Dallas, Texas, Oct. 27, 2022 (GLOBE NEWSWIRE) — Global luxury apparels market’s growth is affected by growing counterfeit luxury garment production, as well as a lack of awareness of brand image and formal distribution channels. The price point is determined by the business and brand positioning, with an emphasis on the affluent consumer segment; thus, there is no universal definition of luxury. It is of high quality and durability, yet it is also futuristic. It’s visually pleasing while being distinct. It is not only rare, but also difficult to obtain. Luxury clothing is constructed of higher-quality materials and lasts longer than its competitors.
Luxury garment manufacturers are leveraging on increased demand for eco-friendly or sustainable merchandise to increase revenue sources. Furthermore, personalisation is expected to emerge as a fundamental driver of the luxury apparels industry. The expanding luxury garment sales in Asia Pacific provide product creators with value-grab opportunities to compete with market leaders.
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Luxury Apparels Market Key Players includes:
- VIP Clothing Hanes brands Inc
- Chanel International
- PVH Corp
- Levi Strauss & Co
- VF Corporation
- Christian Dior SE
- Pearl Global Industries
- Ralph Lauren Corporation
- Tapestry Inc
- Hermes International
- SP Apparel
Luxury Apparels Market expansion in Asia Pacific is being driven by rising disposable incomes and a higher level of living. Furthermore, the growth of e-commerce portals, fast increasing Internet channels, and developing offline distribution channels are expected to improve sales of luxury apparels in countries such as Japan, China, and India.
The global market for luxury apparels is expected to develop at a compound annual growth rate (CAGR) of 4.1% from its estimated value of USD 71.4 billion in 2020 to its predicted value of USD 114.5 billion by the end of the forecast period.
It is anticipated that both an increase in the number of millionaires and brand loyalty will propel the expansion.
The Luxury Apparels market is primarily split into:
- Top Wears
- Bottom Wears
- One Piece
The Luxury Apparels market applications cover:
- Sports Wear
- Causal Wear
- Formal Wear
- Safety Apparels
The Luxury Apparels Market End-User:
The growth of the e-commerce industry has created a wealth of opportunities for luxury apparels manufacturers and distributors. Key firms are focusing on selling their products on a variety of e-commerce websites around the world in order to fulfill a diverse range of consumers globally. Online purchasing has exceeded brick-and-mortar retail in some countries, notably during the present pandemic. Furthermore, social media plays an important role in the marketing and promotion of luxury goods.
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According to the latest report, Luxury Apparels Market Size, 2020-2030, the market expanded 24.1% last year as it recovered from the destruction caused by the pandemic’s first year. Major luxury companies, particularly LVMH and Kering, capitalized on increased customer demand for luxury items as limitations were eased. As a result, luxury recouped its Covid-19-related losses.
Women dominated the worldwide luxury apparels market in terms of consumer group. Women are more knowledgeable about current fashion trends and more enthusiastic about fashion than males. Furthermore, the growing number of working women is expected to contribute to market growth. However, due to men’s increased fashion consciousness, the luxury garment business is expected to see a significant contribution from the male customer segment as well.
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