Luxury Fashion Market: Global Industry Analysis and Forecast (2023-2029)

Luxury Fashion Market was valued at US$ 263.23 Bn. in 2022 and is expected to grow at US$ 346.39 Bn. in 2029 and the market size is expected to grow at a CAGR of 4.0% through the forecast period.
Luxury Fashion Market Overview:
A luxury fashion is a brand that is characterized by a high level of quality, exclusivity and high price tags. Luxury fashion is distinguished by its high price points, which are set apart from everyday necessities. Luxury fashion items should, in theory, be expensive due to high-quality materials, design, and craftsmanship. The price point is dependent on the business and brand positioning point of view, aimed at the affluent consumer group, hence there is no fundamental definition of luxury. It's high-quality and long-lasting, but futuristic. It's aesthetically pleasing but unique. It's not only rare but also difficult to access. Luxury fashion products are made of higher-grade materials and last longer than their competition.

The report explores the Luxury Fashion Market segments (Product Type, Gender, End-Users and Region). Data has been provided by market participants, and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). The MMR market report provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2017 to 2022. The report investigates the Luxury Fashion Market drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the Luxury Fashion Market contemporary competitive scenarioTo know about the Research Methodology :- Request Free Sample Report
Luxury Fashion Market Dynamics:
Social media Promotions and celebrity Endorsements are driving the market growth:

The promotions and celebrity endorsements are driving the market growth as it influences consumer buying decisions. Celebrities are extremely valuable to brands and they exert enormous power in fashion which then attract the customers towards the particular brand. The customers also get highly influenced towards the products as the product promotions are done through the celebrities on social media through their blogs and videos. Social media build up the gap between customers and marketers as it provides a potential opportunity for product launches and branding.

Manufacturers use social media platform to promote their brand by which the people get attracted towards their brand. There are various platforms for promoting their brand on social media such as Twitters, Facebook, YouTube and Instagram. The people are more loyal towards their brand products. Social media plays a crucial role in driving the demand for luxury fashion, especially among youth, who actively participate in social media for information. These are the factors which leads to the growth of the luxury fashion market.

High price product restricts the limited customer base:

Luxury fashion manufacturers in corporate the best materials and employ the most skilled craftsperson. The production process and raw materials used in luxury fashion widely differ from fast fashion. Luxury fashion is based on high-quality fabrics, and no corner are cut in the printing and the dyeing process as they tend to be in fast fashion. This is the primary reason for the high prices of luxury fashion products. Since the majority of the people are price sensitive, the high price hinders the growth of the market. With changing the fashion trends, the fast fashion is preferred by the price- sensitive customer base.

In addition, high price of luxury brands creates obstacles as the loyal people don’t purchase the product repeatedly and this leads to restrain the growth of the luxury products market. Therefore, this factor associated with a limited customer base may hinders the growth of the luxury fashion market during the forecast period.

Rising threat of counterfeit products challenges the market growth:

With the rising demand for luxury fashion, manufacturers are finding difficult to ban counterfeit products. In terms of revenue and dampen the brand goodwill, the counterfeit products affect the actual brand products. It became difficult to identify the difference between the actual and the copied product. The counterfeit products are actually of lower price than the original product price for attracting the people towards the counterfeit products. The sale of faked or copy products affects not only the revenue of mainstream brands, but also their prevailing brand equity. These copy products are easily available on the online channels. This counterfeit product of low-cost challenges the growth of the luxury fashion market.
Luxury Fashion Market Segment Analysis:
Based on Product Type, The clothing & apparel segment is expected to grow with the highest CAGR of xx% during the forecast period as the Millennials and Gen Z population, who are highly driven by the latest fashion trends compared to any other age group. The clothing & apparel segment is rising now-a-days due to the growing fashion in the society. The people are getting more conscious towards their appearance and fashion sense which leads to the growth of the luxury fashion market. Also, the people are more attracted towards the brand products. The factors such as increasing awareness of fashion among people, popularity of luxury branded products and online availability of products leads to the growth of the luxury fashion market. As there is easy availability of clothing and apparel on online platforms, the luxury market is growing with the highest pace.

Based on Gender, The female segment held the largest market share in 2022 owing to the surging awareness of product availability among the women. The factors such as changing consumer trends and rising awareness regarding grooming, improving fashion sense and willingness to look better among the women population have led to the growth of luxury fashion market. Women are increasingly adding personal fashion products to their daily routines to enhance their confidence and appearance, which is significantly contributing to the segment growth. The female is more conscious about their fashion and personal appearance and this leads to the growth of the luxury fashion market of female segment during the forecast period.
Luxury Fashion Market Regional Insights:
The Asia-Pacific region is expected to witness significant growth at a CAGR of xx% through the forecast period. The continuous rise in the number of billionaires across the region who have more purchasing power than the normal population leads to the growth of the luxury fashion market in this region. Europe is considered to be the second-fastest growing market. Despite a stagnant economy, luxury fashion products consumption is on the rise, driven by tourism-based purchasing. Some of the reasons for this can be tax-free retail policy by the government or high luxury brand awareness amongst the population.

The objective of the report is to present a comprehensive analysis of the Luxury Fashion Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Luxury Fashion Market dynamic, structure by analyzing the market segments and projecting the Luxury Fashion Market size. Clear representation of competitive analysis of key players by Vehicle type, price, financial position, product portfolio, growth strategies, and regional presence in the Luxury Fashion Market make the report investor’s guide.
Luxury Fashion Market Scope: Inquire before buying



Global Luxury Fashion Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 263.23 Bn.


Forecast Period 2023 to 2029 CAGR:
4.0%
Market Size in 2029:
US $ 346.39 Bn.


 Segments Covered:
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



by Gender
Men
Women
Unisex


by End-User
Store-Based
Non-Store Based



Luxury Fashion Market, by Region
North America (United States, Canada, and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, and the Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan, and the Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria, and the Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Luxury Fashion Market, Key Players are
1. Ralph Lauren
2. Capri Holdings Limited
3. PVH Corp.
4. Kering
5. LVMH
6. Inditex
7. Giorgio Armani S.P.A.
8. Chanel S.A.
9. Dolce & Gabbana
10. Burberry Ltd.
11. The Estée Lauder Companies Inc.
12. Compagnie Financière Richemont SA
13. L'Oréal Luxe
14. EssilorLuxottica SA
15. Chow Tai Fook Jewelry Group Limited
16. The Swatch Group Ltd.
17. The Shiseido Company, Ltd.
18. LOral International
19. COACH
20. Luxottica Group S.p.A
21. GUCCI
22. Swatch Group
23. Diesel
24. Prada S.p.A.
25. Others

Frequently Asked Questions:

1] What segments are covered in the Luxury Fashion Market report?
Ans. The segments covered in the Luxury Fashion Market report are based on Product Type, Gender and End-Users.

2] Which region is expected to hold the highest share in the Luxury Fashion Market?
Ans. Asia-Pacific region is expected to hold the highest share in the Luxury Fashion Market.

3] What is the market size of the Luxury Fashion Market by 2029?
Ans. The market size of the Luxury Fashion Market by 2029 is expected to reach US$ 346.96 Bn.

4] What is the forecast period for the Luxury Fashion Market?
Ans. The forecast period for the Luxury Fashion Market is 2023-2029.

5] What was the market size of the Luxury Fashion Market in 2022?
Ans. The market size of the Luxury Fashion Market in 2022 was valued at US$ 263.23 Bn.