The global luxury clothes market size is expected to showcase substantial growth in the forthcoming years due to increasing disposable income. This information is published by Fortune Business Insights in its report, titled "Luxury Clothes Market, 2024-2032". These clothes are worn mainly by business-class consumers for their quality and comfort. These clothes moreover provide an aesthetic look which is gaining a raging demand from business class customers. These clothes not only provide comfort to the wearer but also acts as a status symbol for them.
Top Company in the Luxury Clothes Market
- LVHM
- Prada Spa
- Georgia Armani
- Burberry
- Dolce & Gabbana
- Louis Vuitton
- Gucci
- Dior
- Versace
- Hermes
- Salvatore Ferragamo
- DKNY
- Saint Laurent
- Givenchy
- Fendi
- Stella McCartney
Information Source: https://www.fortunebusinessinsights.com/luxury-clothes-market-104407
COVID-19 Impact
Significant Decline in Sales Owing to Production Halt Amid Pandemic
The luxury clothes segment received a significant backlash from the pandemic situation. The demand for such clothes reduced significantly during the pandemic for various reasons. The lockdown norms dictated that in most of the countries, only the essential services be operational. In such a scenario, the online retail stores and the offline ones had to be closed for business. Even the outlets and production of raw materials were halted for the time being to curb the spread of coronavirus. After the situation normalizes, there are high expectations that the product shall experience a significant volume of demand.
Market Segmentation
By product type, the market for luxury clothes is segmented into inner wears, top wears, bottom wears, and full wears. By category, the market is bifurcated into casual wear and formal wear and others. On the basis of material, the market is trifurcated into fabric, leather, and nylon & others. By end-users, the market is classified into women and men. Based on geography, the market is divided into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
What Does the Report Contain?
The report offers an insight into the profitability, entire structure, and scale. It also studies the drivers and restraints and considers all the potential threats to the market. The critical analysis of marketplace sections, prediction analysis, and expert insights are strategically included in the report. A wide spectrum of data, including regional analysis, market segmentation, industry developments, and key players, are included in the research conducted by market experts.
Driving Factor
Increasing Consumption by Business Class to Aid Market Growth
The rising consumption of luxury clothes has various factors. The expanding influence of the entertainment industry and celebrity endorsement has a significant influence on consumers. Moreover, the business class consumers are garnering a substantial demand for aesthetic clothing, which is easily provided by luxurious clothes. Also, the expansion of entrepreneurship in recent years has resulted in a rising demand for business class clothing.
Moreover, the various initiatives by governments of multiple countries are supporting the growth of the textile industry. This is anticipated to propel the luxury clothes market growth.
Regional Insights
Substantial Government Support to Augment Product Sales in Asia Pacific
Asia Pacific is anticipated to hold a major luxury clothes market share in the foreseeable future. This is due to the growth of the product through online retail stores in countries structures India and China. Moreover, the government expenditure on the development of the textile industry has recently gained a lot of growth for various types of clothing. For example, in 2020, the Government of India allocated a fund of USD 773.6 million solely to develop the textile industry in India.
Europe is has a good probability of holding a substantial market share in the forthcoming years. This is due to the presence of a significantly high-income population in the region.
Competitive Landscape
Product Innovation by Market Leaders to Intensify Competition in the Industry
The market for luxury clothes is highly competitive due to the presence of several prominent companies globally. Moreover, the changing fashion trends and developing textile industry are complementing each other to allow the injection of new entrants in the market. The prominent brands in the market, such as Prada, Gucci, Georgia Armani, and others, are constantly evolving according to the industry's latest trends. Strategic product launches across the globe by prominent players are attracting significant business for these companies.
Industry Development:
- January 2020: Abloh introduced the new 2020 LV men’s wear collection ‘Cloud Nine'. The collection is efficiently crafted luxurious men's wear implement the latest fashion trends in the market.
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