Luxury Fashion Market

Market Overview:

The global luxury fashion market size reached US$ 237.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 294.7 Billion by 2028, exhibiting a growth rate (CAGR) of 3.60% during 2023-2028.

Luxury fashion is a brand characterized by non-essential, premium, elevated quality, exclusivity, and high-price tag products. It comprises premium watches, jewelry, fashion accessories, clothing, designer handbags, perfumes, and high-end cosmetics. These products are manufactured using high-grade materials and offer superior craftsmanship, high-value aesthetics, and an extended warranty period. Luxury fashion includes artistic and unique products that are highly desirable in a culture or society and serve as a status symbol. They also exhibit uniqueness and provide an unforgettable and personalized experience in terms of luxurious packaging, high-touch service, and an affluent in-store environment.

Luxury Fashion Market Trends:

The evolving fashion industry and changing aesthetic trends are among the key factors driving the market growth. In line with this, the shifting consumer preference towards high-quality and stylish products with advanced technical fabrications and craftsmanship is favoring the market growth. Moreover, the rising popularity of high-end fashion brands as a status symbol, coupled with the increasing expenditure capacities of consumers, is acting as another growth-inducing factor. Furthermore, the rising influence of social media and surging promotions and celebrity endorsements are propelling the market growth. Apart from this, key players are adopting sustainable production methods, such as utilizing ethically sourced, eco-friendly, or recycled materials, due to the rising environmental concerns, which, in turn, is providing an impetus to the market growth. Additionally, the incorporation of augmented reality (AR) in the fashion industry to provide a virtual in-shop buying experience to customers from the comfort of their homes, making it easier and more convenient, is positively influencing the market growth. Other factors, including increasing brand loyalty among customers, inflating online sales, and rising demand for premiumization and customization for superior quality and design of products, are anticipated to drive the market growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global luxury fashion market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product type, distribution channel and end user.

Breakup by Product Type:

• Clothing & Apparel
  • Jackets & Coats
  • Skirts
  • Shirts & T-Shirts
  • Dresses
  • Trousers & Shorts
  • Denim
  • Underwear & Lingerie
  • Others
• Footwear
• Accessories
  • Gems & Jewellery
  • Belts
  • Bags
  • Watches
     

Breakup by Distribution Channel:

• Store-Based
• Non-Store Based
   

Breakup by End User:

• Men
• Women
• Unisex
   

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being 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. Kindly, note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage: