Industry Background:
Gucci bags, Rolex watches, Versace gowns etc. are the brands and fashion luxury products that signify money and status representing the Global Luxury Fashion Market. Luxury Fashion market has been in constant growth phase over the past several years. China is the largest consumer of luxury goods contributing 30% of the market share. ‘Luxury’ is a representation of what society determines this concept is. Luxury Fashion is defined as an established image in the mind of consumers that comprises association about a strong degree of exclusiveness, extraordinariness, superiority, aesthetics, rarity, price, and quality. Fashion brands are steady to adopt e-commerce while shoppers are more comfortable in buying high-end stuff online. With online collaboration, fashion companies have experienced a major decline in brick-and-mortar traffic resulting in reduced store operating costs, innovation in-store experience and re-evaluated store networks to attract customers.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Louis Vuitton (France), Hermes (Germany), Gucci (Italy), Chanel (France), Rolex (UK), Cartier (France) and Prada (Italy) |
This growth is primarily driven by Rapid digital transformation and high-end traditional brands, Evolving consumer preferences and increasing disposable income, The shift in prices of luxury apparel and footwear’s due to the increasing standard of living and Increasing demand for imported products..
Globally, a noticeable market trend is evident Chinese luxury consumers as “mix and match” shoppers, mixing high end-fashion with lower end premium products. This trend is expected to reach a billion people in China and India in the forecast period
The Apparel, Accessories & Luxury Goods sector in the North America region has been increasing at a sustainable rate, and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Vendors, such as Louis Vuitton (France), Hermes (Germany), Gucci (Italy), Chanel (France), Rolex (UK), Cartier (France) and Prada (Italy), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. The market is fragmented with numerous players focusing on craftsmanship and quality of the product due to which the global luxury fashion market can witness an upsurge in the forecast period.
Key Developments in the Market:
In July 2023, Nextil, European textile manufacturing company started new manufacturing plant in Bologna, Italy. This new manufacturing plant helped company to expand its presence in Luxury Fashion market
In February 2023, Gucci in partnered with Kering, launched the first hub for circular luxury in Italy. This set up Italian fashion industry's production model, through the redefinition of the entire value chain. This launch helped company to expand its presence in luxury fashion market
Influencing Trend:
Chinese luxury consumers as “mix and match” shoppers, mixing high end-fashion with lower end premium products. This trend is expected to reach a billion people in China and India in the forecast period and Growth in Online Sales due to the increasing number of online portals and their popularity.
Market Growth Drivers:
Rapid digital transformation and high-end traditional brands, Evolving consumer preferences and increasing disposable income, The shift in prices of luxury apparel and footwear’s due to the increasing standard of living and Increasing demand for imported products.
Challenges:
Advancement in technology and the increasing shift towards digitalization in the fashion industry, Fashion tends to rely on culture. The difference in culture between consumers from developed to developing countries is the challenge faced by fashion designers on modifying their designs and Increased Sophistication and Diversification in consumers taste.
Restraints:
Uncertainty in the economic situation is the major factors that could hamper the market and Currency fluctuations and less number of brand outlets in developing countries.
Opportunities:
The increasing cost of raw material and the rate of urbanization., Increasing spending by wealthier consumers. and Advertisement of famous fashion brands through social media.
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Vendors landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Luxury Fashion Market
- Analysis about New Entrants in Luxury Fashion Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Luxury Fashion Study Sheds Light on
The Luxury Fashion Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Luxury Fashion industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Luxury Fashion industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Vendors can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.