Globalization is leading to increased penetration of the giants in the global luxury apparels market. Transparency Market Research (TMR) recently published a study that recognizes leading industry names, such as Versace, Dolce and Gabbana, LVMH Moet Hennessy Louis Vuitton SE, Burberry, and Kering. The mentioned players of the luxury apparels market are predicted to delegate hefty investments toward the branding process of the company. Designing high fashion clothing while retaining company heritage is expected to require high capital investment. The wide clientele and increasing accessibility of branded clothing is prognosticated to lead the market to its considerable upswing.
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TMR’s report predicts the international luxury apparels market to reach a valuation of US$60,793.7 mn by 2024 from US1,8842.69 mn, on account of mass production of the wearables. The market is predicted to expand at a 13.2% CAGR between 2016 and 2024. Rising disposable incomes in Asia Pacific foresees a resultant boost to the region’s market share. It is predicted to showcase a whopping 14.75% CAGR throughout the forecast duration.
Increasing Global Temperature to Make Cotton a More Popular Material
While the worldwide luxury apparels market could be segmented on the basis of the material used, and by gender, the cotton luxury apparels is foretold to dominate the market revenue. The changing environmental conditions, with longer and hotter summers, makes cotton the most preferred choice of fabric to be used in clothing. Being soft, comfortable, and breathable, the material is largely turning into the favored option of high street fashion. Leather is predicted to be the next emerging segment among materials, on account of its durability and its premium tag.
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The global market for luxury apparels is also receiving an upward thrust owing to the rising number of people having a disposable income. Gender wise, women are expected to be leading consumers of luxury clothing in the upcoming years. An overall share of just over fifty percent market share is prognosticated to be held accountable to women’s luxury apparel, on account of their association to high fashion. Geographically, Asia Pacific is predicted to be fastest growing region in the market, due to emerging economic conditions, and e-commerce penetration. At the same time, Europe is expected to have a strong foothold in the business, owing to the existence of numerous luxury brands since decades.
Growing Brand Awareness to Create Market Opportunity for Luxury Apparel
Globalization, while leading to increased accessibility to consumers as well as enterprises, is resulting in a surging awareness of high fashion and brand awareness. The advent of e-commerce, advances in apparel mass production means, are predicted to aid the growth of the global luxury apparels market. Big brands among the industry are decidedly entering newer and developing markets, in economically emerging regions. Increasing the number of retail outlets, and presence on e-commerce platforms is expected to boost the sales of the luxury clothing providers. All of these factors are foretold to provide ample growth opportunities to the global players in the industry.
Mass production of clothing in recent times is another factor that could be accounted to market upswing. Strategic partnerships and amassed manufacturing techniques are prognosticated to be the pivotal strategies adopted by key players of the market to retain market supremacy. New market entrants could witness some hindrance, as the industry requires colossal investments right from the start. Building brand image could prove to be a challenge for inexperience participants, unless the involvement of tremendous capital. Nonetheless, the overall market growth is expected to be on the higher side, due to the growing presence and percolation of brand names.
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