Luxury Fashion Market Size to Reach Revenues of USD 153.97 Billion by 2026 - Arizton

In-depth analysis and data-driven insights on the impact of COVID-19 included in this global luxury fashion market report.

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Arizton Advisory & Intelligence

Oct 26, 2021, 11:00 ET

CHICAGO, Oct. 26, 2021 /PRNewswire/ -- The luxury fashion market is expected to grow at a CAGR of over 5.66% during the period 2020−2026.

Key Highlights Offered in the Report:

The global luxury fashion market is expected to witness highest demand from APAC & Europe region.
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 regions is supporting the market growth. Moreover, the growing emphasis towards sustainable lifestyle is expected to provide significant growth opportunities to the vendors in the market.
Apparel segment holds the highest share in the market. However, footwear segment is expected to observe the highest growth rate at a CAGR of 6.87% during 2021-2026.
The increasing adoption by millennials & Gen Z population and growing millennials population in APAC region is driving the demand for luxury fashion product in the market.
Gen X population is leading the global luxury fashion market and is expected to grow at a CAGR of 5.55% during 2020-2026.
The pandemic and subsequent lockdown have greatly disrupted the production and supply chain in the market. Moreover, tourism is one of the major drivers of the global luxury fashion market. The complete pause on tourism activities has significantly affected the demand for luxury fashion products in the market.

Key Offerings:

Market Size & Forecast by Revenue | 2020−2026
Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
Market Segmentation – A detailed analysis by product type, end-user, generation, distribution channel, and geography
Competitive Landscape – 7 key vendors and 12 other vendors

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Luxury Fashion Market – Segmentation

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 market is expected to witness substantial growth during the forecast period. Additionally, travel and tourism play a vital role in boosting the demand for luxury apparel and footwear in the market.
The contribution of the men's segment is expected to grow significantly with the growing adoption of luxury fashion products in the Asian market. China is the largest market for men's luxury fashion products. In 2020, China was the only market to witness growth in the sales of men's luxury fashion products.
The millennial and Generation Z populations are projected to witness the fastest growth rate at a CAGR of 6.95% during the forecast period. The growth is attributed to the experimental nature of the population belonging to this generation. Moreover, the millennials are tech-savvy and more active on social media, which provides luxury fashion brands the opportunity to target this segment compared to other generations that remain less active on social channels and prefer offline media for communication.

Luxury Fashion Market by Product Type

Apparel
Footwear
Accessories

Luxury Fashion Market by End-User

Men
Women
Children

Luxury Fashion Market by Generation

Gen X
Millennials & Gen Z
Baby Boomer & Silent Gen

Luxury Fashion Market by Distribution Channel

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

Luxury Fashion Market – Dynamics

Customers are increasingly becoming environmentally conscious and are seeking sustainable lifestyle choices. There is also growing pressure from the public and the industry on luxury brand owners to decrease the environmental impact while maintaining the luxury quotient. This has prompted several luxury fashion brands to adopt sustainable and eco-friendly raw materials for the manufacturing of luxury apparel, footwear, and other fashion goods. Many luxury vendors use a variety of synthetic fibers, such as nylon and polyester, to manufacture luxury fashion products. Although these raw materials offer various functional benefits, such as light weight, moisture management, and flexibility, they pose a significant environmental threat. Synthetic fabrics shed a lot of microfibers while washing and do not last long if used regularly.

Key Drivers and Trends fueling Market Growth:

Leveraging Augmented Reality
Internet Shaping Purchasing Behavior
Increasing Acceptance by Millennials & Generation Z
Rise in Travel & Tourism

Luxury Fashion Market – Geography

The APAC luxury fashion market is expected to witness exponential year-on-year growth during the forecast period. In 2020, China accounted for a revenue share of 30.96% and is expected to dominate the APAC luxury fashion market. The Chinese market is one of the most attractive markets for luxury fashion brands. Consequently, the brands must adopt new strategies to attract luxury shoppers. Several customers in the Asian region prefer shopping for luxury fashion products as a part of the travel experience in European countries due to the benefit of lower prices. Hence, the continuous growth in travel and tourism is likely to accelerate the purchase of luxury products from other countries, which will hamper the domestic market for luxury fashion products. Several brands are focusing on providing local experiences, expanding their omnichannel presence, and increasing customer engagement, especially in tier-2 and tier-3 cities, to promote domestic luxury shopping.

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Luxury Fashion Market 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

Major Vendors

Armani Group
Burberry
Chanel
Hermes
Kering
LVMH
Prada Group

Other Prominent Vendors

Capri Holdings
Dolce & Gabbana
Hugo Boss
Max Mara Group
MCM
Moncler
Osklen
Salvatore Ferragamo
Tapestry
Tom Ford
Valentino
Zegna

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