According to a new report published by Allied Market Research, titled, “Luxury Apparels Market by Application, Sales Channel, and Age Group: Global Opportunity Analysis and Industry Forecast, 2022–2031″. The report offers an extensive analysis of changing market trends, key segments, top investment pockets, regional scenario, Porter’s Five Forces, and competitive scenario. 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.
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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. The global per capita income has witnessed a strong growth rate over the past few years, particularly in the emerging. Moreover, increase in urbanization and growth of the middle class consumers in the developing and developed markets have encouraged the adoption of convenience-oriented lifestyles, making luxury apparels more desirable for all age group people especially for youngsters.
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 market is expected to expand in the future, owing to rapid growth in online and mobile user customer bases in emerging markets. Surge in e-commerce sales, improvements in logistics services, ease in payment options, and facility to enter in new international markets for major brands further boosts growth of the luxury apparels market.
However, implementation of lockdown and curfew practices globally has affected domestic as well as international production of luxury apparels, which, in turn, hampers growth of the overall market. Thus, the outbreak of COVID-19 has negatively impacted the luxury apparels market in 2020, as sales of companies have reduced and operations have been halted.
The global coronavirus pandemic has created a number of challenges for exporters in the developing and developed countries. The challenges witnessed by the exporters of luxury apparels products are likely to remain for the foreseeable future, as different states and governments around the world attempt to tackle COVID-19 with various measures.
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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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., Girogio Armani S.P.A., Nike, Inc., Hermes International, Inc., Tommy Hilfiger USA Inc., and Burberry Group, Inc.
Key Benefits For Stakeholders:
○ This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the luxury apparelsmarket analysis from 2020 to 2031 to identify the prevailing market opportunities.
○ The market research is offered along with information related to key drivers, restraints, andluxury apparelsmarket opportunities.
○ Major countries in each region are mapped according to their revenue contribution to the global market industry.
○ 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.
○ Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
Reason to Buy:
○ Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the global Luxury Apparels market.
○ Highlights key business priorities in order to guide the companies to reform their business strategies and establish themselves in the wide geography.
○ The key findings and recommendations highlight crucial progressive industry trends in the Luxury Apparels Market, thereby allowing players to develop effective long-term strategies in order to garner their market revenue.
○ Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
○ Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those restraining the growth to a certain extent.
○ Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.
Related Reports:
○ Luxury Jewelry Market is projected to reach $40.19 billion by 2031
○ Luxury Footwear Market Growing Rapidly with Significant CAGR From 2020-2027
○ Luxury Cosmetics Market is expected to garner $81,247.6 million by 2026
About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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