Rise in number of working women and surge in disposable income drive the growth of the global luxury apparels market
PORTLAND, Ore., Feb. 24, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Luxury Apparels Market by Application (Formal Wear, Sports Wear, Casual Wear, Safety Apparel, and Others), Sales Channel (Supermarkets/Hypermarkets, Independent Retail Stores, Specialty Stores, E-Commerce, and Others), and Age Group (Geriatric, Adult, Kids, and Toddler): Global Opportunity Analysis and Industry Forecast, 2022-2031". As per the report, the global luxury apparels market industry was pegged at $71.04 billion in 2020, and is expected to reach $278.18 billion by 2030, growing at a CAGR of 11.1% from 2022 to 2031.
Major determinants of the market growth
Rise in number of working women and surge in disposable income drive the growth of the global luxury apparels market. However, high cost of raw materials hinders the market growth. On the contrary, rise in use of social media and surge in internet penetration would open new opportunities in the future.
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Covid-19 scenario:
- The Covid-19 negatively affected the procurement of raw materials and manufacturing of luxury apparel products.
- The restrictions on import and export of goods and strict implementation of quarantine measures negatively affected the market.
The safety apparel segment to manifest the highest CAGR through 2030
By application, the safety apparel segment is expected to register the highest CAGR of 11.6% during the forecast period, due to availability of safety luxury apparel in online and offline sales channel. However, the formal wear segment held the lion's share in 2020, accounting for nearly two-fifths of the global luxury apparels market, due to rise in awareness among men and women regarding various luxury apparel brand.
The supermarkets/hypermarkets segment held the lion's share
By sales channel, the supermarkets/hypermarkets segment dominated the market in 2020, contributing to more than one-third of the global luxury apparels market, due to availability of broad range of consumer goods under one roof, convenient operation timing, and facility of parking space. However, the e-commerce segment is expected to register the highest CAGR of 11.4% during the forecast period, owing to rise in penetration of online portals in developing regions and surge in number of offers and discounts on luxury apparels.
Europe, followed by Asia-Pacific and North America, to contribute the highest revenue by 2030
By region, the global luxury apparels market across Europe, followed by Asia-Pacific and North America, held the largest share in 2020, accounting for nearly one-third of the market in 2020 , due to rise in fashion trend among youngster and increased disposable income. However, the market across LAMEA is projected to portray the highest CAGR of 13.2% during the forecast period, due to rise in population, improved business regulations, fast-growing middle-class individuals, and increase in urbanization.
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Major market players
- Ralph Lauren Corporation
- Michael Kors
- Christian Dior
- Gianni Versace S.P.A.
- Coach, Inc.
- Nike, Inc.
- Girogio Armani S.P.A.
- Tommy Hilfiger USA Inc.
- Hermes International, Inc.
- Burberry Group, Inc.
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