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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
Luxury Apparels Market Size
The global luxury apparels market 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.
Key Trends in the Market
Luxury apparel refers to branded and fashionable clothing, accessories, and footwear that is characterised by excellent quality, expensive price, and exclusivity. Luxury brands are associated with scarcity, sophistication, craftsmanship, superior performance, and creativity. Moreover, luxury clothing is made with high-quality materials and is crafted with attention to detail and precision.
- The luxury apparels market demand is being fuelled by the rising focus on experience and the increasing willingness of the millennial and Gen-Z population to try new things and pay extra for premium products.
- Luxury apparel brands are increasingly becoming more exclusive, adapting their prices to target high-income customers, and offering exclusive solutions to capitalise on trends like quiet luxury. In addition, the growing use of premium fabrics like silk, cashmere, wool, and linen is further propelling the market expansion.
- One of the key luxury apparels market trends includes the shift towards e-commerce platforms. Luxury retailers are increasingly attempting to offer personalised and interactive experiences on e-commerce channels while utilising technologies like virtual reality and augmented reality to create virtual try-ons, reduce the likelihood of returns, and provide customers with seamless integration of both online and offline experiences.
- Sustainability has emerged as an indispensable factor propelling the luxury apparels market growth. Awareness regarding climate issues associated with fashion is rapidly increasing, prompting luxury fashion retailers to embrace environmentally friendly and socially responsible production processes and materials.
The rising adoption of renewable materials and advanced technologies, innovations in textiles, and the development of fibres that do not produce waste are likely to further aid the market growth in the forecast period.
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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