Since historic times only the affluent have been able to enjoy luxury apparel and other expensive clothing. The luxury apparels has been mostly affordable for the elite class. The clientele comprising individuals with high net worth has boosted growth in the luxury apparels market. However, with a period of time, fashion brands and designers are trying to offer affordable prices to reach a broader range of customers from different strata of the society. A few big brands such as Versace, Prada, and Louis Vuitton are now making their presence in developing countries. Such pursuits are helping them to reach a fresh customer base but also has expand their geographical reach.
The research report on the luxury apparels market states opportunities in the said market to lead to a rise in valuation by US$60,793.7 Mn. by 2024. The value of the luxury apparels market in 2015 was worth US$ 18,842.69 Mn. The luxury apparels market is expected to rise at a compound annual growth rate (CAGR) of 13.2% during the forecast period from 2016 to 2024.
The Rising Global Temperatures has Increased Consumer Preference for Cotton Apparel in the Luxury Apparels Market
The global luxury apparels market has been divided into cotton, leather, denim, silk, and others on the basis of material. The research report on the luxury apparels market has demonstrated that cotton rules in the global market. In 2015, cotton held 35.87% of the total market share. This material is convenient in hot and humid environmental conditions of various regions as the Middle East &Africa and the Asia Pacific. Being able to meet weather requirements, cotton has generated mammoth demand in the luxury apparels market. The breathable nature of fiber, comfort and terrific absorbency are some key features of this fiber that make it pervasive in the clothing and fashion industry. Moreover, the Asia Pacific has become a chalk horse in the luxury apparels market with the increased cotton production in China and India.
After cotton, leather is the next most important material in the luxury apparels market. Durability and ability to adapt to innumerable designs is a characteristic of the material, because of which it increasingly being preferred. The products manufactured with this material are of high quality and serve premium requirements.
Further, the smooth texture, elegance, and softness of silk are also making it a suitable material among other products in the luxury apparels market. The remarkable silk production in China and India is also lending growth impetus to the luxury apparels market in the Asia Pacific.
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Some key players in the luxury apparels market include Prada, Versace, Dolce and Gabbana, LVMH Moet Hennessy Louis Vuitton SE, Kering, Giorgio Armani S.p.A, and Burberry Group Inc. These market players hold a predominant share in the overall luxury apparels market.
The Asia Pacific is emerging as a Leading Regional Segment with the Increasing Consumers for Global Luxury Apparels Market
North America, the Middle East and Africa (MEA), Europe, Asia Pacific, and Rest of the World are the core regions in the luxury apparel market. With the presence of different luxury houses and brands that has a stronghold for several years, European region is prominent in the global luxury apparels market. The Asia Pacific is expecting a radical shift with the increasing demand in the luxury apparels market. The key reasons for this shift include changing lifestyle, disposable incomes, existence of different international brands in developing countries and improved standard of living. E-commerce websites are also driving growth in the luxury apparels market.
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