Luxury Apparel Market Size To Reach $106.10 Billion By 2030

Luxury Apparel Market Growth & Trends

The global luxury apparel market size is expected to reach USD 106.10 billion in 2030 and is expected to expand at a CAGR of 4.1% from 2024 to 2030. Several characteristics includingrise in the number of millionaires coupled with brand loyalty is projected to drive the growth. Consumer perception that luxury goods will contribute to greater social acceptance, is anticipated to further fuel the market. Increasing disposable income and consumer spending on luxury products are also prominent factors driving the demand.

Luxury clothes are usually fashionable, trendy, high-class, and expensive. Luxury apparel companies not only focus on providing latest looks but they also provide apparel based on cultural trends and street culture to attract vast consumer base. For instance Indian brand Raymond Group has introduced its new brand called Raymond Khadi to provide luxury khadi apparel. Such innovations and developments are anticipated to attract luxury customers and drive the market.

Asia Pacific has been witnessing strong growth over the past few years on account of increasing attraction for luxury items in the region. China, Hong Kong, and India has the largest penetration rate of luxury clothing. Number of luxury brands are exploring the untapped regional markets and are establishing their stores owing to the rising demand. Some of the companies have also examined the potential in luxury children wear market and trying to enter into such market. The above factors are driving growth of the regional luxury apparel market.

In terms of end user, men accounted for the largest market share of approximately 56.00% in 2018. Increasing sale of luxury work wear for men is propelling the segment growth. As per the survey, it was found that men spend more on luxury and are more likely to buy the products for gifting purposes. Whereas it was also found that men and women shop for luxury items at around the same rate with the difference being in the spending on per item.

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Luxury Apparel Market Report Highlights

• The men segment dominated the market with the largest revenue share of 55.0% in 2023

• The offline channel segment dominated the market with the largest revenue share in 2023

• The online channel segment is expected to grow at the fastest CAGR over the forecast period.  This rapid growth is driven by several factors, including the increasing penetration of the internet and the widespread adoption of smartphones, which make online shopping more accessible and convenient

• The women segment is expected to grow at the fastest CAGR of 4.5% over the forecast period

• Asia Pacific luxury apparel market dominated the global market with the largest revenue share of 40.1% in 2023

Luxury Apparel Market Segmentation

Grand View Research has segmented the global luxury apparel market report based on end use, distribution channel and region:

Luxury Apparel End Use Outlook (Revenue, USD Million, 2018 - 2030)

• Men

• Women

Luxury Apparel Distribution Channel Outlook (Revenue, USD Million, 2018 - 2030)

• Offline

• Online

Luxury Apparel Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

• Asia Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

• Latin America

  • Brazil

• Middle East and Africa (MEA)

  • UAE

List of Key Players in Luxury Apparel Market

• Burberry

• Calvin Klein

• Dolce & Gabbana

• Giorgio Armani

• Prada

• Kate Spade

• 3.1 Phillip Lim

• Valentino S.p.A.

• Gucci

• Coach