Luxury Fashion Market Research Report
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Luxury Fashion Market - Global Outlook & Forecast 2021-2026

TO BE PUBLISHED : Nov 2021 | Pages : 248

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THE LUXURY FASHION MARKET SIZE WAS VALUED AT USD 110.64 BILLION IN 2020 AND IS EXPECTED TO REACH USD 153.97 BILLION BY 2026 GROWING AT A CAGR OF 5.66%

Luxury Fashion Market Research Report Includes Size, Share, & Trends Analysis Report by Product Type (Apparel, Footwear, and Accessories), By End-User (Men, Women, and Children), by Generation (Gen X, Millennials & Gen Z, and Baby Boomer & Silent Gen), By Distribution Channel (Online, Mono Brand Stores, Speciality Stores, Departmental Stores, Off-Price Stores, and Airports), and Geography (APAC, Europe, North America, Middle East & Africa, and Latin America) Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast 2021–2026

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Most Exhaustive Report

248 Pages

87 Tables

106 Charts

5 Regions

18 Countries

19 Companies

5 Market Segment

LUXURY FASHION MARKET REPORT SCOPE

Report Attribute Details
MARKET SIZE (REVENUE) USD 153.97 BILLION (2026)
CAGR 5.66% (2026)
Base Year 2020
Forecast Year 2021-2026
Market Segments By Product Type (Apparel, Footwear, and Accessories), By End-User (Men, Women, and Children), By Generation (Gen X, Millennials & Gen Z, and Baby Boomer & Silent Gen), and by Distribution Channel (Online, Mono Brand Stores, Specialty Stores, Departmental Stores, Off Price Stores, and Airports)
Geographic Analysis APAC, Europe, North America, Middle East & Africa, Latin America
Countries Covered China, Japan, India, South Korea, Rest of APAC, Germany, France, UK, Italy, Rest of Europe, US, Canada, UAE, Saudi Arabia, Rest of MEA, Brazil, Mexico, and Rest of Latin America

LUXURY FASHION MARKET OVERVIEW

The luxury fashion market size was valued at USD 110.64 billion in 2020 and is expected to reach USD 153.97 billion by 2026 growing at a CAGR of 5.66%. The online sales of luxury fashion are expected to witness tremendous growth during the forecast period. The global luxury fashion industry is gaining momentum significantly with the rise in the number of high-net-worth individuals, the growing popularity among the young population belonging to the millennials and Gen Z generation, increasing brand loyalty among customers, and increasing association of luxury brands by the individuals. The rapidly changing technological landscape and the growing adoption of technology such as augmented reality (AR) by the fashion industry, supported by the growing penetration of digital channels across developing markets, provide new growth opportunities to vendors.

The demand for luxury fashion products is subjected to the risk of changes in consumer preferences, seasonality, demographic changes, continuous innovation and development of high-tech products, economic factors, and other factors.

KEY HIGHLIGHTS

  • Millennials and the Gen Z population are the key drivers of the luxury fashion industry.This can be attributed to their higher focus on experiences, willingness to pay extra for premium products, and openness to experimentation with new things.
  • Psycho-graphical and demographical indicators of end-users have changed drastically over the past few years. Factors such as increased internet penetration, strong smartphone adoption, and rising social media users have provided end-users with unmatched access to information on the go, thus helping end-users make informed purchasing decisions.
  • During the forecast period, Latin America is expected to witness the fastest growth rate and is due to changing lifestyles, increasing demand for premium quality products. Moreover, the changes in the trade policies of the various Latin American countries are likely to encourage the local luxury players, thereby boosting the demand for luxury lifestyle products in the market. 
  • In 2020, China led the market for sports apparel and footwear with the highest market share globally. Other emerging economies such as India, Brazil, and others are also rapidly gaining larger market shares.
  • The global luxury fashion market is characterized by the presence of numerous players, such as Kering, LVMH, Hermes, Chanel, Burberry, and others. The industry is witnessing rapid growth with the growing mergers, acquisitions, and partnerships.

LUXURY FASHION MARKET SEGMENTATION

The luxury fashion market report has the following segments-

  • Product type
  • End-User
  • Generation
  • Distribution channel
  • Geography

LUXURY FASHION MARKET SEGMENTS

  • In 2020, luxury apparel accounted for a large share in the luxury fashion industry. This is attributed to the Millennials and Gen Z population, who are highly driven by the latest fashion trends compared to any other age group. 
  • In 2020, men accounted for the highest share in the luxury fashion market. In the past decade, the men’s luxury segment has grown significantly due to increased expenditure on R&D and new product development. The online sales of men’s luxury fashion products are witnessing continuous growth with the increasing trust in online channels, improvement in logistics, and the brands offering more personalized experiences to the customers.
  • In 2020, Gen X generated the highest revenue towards the global luxury fashion market due to its higher income and spending power. 
  • Online channel of distribution has gained importance in the post-pandemic era. The high internet penetration in developed countries such as the US, Germany, France, and others is pushing the online sales of luxury fashion products in the industry. 

GEOGRAPHICAL ANALYSIS

  • APAC: The APAC region is expected to see exponential growth in the luxury fashion market year on year. This can be attributed to the continuous rise in the number of billionaires across the region who have more purchasing power than the normal population. From January to October 2020, the APAC region witnessed the highest share in the opening of luxury stores as compared to other regions.
  • Europe: Western Europe accounts for the majority of the share of the luxury fashion market. Despite a stagnant economy, luxury fashion products consumption is on the rise, driven by tourism-based purchasing. Some of the reasons for this can be tax-free retail policy by the government or high luxury brand awareness amongst the population.
  • North America: In 2020, the total millionaire population in North America surpassed the mark of 20 million by growing at the rate of nearly 6% year-over-year. The growth in the number of millionaires is expected to support the growth of the luxury fashion industry in North America.

VENDOR ANALYSIS

  • The key vendors in the luxury fashion industry are Armani Group, Burberry, Chanel, Hermes, Kering, LVMH, and Prada Group. 
  • In September 2018, Michael Kors acquired Versace, an Italian luxury fashion company, for USD 2.12 billion to expand its presence in the European market and officially renamed Capri Holdings. 
  • In July 2021, LVMH acquired 60% of the stake in Off White, an Italian luxury fashion brand, to expand the existing and new product lines. It also acquired Tiffany and Co. in January 2021 to transform its watch and jewelry segment. 
  • Sustainability is the prime focus area in the fashion industry and is gaining high momentum. As a result, the vendors must adopt sustainable and eco-friendly ways of undertaking their operations. There is a wide scope for vendors to increase their profitability by adopting the e-commerce fashion industry as a business platform.
  • The big players are expanding their presence to various countries, which is likely to create a threat for many regional players in terms of customer base, market share, and revenue. The rising partnerships, collaborations, and M&A are likely to intensify the competition among the existing players in the market.

The luxury fashion market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:

Market Segmentation by Product Type

  • Apparel
  • Footwear
  • Accessories

Market Segmentation by End-User

  • Men
  • Women
  • Children

Market Segmentation by Generation

  • Gen X
  • Millennials & Gen Z
  • Baby Boomer & Silent Gen

Market Segmentation by Distribution Channel

  • Online
  • Mono Brand Stores
  • Specialty Stores
  • Departmental Stores
  • Off-Price Stores
  • Airports

Market Segmentation by Geography

  • APAC
    • China
    • Japan
    • India
    • South Korea
    • Rest of APAC
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Rest of Europe
  • North America
    • US
    • Canada
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • Rest of MEA
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America

Frequently Asked Questions

The luxury fashion market size was valued at USD 110.64 billion in 2020 and is expected to reach USD 153.97 billion by 2026.
The end-users in the luxury apparel industry are men, women, and children.
The key players in the luxury fashion market are Armani Group, Burberry, Chanel, Hermes, Kering, LVMH, and Prada Group.
The factors driving the luxury fashion market are the growing popularity of augmented reality, increasing acceptance by millennials and Gen Z, and the growth of the travel and tourism industry.
APAC region accounted for the largest share in the luxury fashion market.
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