According to a new report published by Allied Market Research, The luxury apparels market size was valued at $62.62 billion in 2016, and is projected to reach $81.23 billion by 2023, growing at a CAGR of 3.9% from 2017 to 2023.
Growth in online mode of sale, rapid urbanization, and change in lifestyle, owing to increased disposable income of the consumers, drive the luxury apparels market growth. In addition, growth in the emerging economies, such as Asia-Pacific and LAMEA, is anticipated to create lucrative opportunities for the global luxury apparels market. However, high cost of raw materials hampers the luxury apparels market growth.
Leather is the second highest growing material in luxury apparels market during the forecast period, and is expected to exhibit a growth of 4.6% by 2023. Fashion-conscious consumers are getting increasingly sensible of the environment and thus, prefer eco-friendly apparel fabric products, which further promotes harmless and non-toxic production method of leather.
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Moreover, some of the consumers from BRICS (Brazil, Russia, India, China, and South Africa) are ready to pay higher prices for environmental-friendly fabric in which toxic and harmful dyes are not included. Some of the manufacturers in luxury apparels market, such as LVMH Moet Hennessy Louis Vuitton SA, Coach, Inc., Kering SA, Prada S.p.A, and Hermes International SCA, are involved innovating leather apparels and other goods using eco-friendly fabric material, thereby reducing the emission of pollutants and conserving the environment.
Online sales in luxury apparels industry are expected to grow at the highest rate by 2023. E-commerce sales have gained popularity from the past years as online shopping offers a platform for easy shopping to the large customer base. The consumers are well informed about the garments fabric, size, and color code from the pictures and photos posted on the companys website or an e-commerce site. It has been observed that small-town customers have been contributing to the online sales due to lack of accessibility of authentic luxury apparels in the nearby stores, creating lucrative opportunities for the manufacturers to widen their regional base.
The Covid-19 pandemic has a vital impact on the growth of the global Luxury Apparels market and altered several market scenarios. The lockdown across various countries and ban on international travel has disrupted the supply chain and revenue chain. The report includes a thorough analysis of the Covid-19 pandemic on the growth of the global Luxury Apparels market.
Key Findings of the Luxury Apparels Market:
○ In 2016, cotton material accounted for the maximum market revenue, and is projected to grow at a CAGR of 3.1 % during the forecast period.
○ E-commerce sales are expected to grow at a significant CAGR of 5.6%, as it is a convenient way of shopping.
○ The female consumers segment accounted for more than half of the global luxury apparels market in 2016.
○ China is the major shareholder in the Asia-Pacific luxury apparels industry, and accounted for around 42.4% share in 2016.
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Source: Allied Market Research
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