Luxury apparels can be defined as garments that can totally change a person’s overall appearance. In today’s fashionable world, luxury apparels have become a part of almost every individual. Rich quality fabric used in the manufacturing of luxury apparels, gives the garment a classy or luxurious look. Dresses made up of good quality fabric and having creative design attracts more customers, and is therefore expected to augment the luxury apparels market in near future.
Rapid urbanization and increasing disposable income of consumers are the major factors driving the growth of global luxury apparels market during the forecast period. In recent times, rapid production of luxury clothing is another prime factor propelling the growth of the market. Moreover, rise in living standard of individuals coupled with the growing number of retail markets, is further expected to fuel the sales of luxury apparel providers. Huge scope in buying process of luxury apparels further contributes to the growth of the market in near future. Further down, in recent years, more number of customers getting attracted to luxury clothing, also creates an ample growth opportunity of the market in the coming years. Huge number of luxury brands present in the market coupled with the changing focus of modern customers towards expensive clothing, further promotes the growth of the luxury apparels market during the projection period of 2017-2025. Moving forward, according to the end-users, the women luxury apparels market is growing at a faster pace, owing to their relation to high fashion. Additionally, due to hotter summers and colder winters, the cotton luxury apparels market is witnessing the highest market growth during the forecast period, followed by the leather luxury apparels. Leather, due to its long durability and classy finish, creates a positive impact on the global luxury apparels market in the upcoming years.
The luxury apparels market in report is segmented by materials which includes silk, cotton, leather and others. Moreover, based on end-users the luxury apparels market is further bifurcated as men and women. Moving forward, on the basis of distribution channel the luxury apparels market is analyzed as and supermarkets/hypermarkets, online stores and others. The global luxury apparels market has been moreover segmented geographically into North America, Europe, Asia-Pacific, Middle East and Africa and Latin America.
Among the other regions, Asia-Pacific is witnessing a promising growth towards the luxury apparels market, followed by North-America. Along with emerging economic conditions, the changing consumer behaviors are the prime factor boosting the demand of luxury apparels in Asia-Pacific region. Additionally, high fabric production in countries like China, India, Japan, and Thailand, is further expected to increase the demand and sales of luxury apparels in Asia-Pacific region. Moreover, the European luxury apparels market is estimated to have a powerful foothold in the luxury apparels business, due to the presence of large number of luxury brands.Further down, the Middle East & Africa market is witnessing a high growth in this market, owing to the existence of large number of luxury malls in Dubai and Abu Dhabi. Abu Dhabi and Dubai being an attractive shopping destination for tourists, further promotes the luxury apparels market growth in this region. Moving forward, increasing disposable income of upper-middle class people in countries like Argentina and Chile, and their growing focus towards luxurious lifestyles to make themselves look classy and elegant, creates a positive impact on the Latin-America luxury apparels market during the forecast period. However, widespread government corruption and weak economy, is somehow expected to hamper the luxury apparels market in Brazil in the next few years.
In addition to this, increasing advertisement of popular brands like Michael Kors, Louis Vuitton, Giorgio Armani among others, further makes the global luxury apparels market demanding in near future. However, high cost of luxury garments is the major factor which is expected to hinder the market growth during the period of 2017-2025.
Some of the major players in the global luxury apparels market include Christian Dior SE, Louis Vuitton SE, Nike Inc., Giorgio Armani S.p.a., Michael Kors Holdings Ltd., Hugo Boss AG among others.
Global Luxury Apparels Market: By Materials
Global Luxury Apparels Market: By End-Users
Global Luxury Apparels Market: By Distribution Channel
Global Luxury Apparels Market: By Geography