PORTLAND, Oregon., February 24, 2022 /PRNewswire/ — Allied Market Research recently released a report titled, “Luxury Apparel Market by Application (Formal Wear, Sportswear, Leisure Wear, Safety Wear and Others), Sales Channel (Supermarkets/Hypermarkets, Independent Retail Stores, Specialty Stores, E-Commerce and Others) and Age Group (Geriatrics, Adults, Children and Toddlers): Global Opportunities Analysis and Industry Forecast, 2022-2031”. According to the report, the global luxury apparel market industry was pegged to $71.04 billion in 2020, and should reach $278.18 billion by 2030, growing at a CAGR of 11.1% from 2022 to 2031.
Key Drivers of Market Growth
Rising number of working women and rising disposable income are driving the growth of the global luxury apparel market. However, the high cost of raw materials is hampering the growth of the market. On the contrary, the increase in the use of social media and the increase in internet penetration would open up new opportunities in the future.
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- Covid-19 has had a negative impact on the supply of raw materials and the manufacture of luxury clothing products.
- Restrictions on the import and export of goods and the strict enforcement of quarantine measures have had a negative impact on the market.
Safety Apparel Segment to Show Highest CAGR Till 2030
By application, the safety apparel segment is expected to register the highest CAGR of 11.6% during the forecast period, driven by the availability of luxury safety apparel in both online and offline sales channels. . However, the formal wear segment held the lion’s share in 2020, accounting for nearly two-fifths of the global luxury apparel market, owing to increased awareness among men and women of various luxury apparel brands.
The supermarket/hypermarket segment took the lion’s share
By sales channel, the supermarket/hypermarket segment led the market in 2020, contributing more than one-third of the global luxury apparel market, owing to the availability of a wide range of consumer goods under one roof, a convenient operating schedule and ease of parking space. However, the e-commerce segment is expected to register the highest CAGR of 11.4% during the forecast period, owing to increasing penetration of online portals in developing regions and increasing the number of offers and discounts on luxury clothing.
Europefollowed by Asia Pacific and North Americato generate the highest revenues by 2030
By region, the global luxury apparel market across Europefollowed by Asia Pacific and North America, held the largest share in 2020, accounting for nearly one-third of the market in 2020, owing to the rising fashion trend among young people and increasing disposable income. However, LAMEA market is expected to register the highest CAGR of 13.2% during the forecast period, owing to increasing population, improving business regulations, rapid growth in middle-class individuals and increased urbanization.
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Main market players
- Ralph Lauren Company
- Michael Kors
- Christian Dior
- SPA Gianni Versace.
- coach, inc.
- Nike, Inc.
- SPA Girogio Armani
- Tommy Hilfiger United States Inc.
- Hermes International, Inc.
- Burberry Group, Inc.
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