DUBLIN, Dec. 3, 2021 /PRNewswire/ — The “Luxury Fashion Market – Global Outlook & Forecast 2021-2026” report has been added to ResearchAndMarkets.com’s offering.
The luxury fashion market size was valued at USD 110.64 billion in 2020 and is expected to reach USD 153.97 billion by 2026 growing at a CAGR of 5.66%.
The online sales of luxury fashion are expected to witness tremendous growth during the forecast period. The global luxury fashion industry is gaining momentum significantly with the rise in the number of high-net-worth individuals, the growing popularity among the young population belonging to the millennials and Gen Z generation, increasing brand loyalty among customers, and increasing association of luxury brands by the individuals.
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 markets, provide new growth opportunities to vendors.
KEY HIGHLIGHTS
Millennials and the Gen Z population are the key drivers of the luxury fashion industry.This can be attributed to their higher focus on experiences, willingness to pay extra for premium products, and openness to experimentation with new things.
Psycho-graphical and demographical indicators of end-users have changed drastically over the past few years. Factors such as increased internet penetration, strong smartphone adoption, and rising social media users have provided end-users with unmatched access to information on the go, thus helping end-users make informed purchasing decisions.
LUXURY FASHION MARKET SEGMENTS
In 2020, luxury apparel accounted for a large share in the luxury fashion industry. This is attributed to the Millennials and Gen Z population, who are highly driven by the latest fashion trends compared to any other age group.
In 2020, men accounted for the highest share in the luxury fashion market. In the past decade, the men’s luxury segment has grown significantly due to increased expenditure on R&D and new product development. The online sales of men’s luxury fashion products are witnessing continuous growth with the increasing trust in online channels, improvement in logistics, and the brands offering more personalized experiences to the customers.
GEOGRAPHICAL ANALYSIS
APAC: The APAC region is expected to see exponential growth in the luxury fashion market year on year. This can be attributed to the continuous rise in the number of billionaires across the region who have more purchasing power than the normal population. From January to October 2020, the APAC region witnessed the highest share in the opening of luxury stores as compared to other regions.
Key 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
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.2 Base Year
4.3 Scope Of The Study
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Market at a Glance
7 Introduction
7.1 Overview
7.2 Influencer Role In Luxury Fashion
7.3 Value Chain Analysis
7.4 Impact Of Covid-19
8 Market Opportunities & Trends
8.1 Leveraging Augmented Reality
8.2 Growing Inclination Toward Sustainability
8.3 Internet Shaping Purchasing Behavior
9 Market Growth Enablers
9.1 Increasing Acceptance By Millennials & Generation Z
9.2 Growing Population Of High-Net-Worth Individuals
9.3 Rise In Travel & Tourism
10 Market Restraints
10.1 Proliferation Of Counterfeit Products
10.2 Availability Of Secondhand Luxury Products
11 Market Landscape
11.1 Market Overview
11.2 Digitalization Supporting Luxury Market
11.3 Demand Insights
11.4 Market Size & Forecast
11.5 Five Forces Analysis
12 Product Type
12.1 Market Snapshot & Growth Engine
12.2 Market Overview
12.3 Apparel
12.4 Footwear
12.5 Accessories
13 End User
13.1 Market Snapshot & Growth Engine
13.2 Market Overview
13.3 Men
13.4 Women
13.5 Children
14 Generational Cohort
14.1 Market Snapshot & Growth Engine
14.2 Market Overview
14.3 Generation X
14.4 Millennial & Generation Z
14.5 Baby Boomer & Silent Generation
15 Distribution Channel
15.1 Market Snapshot & Growth Engine
15.2 Market Overview
15.3 Online Stores
15.4 Mono-Brand Stores
15.5 Specialty Stores
15.6 Departmental Stores
15.7 Off-Price Stores
15.8 Airport Shops
16 Geography
16.1 Market Snapshot & Growth Engine
16.2 Geographic Overview
For more information about this report visit https://www.researchandmarkets.com/r/lzbauk
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