Luxury Fashion Market Size to Worth USD 327.1 Billion by 2032 | With a 3.14% CAGR
๐๐ฅ๐จ๐๐๐ฅ ๐๐ฎ๐ฑ๐ฎ๐ซ๐ฒ ๐ ๐๐ฌ๐ก๐ข๐จ๐ง ๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ: ๐๐๐ฒ ๐๐ญ๐๐ญ๐ข๐ฌ๐ญ๐ข๐๐ฌ ๐๐ง๐ ๐๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ ๐ข๐ง ๐๐๐๐-๐๐๐๐๐๐ฎ๐ฆ๐ฆ๐๐ซ๐ฒ:
โ The global luxury fashion market size reached USD 245.5 Billion in 2023.
โ The market is expected to reach USD 327.1 Billion by 2032, exhibiting a growth rate (CAGR) of 3.14% during 2024-2032.
โ Europe leads the market, accounting for the largest luxury fashion market share.
โ Clothing & apparel (jackets & coats, skirts, shirts & T-shirts, dresses, trousers & shorts, denim, underwear & lingerie, and others) accounts for the majority of the market share in the product type segment as they offer a wide range of high-end, exclusive designs that showcase brand identity and craftsmanship.ย
โ Store-based holds the largest share in the luxury fashion industry.
โ Women remain a dominant segment in the market.
โ The rise in disposable income of the masses, particularly in emerging markets, is a primary driver of the luxury fashion market.
โ The increasing influence of digital and social media marketing is reshaping the luxury fashion market.
๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐จ๐ซ ๐ ๐ฌ๐๐ฆ๐ฉ๐ฅ๐ ๐๐จ๐ฉ๐ฒ ๐จ๐ ๐ญ๐ก๐ข๐ฌ ๐ซ๐๐ฉ๐จ๐ซ๐ญ:ย https://www.imarcgroup.com/luxury-fashion-market/requestsample
๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ ๐๐ซ๐๐ง๐๐ฌ ๐๐ง๐ ๐๐ซ๐ข๐ฏ๐๐ซ๐ฌ:
โ ๐๐ข๐ฌ๐ข๐ง๐ ๐๐ข๐ฌ๐ฉ๐จ๐ฌ๐๐๐ฅ๐ ๐๐ง๐๐จ๐ฆ๐ ๐๐ง๐ ๐๐๐๐ฅ๐ญ๐ก ๐๐จ๐ง๐๐๐ง๐ญ๐ซ๐๐ญ๐ข๐จ๐ง:
The rising disposable income of the masses, particularly in emerging markets, is enabling people to gain access to high-end luxury brands. A growing upper-middle class, along with an expanding affluent consumer base, is driving the demand for luxury fashion. Increased disposable income allows people to prioritize luxury goods as a status symbol and as a way to express personal style. Moreover, in established markets, ultra-high-net-worth individuals continue to invest in limited-edition items, rare pieces, and custom-designed apparel. This demand is not only driven by consumption but also by the perception of luxury fashion as a store of value, especially for collectible items like high-end watches, handbags, and jewelry, which are appreciated over time.
โ ๐๐ง๐๐ฅ๐ฎ๐๐ง๐๐ ๐จ๐ ๐๐ข๐ ๐ข๐ญ๐๐ฅ ๐๐ง๐ ๐๐จ๐๐ข๐๐ฅ ๐๐๐๐ข๐ ๐๐๐ซ๐ค๐๐ญ๐ข๐ง๐ :
Digital transformation is significantly altering how luxury brands engage with customers. Social media platforms allow luxury fashion brands to reach younger, tech-savvy consumers through targeted advertisements and influencer partnerships. These platforms make it easier for brands to showcase products in immersive, visually appealing ways, enhancing brand awareness. The rise of digital fashion shows, online exclusives, and virtual reality (VR) shopping experiences has also brought luxury fashion closer to the global masses. Furthermore, influencers and celebrities endorse luxury brands in a more relatable context, driving aspirational purchases. Brands are also leveraging data analytics to personalize consumer experiences, leading to increased customer loyalty and repeat purchases while making luxury goods more accessible and desirable to a broader audience.
โ ๐๐ฎ๐ฌ๐ญ๐๐ข๐ง๐๐๐ข๐ฅ๐ข๐ญ๐ฒ ๐๐ง๐ ๐๐ญ๐ก๐ข๐๐๐ฅ ๐๐จ๐ง๐ฌ๐ฎ๐ฆ๐ฉ๐ญ๐ข๐จ๐ง ๐๐ซ๐๐ง๐๐ฌ:
Sustainability is becoming a key concern for modern consumers, especially within the millennial and Gen Z demographics. Many luxury fashion brands are responding to this by adopting sustainable practices in their supply chains, using ethically sourced materials, and promoting transparency about their environmental impact. As consumers become more conscious of ethical production, brands that align with sustainability are gaining a competitive edge. Limited-edition or eco-luxury collections appeal to affluent consumers who want to make responsible fashion choices without sacrificing style or quality. Additionally, circular fashion models like renting, reselling, and upcycling are becoming part of the luxury market, allowing customers to participate in luxury fashion in an environmentally conscious way while maintaining exclusivity and premium pricing.
๐๐ฌ๐ค ๐๐ง๐๐ฅ๐ฒ๐ฌ๐ญ ๐๐จ๐ซ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ฉ๐จ๐ซ๐ญ:ย https://www.imarcgroup.com/request?type=report&id=6601&flag=C
๐๐ฎ๐ฑ๐ฎ๐ซ๐ฒ ๐ ๐๐ฌ๐ก๐ข๐จ๐ง ๐๐๐ซ๐ค๐๐ญ ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐๐ ๐ฆ๐๐ง๐ญ๐๐ญ๐ข๐จ๐ง:
๐๐ซ๐๐๐ค๐ฎ๐ฉ ๐๐ฒ ๐๐ซ๐จ๐๐ฎ๐๐ญ ๐๐ฒ๐ฉ๐:
โ Clothing & Apparel
โ Jackets & Coats
โ Skirts
โ Shirts & T-Shirts
โ Dresses
โ Trousers & Shorts
โ Denim
โ Underwear & Lingerie
โ Others
โ Footwear
โ Accessories
โ Gems & Jewellery
โ Belts
โ Bags
โ Watches
Clothing & apparel (jackets & coats, skirts, shirts & T-shirts, dresses, trousers & shorts, denim, underwear & lingerie, and others) account for the majority of shares as they offer a wide range of high-end, exclusive designs that showcase brand identity and craftsmanship, making them the most sought-after products.
๐๐ซ๐๐๐ค๐ฎ๐ฉ ๐๐ฒ ๐๐ข๐ฌ๐ญ๐ซ๐ข๐๐ฎ๐ญ๐ข๐จ๐ง ๐๐ก๐๐ง๐ง๐๐ฅ:
โ Store-Based
โ Non-Store Based
Store-based holds the majority of shares because customers value the personalized service, brand experience, and physical inspection of high-end products before making purchases.
๐๐ซ๐๐๐ค๐ฎ๐ฉ ๐๐ฒ ๐๐ง๐ ๐๐ฌ๐๐ซ:
โ Men
โ Women
โ Unisex
Women exhibit a clear dominance since they have a stronger preference for high-end brands, particularly in clothing, accessories, and cosmetics, making them key consumers.
๐๐ซ๐๐๐ค๐ฎ๐ฉ ๐๐ฒ ๐๐๐ ๐ข๐จ๐ง:
โ North America (United States, Canada)
โ Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
โ Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
โ Latin America (Brazil, Mexico, Others)
โ Middle East and Africa
Europe enjoys the leading position owing to a large market for Luxury Fashion owing to its historic fashion houses, iconic brands, and a well-established culture of luxury consumption.
๐๐จ๐ฉ ๐๐ฎ๐ฑ๐ฎ๐ซ๐ฒ ๐ ๐๐ฌ๐ก๐ข๐จ๐ง ๐๐๐ซ๐ค๐๐ญ ๐๐๐๐๐๐ซ๐ฌ:
The Luxury Fashion market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies. Some of the key players in the market are:
โ Burberry Group Plc
โ Capri Holdings Limited
โ Chanel S.A.
โ Diesel S.p.A. (OTB Group)
โ Dolce & Gabbana S.r.l.
โ Giorgio Armani S.p.A.
โ Industria de Diseno Textil S.A.
โ Kering SA
โ LVMH Moet Hennessy Louis Vuitton
โ Prada S.p.A.
โ PVH Corp.
โ Ralph Lauren Corporation
โ Rolex SA.
๐๐ ๐ฒ๐จ๐ฎ ๐ซ๐๐ช๐ฎ๐ข๐ซ๐ ๐๐ง๐ฒ ๐ฌ๐ฉ๐๐๐ข๐๐ข๐ ๐ข๐ง๐๐จ๐ซ๐ฆ๐๐ญ๐ข๐จ๐ง ๐ญ๐ก๐๐ญ ๐ข๐ฌ ๐ง๐จ๐ญ ๐๐จ๐ฏ๐๐ซ๐๐ ๐๐ฎ๐ซ๐ซ๐๐ง๐ญ๐ฅ๐ฒ ๐ฐ๐ข๐ญ๐ก๐ข๐ง ๐ญ๐ก๐ ๐ฌ๐๐จ๐ฉ๐ ๐จ๐ ๐ญ๐ก๐ ๐ซ๐๐ฉ๐จ๐ซ๐ญ, ๐ฐ๐ ๐ฐ๐ข๐ฅ๐ฅ ๐ฉ๐ซ๐จ๐ฏ๐ข๐๐ ๐ญ๐ก๐ ๐ฌ๐๐ฆ๐ ๐๐ฌ ๐ ๐ฉ๐๐ซ๐ญ ๐จ๐ ๐ญ๐ก๐ ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐๐ญ๐ข๐จ๐ง.
๐๐จ๐ง๐ญ๐๐๐ญ ๐๐ฌ:
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email:ย sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
United States: +1-631-791-1145 | United Kingdom: +44-753-713-2163
๐๐๐จ๐ฎ๐ญ ๐๐ฌ:
IMARC Group is a global management consulting firm that helps the world's most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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