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Luxury Apparels Market Is expected to reach at $81.23 billion by 2023, at a CAGR of 3.9%. The market is segmented into material, gender, mode of sale & geography.
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Global Luxury Apparels Market To Hit At $81.23 Billion By 2023 | CAGR 3.9% Global Opportunity Analysis And Industry Forecast, 2017-2023
Luxury Apparels Market Overview: • Global Luxury Apparels Market size was valued at $62.62 billion in 2016, and is expected to reach at $81.23 billion by 2023, registering a CAGR of 3.9% from 2017 to 2023. Cotton is considered as one of the luxury apparels widely used as natural fabrics in the global textile industry. Pure cotton is considered the real luxury because of the type of weave, namely plain and twill weave used. More than half of the consumers globally demand for cotton shirts, dresses, and tops, owing to its durability, requires low maintenance, and cooling ability. Thus, the cotton fabric material generated the highest revenue in 2016 in the global luxury apparels industry. • Download Sample Report: • The factors that drive the luxury apparels market growth are change in lifestyle patterns due to rapid urbanization, rise in disposable income, surge in e-commerce sales, and growth in emerging countries, such as Asia-Pacific and LAMEA. However, high cost of raw materials restrains the luxury apparels market growth. • Based on mode of sale, the luxury apparel market is classified into offline and online. Offline sales channel includes mono brand stores or franchise stores, which constitute the best platform to reach out the customers and analyze their needs. By analyzing consumer behavior and buying patterns allows manufacturers to improve their existing products and innovate new products. Thus, offline mode of sales generated the highest revenue in 2016. However, online platforms have become a popular medium to purchase designer apparels among consumers.
Segment Review • The availability of cheap labor in Asia-Pacific is expected to contribute in excess denim production, thereby supplementing growth of the luxury denim market. In addition, advances in the denim industry have increased the customer base. For instance, the initiation of Lycra hybrid technology in the industry has gained popularity due to its super stretch properties. The blend of Lycra with denim has made denim material more stretchable than the conventional material, which allows customers to choose from a variety of options.
Quantitative analysis of the market from 2016 to 2023 is highlighted to recognize the financial competency of the market. Key Benefits Porters Five Forces model illustrates the threat of new entrants, threat of substitutes, and strength of the buyers & suppliers.
By Geography Asia-Pacific China India South Korea Rest of Asia-Pacific LAMEA Latin America Middle East Africa • North America • U.S. • Canada • Mexico • Europe • UK • Italy • Germany • Rest of Europe
Key Market Players • Ralph Lauren Corporation • Christian Dior • Michael Kors • Coach, Inc. • Gianni Versace S.P.A. • Giorgio Armani S.P.A. • Nike, Inc. • Hermes International, Inc. • Tommy Hilfiger USA Inc. • Burberry Group, Inc.
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