Luxury Fashion Market to Hit $401.73 Billion by 2028, A 2X Growth in the Next 6 Years
According to Arizton’s latest research report, the luxury fashion market is growing at a CAGR of 6.14% during 2022-2028.
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APAC leads the luxury fashion market, with Europe, North America, Latin America, and the Middle East & Africa following in descending order of influence and market dominance. Currently, luxury fashion vendors are embracing AR technology to revolutionize consumer engagement. With the integration of AR experiences, customers can virtually try on high-end clothing and accessories, creating a unique and immersive shopping journey. This enhances convenience and addresses issues related to fit and style preferences. Moreover, AR enables brands to showcase their products in interactive and captivating ways, crafting a memorable shopping experience. This elevated engagement and customization is expected to significantly boost demand in the luxury fashion sector, particularly among tech-savvy consumers seeking a more refined and interactive shopping experience. As a result, the adoption of AR technology is set to transform the industry, piquing consumer interest and driving demand in luxury fashion.
Travel & Tourism Opening Up New Avenues in the Market
Travel & tourism play a significant role in driving the demand for luxury fashion products. The international purchase of luxury goods is increasingly gaining momentum and adding to the luxury fashion brands' revenue. More than 45% of luxury purchases are made by tourists, whether in a foreign country or at the airports. Global luxury hotel sales grew by 26.90% in 2022 and, in 2023, are expected to grow by 16.99% more. Hence, the increase in travel & tourism with the opening of the economy is leading to the increasing demand for luxury fashion goods in the market.
Recent Developments in the Luxury Fashion Market:
- Armani: The organization expanded its business and focused on opening new green outlets due to consumers being able to access a wide variety of products. For instance, in 2021, the company opened seven new green retail outlets in Italy.
- Loui Vuitton: The LVMH Group is focused on expanding its production capacities to ensure sustainable growth. With this, the company is expected to grow its product portfolio and brand value in the luxury fashion market.
- Burberry: The company strategy is to maximize the potential of all product categories, ensure they thrive, and achieve optimal performance. They aim to bring every category to its fullest potential by utilizing innovative approaches and resources to drive growth and success.
Gen X Dominates Market Share while Millennials and Gen Z witnessing Fastest Growth
The global Gen X luxury fashion market will reach $153.28 billion by 2028. The new luxury brands entering the market are expected to face certain drawbacks, making it difficult to capture new customers of this generation. Moreover, it is also likely to be unfavorable for the existing luxury fashion brands to gain the share of other brands, especially of the population in this generation. Luxury brands that proactively emphasize their commitment to sustainable and ethical principles stand to establish a strong resonance with Gen X consumers. They seek transparency in supply chains, environmentally friendly materials, and a demonstrated dedication to social responsibility. Luxury brands that integrate sustainable practices throughout their operations and demonstrate a genuine commitment to reducing their ecological footprint are poised to gain a competitive advantage within this discerning market segment.
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The global Millennials & Gen Z luxury fashion market is growing at a CAGR of 7.39% during 2022-2028. Millennials and Gen Z, the younger target consumers of the market, are highly inclined toward digital channels. Most of the population in this category prefers to shop for products online. As a result, it is necessary for brands to increasingly focus on driving their online channels and enhancing customer service to offer better customer experience. Countries such as China, India, Indonesia, the US, and Brazil account for most of the millennial population. These countries together make up around 50% of the global millennial population. Moreover, Nigeria, India, and Indonesia are the few countries with the highest Gen Z population. Hence, these countries offer significant growth opportunities for expanding luxury fashion brands and tapping potential customers in the upcoming years.
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