Transparency Market Research has published a new report titled “Luxury Apparels Market by Materials (Cotton, Leather, Silk, Denim and Others), by Gender (Male and Female) and by Region (North America, Europe, Asia Pacific, Middle-East and Africa and Latin America): Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016 – 2024.” According to the report, the global luxury apparels market was valued at US$ 1,8842.69 Mn in 2015 and is likely to reach US$ 60,793.7 Mn in 2024, expanding at a CAGR of 13.2% between 2016 and 2024.
Browse the full report at http://www.transparencymarketresearch.com/luxury-apparels-market.html
Luxury apparels are high-end line of clothing that are made from varieties of expensive fibers and come from various international brands like Kiton, Versace, Ralph Lauren, Kering. Often too pricey for common people, luxury apparels are becoming increasingly affordable across globe.
Manufactured from various fibers like cotton, silk, leather, cashmere, wool, denim, linen etc. luxury apparels derive it’s exclusivity and fineness from the fibers that it is manufactured from. In a bid to capture new market, increasing number of luxury apparels manufacturers are now experimenting with different types of fibers. With the usage of varieties of fibers, the manufacturers are therefore creating larger customer base. Luxury apparels come in various forms, namely skirts, shirts, suits, trousers and so on. These high-end clothing products are endorsed and used many celebrities across the globe. To name a few, Kate Moss endorses Burberry products, Rihanna promotes Dior, Estee Lauder products are endorsed by Kendall Jenner.
The luxury apparels market is highly region oriented and the same is reflected through distinct trends across different geographical regions. Asia Pacific holds the lion’s share of the global luxury apparels market in terms of demand. The market of Asia Pacific is led by China, which is the major consumer of Luxury apparels. The Asia Pacific region accounted for over 48.84 % of the total global demand in 2015. China is closely followed by Japan and India. Japan, however, is not new to the consumption of luxury apparels and has always been a significant spender on luxury apparels. Japanese consumers widely believe that European luxury goods are more durable and of higher quality than the local luxury brands. However, the market in Asia Pacific is driven largely by the fact that luxury brands that were once totally unknown are now gaining familiarity and popularity owing to economic growth of the region, more disposable income, more men and women join the workforce following the economic development of the region.
Tourists play an important role in the propelling the luxury apparels market of Asia and other geographies. Duty free shops of various luxury brands at airports are popular with the tourists and many of them procure products from there. With large influx of tourists in countries like China, Hong Kong, Japan, India, the sale of luxury apparels have gone up.
High-end fashion apparels have been mostly associated with the women, however nowadays even men are flaunt luxury apparels especially in the matured markets of Europe and North America. The men of the emerging markets of Asia pacific, Latin America and the Middle East and Africa have remain untapped for despite being a lucrative markets for luxury apparels. The men’s luxury apparel segment is anticipated to grow faster than the women during the forecast period and account for a considerable market share during the forecast period.
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North America followed Asia Pacific, while Europe represented the third largest market share in 2015. However, demand growth for luxury apparels in these two regions is expected to exhibit sluggish growth owing to the fact the these two markets had already been into the consumption of luxury goods and apparels for long and thus a matured market for the same. Besides, following a recent spate of terrorist attacks across Europe, the number of tourists visiting the continent has declined and thus the market of luxury apparels has been hit hard.
Asia Pacific is projected to maintain the fastest growth rate in the forecast period growing at a CAGR of 14.5%. The global luxury apparels market is fragmented in nature with many companies holding considerable market share. Among them, Kering, Versace, Prada, Dolce and Gabbana, Burberry Group Inc, LVMH Moet Hennessy Louis Vuitton SE, Giorgio Armani S.p.A hold significant share of the global luxury apparels market. Other notable players in the global market are Ralph Lauren Corporation, Ermenegildo Zegna, Kiton and Hugo Boss AG.
The report provides an in-depth analysis of the luxury apparels market in terms of revenue (US$ Mn). It includes current demand analysis and forecast for each material segment at the global and regional level. Regions analyzed include North America, Europe, Asia Pacific, Latin America (LATAM), and the Middle East and Africa (MEA). Each region is further sub-segmented into the main countries or regions. The report comprises the following segments:
Global Luxury Apparels Market, By Material
Global Luxury Apparels Market, By Gender
Global Luxury Apparels Market, By Geography
- North America
- The U.S.
- The U.K.
- Asia Pacific
- Rest of APAC
- Middle East and Africa
- South Africa
- Rest of MEA
- Latin America
- Rest of LATAM