Global Luxury Apparels Market To Reach $102.67 Bn By 2032 - CAGR of 5.61%

Major companies in luxury apparels market are LVMH Moet Hennessy Louis Vuitton SE, Christian Dior, Ralph Lauren Corporation, Prada, Giorgio Armani S.P.A. and Gianni Versace among others. These players are set to bolster the development of global luxury apparels market.

According to a report from Zion Market Research, the global Luxury Apparels Market was valued at USD 62.82 Billion in 2023 and is projected to hit USD 102.67 Billion by 2032, with a compound annual growth rate (CAGR) of 5.61% during the forecast period 2024-2032.

This review is based on a report by Zion Market Research, titled “Luxury Apparels Market by Distribution Channel (Online and Offline), by End User (Men, Women and Children): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2028”.

Digitalization and E-commerce Penetration to Spur Growth

“Increased communication on social media platforms through influencers and bloggers, who are influencing the sales of luxury apparels as majority customers rely on credible reviews and word of mouth before investing in such expensive products” says the author of this study. Apart from this, top players such as Louis Vuitton and Christian Dior are actively coming up with engaging digital campaigns and celebrity collaborations to attract the Millennial and Gen Z consumer segment.            

Covid-19 imposed lockdowns and other restrictions have propelled online sales as people continue to stay at home. The comfort of shopping from home and delivery of high quality luxury products at the doorstep may also augment this market.

Global-Luxury-Apparels-Market

With the presence of a large pool of participants, the global luxury apparels market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR).  LVMH Moet Hennessy Louis Vuitton SE, Christian Dior, Ralph Lauren Corporation, Prada, Giorgio Armani S.P.A., Gianni Versace, Hermes International are some of the key players of virtual reality across the world. These players across luxury apparels market are focusing on digitalization, as well as on including more online experiences as their consumer offerings.

Presence of Big Players In The Region Support European Dominance

Regionally, Europe has been leading the worldwide luxury apparels market and is anticipated to continue on the dominant position in the years to come, states the luxury apparels market study. The presence of big players in the countries such as Italy, UK and France is one of the key factors behind the dominance of the European luxury apparels market. The high number of key market players being headquartered in Europe is another significant factor that is supporting this regional luxury apparels market.

Browse the full “Luxury Apparels Market by Distribution Channel (Online and Offline), by End User (Men, Women And Children): Global Industry Perspective, Comprehensive Analysis and Forecast, 2024-2032.” Report at https://www.zionmarketresearch.com/report/luxury-apparels-market

The global luxury apparels market is segmented as follows:

By Distribution Channel

• Online
• Offline

By End User

• Men
• Women
• Children

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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