May 10, 2022   SOURCE: BusinessWire

Insights on the Luxury Apparels Global Market to 2031 - Escalation in Online Purchasing is Likely to Supplement the Market Growth - ResearchAndMarkets.com

The "Luxury Apparels Market by Application, Sales Channel, and Age Group: Global Opportunity Analysis and Industry Forecast, 2022-2031" report has been added to ResearchAndMarkets.com's offering.

The global luxury apparels market size was valued at $71,040.0 million in 2020, and is projected to reach $278,181.5 million by 2031, registering a CAGR of 11.1% from 2022 to 2031.

Luxury apparels depict a certain status symbol of individuals who splurge discretionarily and have high purchasing power. The success of luxury brands is majorly determined by their ability to innovate and perceive the complexities of the Indian market. The latest fashion trend offered by luxury apparel brands has led to increase in popularity among millennials. The rise in disposable income has elevated the consumer lifestyle and shifted their preference towards premium products. Moreover, the escalation in online and web purchasing is likely to supplement the luxury apparels market growth.

Rise in penetration of various online portals in developing regions and increase in number of offers & discounts attract consumers to purchase luxury apparels products through e-commerce channels. Moreover, e-commerce channels have increased consumer reach, owing to which it has evolved as a key source of revenue for many companies.

Furthermore, the e-commerce industry is expected to expand in the future, owing to rapid growth in mobile users in emerging markets. Increase in e-commerce sales, improvements in logistics services, ease in payment options, and facility to enter in new international markets for major brands further boost growth of the luxury apparels market. However, the recent outbreak of coronavirus has significantly impacted the luxury apparels industry along with all stages of supply chain and value chain. It has further affected consumer behavior with regard to purchasing luxury apparels globally.

The luxury apparels market is segmented into application, sales channel, age group, and region. By application, the market is bifurcated into formal wear, sportswear, casual wear, safety apparel and others. By sales channel, it is categorized into supermarkets/hypermarkets, independent retail stores, specialty stores, e-commerce and others.

On the basis of age group, it is classified into geriatric, adult, kids and toddler. Region wise, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, India, Japan, ASEAN, Australia and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East and Africa).

The report includes comprehensive analysis of the key players in the luxury apparels market, such as Ralph Lauren Corporation, Christian Dior, Michael Kors, Coach, Inc., Gianni Versace S.P.A., Giorgio Armani S.P.A., Nike, Inc., Hermes International, Inc., Tommy Hilfiger USA Inc., and Burberry Group, Inc.

The other prominent players in the luxury apparels industry include Dolce & Gabbana, Fendi, Societe Cartier, Calvin Klein Inc., True Religion, Chanel S.A., and Guess, Inc.

Key Benefits

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the luxury apparels market analysis from 2020 to 2031 to identify the prevailing market opportunities
  • The market research is offered along with information related to key drivers, restraints, and luxury apparels market opportunities
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network
  • In-depth analysis of the luxury apparels market segmentation assists to determine the prevailing market opportunities
  • Major countries in each region are mapped according to their revenue contribution to the global market industry
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players
  • The report includes the analysis of the regional as well as global luxury apparels market trends, key players, market segments, application areas, and luxury apparels market growth strategies

Key Market Segment

By Application

  • Formal Wear
  • Sports Wear
  • Casual Wear
  • Safety Apparel
  • Others

By Sales Channel

  • Supermarkets/Hypermarkets
  • Independent Retail Stores
  • Specialty Stores
  • E-Commerce
  • Others

By Age Group

  • Geriatric
  • Adult
  • Kids
  • Toddler

By Region

  • North America
  • US
  • Canada
  • Mexico
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
  • Asia-Pacific
  • China
  • India
  • Japan
  • ASEAN
  • Australia
  • Rest of Asia-Pacific
  • LAMEA
  • Latin America
  • Middle East
  • Africa

Companies Mentioned

  • Ralph Lauren Corporation
  • Christian Dior
  • Michael Kors
  • Coach, Inc.
  • Gianni Versace S.P.A.
  • Girogio Armani S.P.A.
  • Nike, Inc.
  • Hermes International, Inc.
  • Tommy Hilfiger USA Inc.
  • Burberry Group, Inc.

For more information about this report visit https://www.researchandmarkets.com/r/m246x4