Global COVID-19 Pandemic Impact on Luxury Fashion Market is likely to grow at a healthy CAGR by 2022, as per the recent analysis by Market Research Future (MRFR). Luxury fashion products, simply put, are expensive, high-class, and fashionable. Companies manufacturing these products along with focusing on offering the latest look also offer products based on street culture and cultural trends for attracting a vast consumer base. Accessories, footwear, clothing, and others are different types of luxury fashion products.
Various factors are propelling the global luxury fashion market growth. As per the latest MRFR report, such factors include the growth in emerging countries, an increase in e-commerce sales, an increase in disposable income, changing lifestyle patterns owing to rapid urbanization, and rising sale of men’s workwear. Additional factors adding market growth include consumers increasing spending on luxury fashion goods, rising disposable income, greater social acceptance, traction for branded items, growing women working population, and an increasing number of millionaires & brand loyalty amid customers.
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On the contrary, high prices of luxury fashion goods and unprecedented disruptions in the supply chain due to the COVID-19 pandemic are factors that may impede the luxury fashion market growth over the forecast period.
Leading players profiled in the Global Luxury Fashion Market Report include Dolce & Gabbana, Zara, Tiffany, Michael Kors, Burberry, Prada, Cartier, Rolex, Chanel, Gucci, Hermès, and Louis Vuitton.
The MRFR report offers an inclusive segmental analysis of the global luxury fashion market based on type and distribution channel.
By type, the global luxury fashion market is segmented into accessories, footwear, clothing, and others. Of these, clothing and accessories will lead the market over the forecast period.
By distribution channel, the global luxury fashion market is segmented into e-commerce, airport, multi-brand boutiques, specialty stores, department stores, mono-brand stores, and others. Of these, the e-commerce segment will dominate the market over the forecast period.
Based on the Region, Global COVID-19 Pandemic Impact on Luxury Fashion Market Report covers the growth opportunities and recent trends across North America, Europe, the Asia Pacific, & the Middle East and Africa (MEA). Of these, Europe is likely to lead the market over the forecast period. Innovative business models and retail concepts, high-class women travelers & business tycoons purchasing expensive apparels while holidaying in Europe, the presence of several luxury brands since long, increasing sale of luxury fashion attires, and the region being an attractive tourist destination attracting millions of travelers from all over the world are adding to the global luxury fashion market growth in the region. France, the UK, and Germany have a maximum share in the region.
The global luxury fashion market in North America is predicted to have healthy growth over the forecast period. The growing influence of social media & celebrity endorsement, high purchasing power, the rising attraction of luxury lifestyle, and burgeoning demand for luxury goods, especially luxury fashion attire, are adding to the global luxury fashion market growth in the region.
The global luxury fashion market in the APAC region is predicted to grow at a fast pace over the forecast period. E-commerce penetration, up-and-coming economic conditions, rising brand consciousness & consumer awareness, and brands exploring the region’s untapped markets and establishing their stores due to surging demand for luxury fashion and companies examining the potential in luxury children wear market trying in entering the market are adding to the global luxury fashion market growth in the region. India, Hong Kong, and China have the maximum share in the region.
The global luxury fashion market in the MEA is predicted to have sound growth over the forecast period. The availability of an extensive variety of choices, better living standards, and improvements in the purchasing parity is adding to the global luxury fashion market growth in the region.
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