Corp., Ralph Lauren Corporation, Christian Dior SE, Prada S.p.A., Dolce & Gabbana S.r.l., Giorgio Armani S.p.A., Kering SA, and Burberry Group plc, among others.
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