DUBLIN, Nov. 7, 2024 (Globe Newswire) — The “Luxury Fashion Market – Insights Focused 2024-2029” report has been added to ResearchAndMarkets.com’s offering.
The luxury fashion market was valued at USD 289.46 billion in 2023 and is expected to reach USD 315.88 billion by 2029, growing at a CAGR of 1.47%.
The Global Luxury Fashion Market report consists of unique data on 33 vendors. There are many large players and some smaller players in the market. Burberry, Capri Holdings, Dolce & Gabbana, Estée Lauder Companies, Giorgio Armani, Hugo Boss, Kering, LVMH, Prada Group and Tapestry are some of the major players in the market.
Increasing competition forces various vendors to continuously innovate products with unique value propositions to survive in the market. Companies need to invest significant amounts of money in research and development to introduce new technologies, enhance their offerings, and expand their product portfolios. Although existing players dominate the market, there are significant growth opportunities for new entrants who have strategies to develop the market by entering niche segments.
Asia Pacific accounts for the largest share of the global luxury fashion market with over 31%. The region’s high-end fashion market is supported by the ever-increasing disposable income of the middle class. Similarly, increased access to international luxury brands may encourage product consumption.
Therefore, several brands are expanding their footprint in the Asia Pacific market to serve a large customer base. China’s population is one of the most attractive markets for luxury fashion brands. As a result, brands are being asked to consider new strategies to attract luxury shoppers. Some customers in Asia prefer to purchase luxury goods outside their home country to take advantage of lower prices in European countries or as part of their travel experience.
Market trends and drivers
Utilizing augmented reality
Augmented reality (AR) is transforming the luxury fashion industry and improving the online shopping experience by allowing consumers to virtually try on products and visualize them in their own environment. Brands like Gucci and Burberry are integrating AR into their apps, allowing customers to see what items like sneakers and handbags will look like in real time, reducing return rates and increasing customer satisfaction. I’m letting you do it. The use of this innovative technology will enable luxury brands to offer a more personalized and engaging shopping experience. AR also allows luxury brands to create virtual fashion shows and events, giving customers a front-row seat to exclusive collections without leaving their homes.
For example, Dior’s virtual fashion show creates an immersive experience that deepens the connection between the brand and its audience. By embracing AR, luxury brands are improving the shopping experience and positioning themselves as innovation leaders. Ultimately, AR can help luxury brands differentiate themselves in the competitive market by offering unique and interactive experiences that go beyond traditional shopping. This technology-driven approach strengthens brand loyalty and appeals to tech-savvy consumers who are looking for more than just product purchases.
Ensuring quality in the growing luxury goods resale market
The growth of the luxury resale market presents both opportunities and challenges for luxury brands, especially in ensuring the quality and authenticity of second-hand goods. As consumers increasingly turn to resale platforms for more affordable luxury goods, brands need to protect their reputations by ensuring used products meet the same standards as new products. This is critical to maintaining brand integrity and customer trust, especially as the resale market becomes a larger part of the luxury goods ecosystem. Many luxury brands and resale platforms are adopting blockchain technology to authenticate second-hand goods to address these concerns.
For example, LVMH and other major brands are using blockchain to create digital certificates of authenticity to ensure the origin of resale goods can be traced. This not only helps in the fight against counterfeit goods, but also reassures customers about the quality and legitimacy of their purchases on the resale market. Additionally, ensuring quality in the resale market allows luxury brands to maintain high standards across all channels, including second-hand sales. By actively participating in the resale market and implementing a robust authentication process, brands can expand their reach to new customer groups while maintaining the exclusivity and prestige that defines luxury.
growth of wealthy class
The increasing number of high net worth individuals (HNWIs) worldwide has become a key driver of the luxury fashion market. As wealth continues to increase, especially in regions such as Asia-Pacific and the Middle East, the demand for luxury goods will increase accordingly. Wealthy people have the purchasing power to invest in luxury fashion and often seek exclusivity, quality and brand prestige. This segment’s ability to spend on luxury goods such as fashion, accessories, and bespoke services drives sales and facilitates market expansion. Luxury brands are tailoring their offerings to this affluent customer by offering personalized shopping experiences, limited-edition products, and VIP services.
For example, brands such as Louis Vuitton and Chanel offer tailored services that particularly appeal to the wealthy, increasing the exclusivity and appeal of their products. A focus on personalization and exclusivity will help luxury brands maintain their appeal among this high-spending group. Moreover, the rise in wealth is not just a matter of personal purchases. It’s about their influence on broader luxury trends. Their choices to invest in luxury brands often set trends and shape the aspirations of other consumer segments, further driving the growth of the luxury fashion market.
industry constraints
Rise of low-priced premium brands
The rise of low-priced premium brands poses a major challenge to traditional luxury fashion brands. This is because these competitors offer similar quality products without the higher prices. Brands such as Michael Kors and Tory Burch have become popular by offering consumers high-quality, stylish products at more affordable prices, attracting a segment of consumers who want to own luxury goods. I am.
Additionally, the growing popularity of premium brands has the potential to erode the traditional luxury brand customer base, especially among younger consumers who prioritize value and style over brand prestige. To combat this challenge, luxury brands need to strengthen their brand narrative and highlight the unique aspects of their heritage, craftsmanship and exclusivity that set them apart from the increasingly competitive premium market.
Answers to key questions
What is the size of the global luxury fashion market? What is the growth rate of the global luxury fashion market? What are the key drivers of the global luxury fashion market? Who are the key players in the global luxury fashion market? Which region dominates the global luxury fashion market?Market?
Key attributes:
Report attribute details No. Number of pages 146 Forecast period 2023 – 2029 Estimated market value in 2023 (USD) 289.46 billion USD Predicted market value by 2029 (USD) 315.88 billion USD Average annual growth rate 1.4% Target region world
Vendor scenery
Major vendors
Burberry Capri HoldingsDolce & GabbanaEstee Lauder CompaniesGiorgio ArmaniHugo BoskelingLVMHPRADA GroupTapestry
Other notable vendors
Moncler MMC Chanel Hermes OSK Lens Salvatore Ferragamo Watch Group Cesare Attorini Canari Max Mara Ralph Lauren PVHI Inditex Diesel Company Financière Richemont FJ Benjamin Mitsui & Co. Roberto Cavalli Balmain Oscar de la Renta Valentino Swarovski Zegna
segmentation analysis
By product type
ApparelLeather goodsWatchesFootwearJewelryOther
by end user
By generation
Generation X Millennials & Generation Z Baby Boomers & Silent Generation
By distribution channel
By sales channel
Online Monobrand Store Specialty Store Department Store Off Price Store Airport
For more information on this report, please visit https://www.researchandmarkets.com/r/b52vad.
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