Global Luxury Fashion Market to Reach US$ 327.1 Billion by 2032, Impelled by Growing Penetration of Social Media

July 14, 2023 | Retail

According to the latest report by IMARC Group, titled "Luxury Fashion Market Report by Product Type (Clothing & Apparel, Footwear, Accessories), Distribution Channel (Store-Based, Non-Store Based), End User (Men, Women, Unisex), and Region 2024-2032," the global luxury fashion market size reached US$ 245.5 Billion in 2023. Luxury fashion refers to high-end, prestigious clothing, accessories, and footwear that are designed and produced by luxury brands. These brands are known for their exceptional quality, craftsmanship, and exclusivity, and often carry a significant price tag. Luxury fashion is associated with sophistication, elegance, and a certain level of prestige, renowned for its heritage, history, and iconic designs and has a strong brand identity. Luxury fashion brands pay meticulous attention to detail and use high-quality materials to ensure superior craftsmanship and durability. The emphasis is on creating products that are built to last. Some of the popular luxury fashion brands include Gucci, Hermès, Dior, and Versace.

Global Luxury Fashion Market Trends:

The global market is primarily driven by the growing penetration of social media. Influencer marketing and celebrity endorsements have a significant impact on consumer behavior, especially among younger demographics. Luxury fashion brands collaborate with influencers and celebrities to create brand awareness and generate demand for their products, which is propelling its adoption across the globe. Moreover, the growth of e-commerce and digital platforms has opened up new opportunities for luxury fashion brands. Online sales channels allow brands to reach a wider customer base globally and provide a convenient shopping experience, thereby influencing the market. Also, numerous luxury brands are heavily investing in their online presence to cater to changing consumer behavior and preferences, which is significantly supporting the demand on the global level. Since luxury brands embrace sustainable materials, ethical sourcing, and responsible production practices that often attract environmentally and socially conscious consumers, this is acting as a growth-inducing factor. Some of the other factors driving the market are rapid urbanization and inflating disposable income levels of the masses. Looking forward, the market value is projected to reach US$ 327.1 Billion by 2032, expanding at a CAGR of 3.14% during 2024-2032. 

Market Summary:

  • On the basis of the product type, the market has been categorized into clothing and apparel (jackets and coats, skirts, shirts and T-shirts, dresses, trousers and shorts, denim, underwear and lingerie, and others), footwear, accessories (gems and jewellery, belts, bags, and watches). Among these, clothing and apparel are leading the total market share.
  • Based on the distribution channel, the market has been segmented into store- and non-store based. Currently, store-based accounts for the largest market share.
  • On the basis of the end user, the market has been bifurcated into men, women, and unisex. Presently, women exhibit a clear dominance in the market.
  • Region wise, the market has been segregated into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa. Among these, Europe holds a leading position in the market.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include Burberry Group Plc, Capri Holdings Limited, Chanel S.A., Diesel S.p.A. (OTB Group), Dolce & Gabbana S.r.l., Giorgio Armani S.p.A., Industria de Diseno Textil S.A., Kering SA, LVMH Moet Hennessy Louis Vuitton, Prada S.p.A., PVH Corp., Ralph Lauren Corporation and Rolex SA.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Scope of the Report Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
  • Product type
  • Distribution channel
  • End user
  • Region
Product Types Covered
  • Clothing and apparel
    • Jackets and coats
    • Skirts
    • Shirts and t-shirts
    • Dresses
    • Trousers and shorts
    • Denim
    • Underwear and lingerie
    • Others
  • Footwear
  • Accessories
    • Gems and jewellery
    • Belts
    • Bags
    • Watches
Distribution Channels covered Store-Based, Non-Store Based
End users covered Men, Women, Unisex
Regions Covered Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Burberry Group Plc, Capri Holdings Limited, Chanel S.A., Diesel S.p.A. (OTB Group), Dolce & Gabbana S.r.l., Giorgio Armani S.p.A., Industria de Diseño Textil S.A., Kering SA, LVMH Moët Hennessy Louis Vuitton, Prada S.p.A., PVH Corp., Ralph Lauren Corporation and Rolex SA.
Customization Scope 10% Free Customization
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Global Luxury Fashion Market to Reach US$ 327.1 Billion by 2032, Impelled by Growing Penetration of Social Media
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