The latest market report published by Credence Research, Inc. “Global Luxury Clothing Market: Growth, Future Prospects, and Competitive Analysis, 2015 – 2027”. The Global Luxury Clothing Market generated revenue of around USD 56,212 million in 2020 and is anticipated to grow at a CAGR of over 4.37% during the forecast period from 2021 to 2027 to reach around USD 90,000 million in 2027. While, cumulative growth opportunity presented by the global Luxury Clothing industry is around USD 564 billion during 2021 to 2027.
Global Luxury Clothing Market, 2020 – 2027 (USD Million)
The luxury clothing market has been built upon the foundations of a handful of luxury brands. Because these brands have a long history of tradition, respect, and the idea of luxury, they have survived so long and made such big names for themselves. The most iconic luxury brands are recognized across the world simply by name or brand logo. Wearing clothing with a brand logo on it immediately cues everybody who sees you to the history and status of your luxury clothes.
Growing High Net Worth Population to Drive Demand for Luxury Clothing
The demand for Luxury Clothing is growing on the account of strong growth in number of high net worth population across the world. By the end of 2020, the number of high net worth population reached over 48 million around the world. While, North America topped the chart, Asia Pacific is growing in number of millionaires population at rapid pace. Especially, China and India are report this rapid growth in high net worth population over the past few years. This in turn resulting into growing demand for Luxury Clothing.
Online Distribution Channel to Accelerate Market Growth
Online distribution channel is growing in popularity among high net worth people as it not only saves their time but also gives them hassle free shopping experience. It facilitate them to compare multiple brands with each other. However, traditional channels have still dominated share in the global Luxury Clothing market. Online channel is likely exhibit string growth rate over the forecast period. Hypermarkets, supermarkets, exclusive brand, multi-brand store are some of the major offline channels.
Men Luxury Clothing to Dominate the Industry
Luxury Clothing is dominated by Mens Luxury Clothing with over 55% share in 2020. While, women Luxury Clothing segment is expected to exhibit strong growth rate over the forecast period. Kids Luxury Clothing is also another impoatnt segment in the global Luxury Clothing industry.
Europe to Dominate the Luxury Clothing
Europe is leading Luxury Clothing market with over 30% share in 2020. Presence of large number of high net worth population coupled with presence of large number of Luxury Clothing brands and deep routed penetration of distribution channel in the region is propelling the demand for Luxury Clothing in Europe. North America is another leading regional market with second largest share in 2020. However, Asia Pacific is projected to grow at a fastest CGAR over the forecast period.
Key players operating in the global Luxury Clothing industry include but not limited to Giorgio Armani; Burberry; Dolce & Gabbana; Prada; Kate Spade; Phillip Lim; PVH Corp. (Calvin Klein), Hermes International, Kering and Versace.
Global Luxury Clothing Market by Distribution Channel, 2015 – 2027
- Supermarkets & hypermarkets
- Multi brand and Exclusive stores
Global Luxury Clothing Market by End-user, 2015 – 2027
Global Luxury Clothing Market by Company, 2015 – 2027
- Giorgio Armani
- Dolce & Gabbana
- Kate Spade
- Phillip Lim
- PVH Corp. (Calvin Klein)
- Hermes International