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.
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.
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.
- Armani Group
- Prada Group
Other Prominent Vendors
- Capri Holdings
- Dolce & Gabbana
- Hugo Boss
- Max Mara Group
- Salvatore Ferragamo
- Tom Ford
Key Topics Covered: 1 Research Methodology 2 Research Objectives 3 Research Process 4 Scope & Coverage4.1 Market Definition4.2 Base Year4.3 Scope Of The Study 5 Report Assumptions & Caveats5.1 Key Caveats5.2 Currency Conversion5.3 Market Derivation 6 Market at a Glance 7 Introduction7.1 Overview7.2 Influencer Role In Luxury Fashion7.3 Value Chain Analysis7.4 Impact Of Covid-19 8 Market Opportunities & Trends8.1 Leveraging Augmented Reality8.2 Growing Inclination Toward Sustainability8.3 Internet Shaping Purchasing Behavior 9 Market Growth Enablers9.1 Increasing Acceptance By Millennials & Generation Z9.2 Growing Population Of High-Net-Worth Individuals9.3 Rise In Travel & Tourism 10 Market Restraints10.1 Proliferation Of Counterfeit Products10.2 Availability Of Secondhand Luxury Products 11 Market Landscape11.1 Market Overview11.2 Digitalization Supporting Luxury Market11.3 Demand Insights11.4 Market Size & Forecast11.5 Five Forces Analysis 12 Product Type12.1 Market Snapshot & Growth Engine12.2 Market Overview12.3 Apparel12.4 Footwear12.5 Accessories 13 End User13.1 Market Snapshot & Growth Engine13.2 Market Overview13.3 Men13.4 Women13.5 Children 14 Generational Cohort14.1 Market Snapshot & Growth Engine14.2 Market Overview14.3 Generation X14.4 Millennial & Generation Z14.5 Baby Boomer & Silent Generation 15 Distribution Channel15.1 Market Snapshot & Growth Engine15.2 Market Overview15.3 Online Stores15.4 Mono-Brand Stores15.5 Specialty Stores15.6 Departmental Stores15.7 Off-Price Stores15.8 Airport Shops 16 Geography16.1 Market Snapshot & Growth Engine16.2 Geographic Overview
For more information about this report visit https://www.researchandmarkets.com/r/lzbauk
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SOURCE Research and Markets