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

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:  

1. The global luxury fashion market is expected to witness highest demand from APAC & Europe region.
2. 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.
3. 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.
4. 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. 
5. Gen X population is leading the global luxury fashion market and is expected to grow at a CAGR of 5.55% during 2020-2026.
6. 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

Get your sample today! https://www.arizton.com/market-reports/luxury-fashion-market-size 

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. 

Get your sample today! https://www.arizton.com/market-reports/luxury-fashion-market-size 

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 

Explore our consumer goods and retail technology profile to know more about the industry.

Read some of the top-selling reports:

• Diving Suit Market - Global Outlook and Forecast 2021-2026
• Earphones and Headphones Market - Global Outlook and Forecast 2021-2026
• Sportswear Market - Global Outlook and Forecast 2021-2026
• Ultrapure Water Market - Global Outlook & Forecast 2021-2026

About Arizton:

Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.

We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.

Arizton comprises a team of exuberant and well-experienced analysts who have mastered in generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports.

Mail: enquiry@arizton.com
Call: +1-312-235-2040
         +1 302 469 0707

Logo: https://mma.prnewswire.com/media/818553/Arizton_Logo.jpg