The luxury clothing market is expected to reach $ 81.23 billion by 2023

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According to a new report from Allied Market Research, The Luxury clothing market The size was estimated at $ 62.62 billion in 2016 and is projected to reach $ 81.23 billion by 2023, increasing with an annual growth rate of 3.9% from 2017 to 2023, this trend until 2023. However, it is expected that Asia Pacific will dominate the market throughout the forecast period due to the rapid increase in urbanization and the increase in disposable income.

The growth of online sales, rapid urbanization, and lifestyle changes due to higher disposable income of consumers are driving the growth of the luxury clothing market. In addition, growth in emerging markets such as Asia Pacific and LAMEA is expected to create lucrative opportunities for the global luxury apparel market. However, high raw material costs are hampering the growth of the luxury clothing market.

Leather is the second fastest growing material in the luxury apparel market over the forecast period and is expected to grow 4.6% through 2023. Fashion conscious consumers are becoming more environmentally conscious and therefore prefer environmentally friendly apparel fabric products, which further promotes the harmless and non-toxic manufacturing method of leather.

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Online sales in the luxury apparel industry are expected to grow the most through 2023. Ecommerce sales have grown in popularity in recent years as online shopping provides a platform for easy shopping for its large customer base. Consumers are well informed about the fabric, size and color code of the garments from the pictures and photos posted on the company’s website or an e-commerce site. Small town shoppers have been observed to contribute to online sales due to a lack of accessibility to authentic luxury clothing in nearby stores, opening up lucrative opportunities for manufacturers to expand their regional base.

In addition, some consumers from the BRICS countries (Brazil, Russia, India, China and South Africa) are willing to pay higher prices for environmentally friendly fabrics that do not contain toxic and harmful dyes. Some of the manufacturers in the luxury clothing market, such as LVMH Moet Hennessy Louis Vuitton SA, Coach, Inc., Kering SA, Prada SpA, and Hermes International SCA, are involved in innovating leather clothing and other goods using environmentally friendly fabric materials to reduce pollutant emissions and the To protect the environment.

Europe had the highest market share in the luxury apparel market in 2016 and is expected to maintain its leadership throughout the forecast period as the majority of the leading luxury apparel manufacturers are headquartered in the UK, Italy, France and Switzerland. LAMEA has shown significant growth due to an improvement in purchase parity, a better standard of living and the availability of a wide range of options.

The Covid-19 pandemic is having a critical impact on the growth of the global luxury clothing market and has changed several market scenarios. The lockdown in different countries and the ban on international travel have disrupted the supply chain and revenue chain. The report provides in-depth analysis of the Covid-19 pandemic to the growth of the global luxury apparel market.

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The report provides a comprehensive analysis of the major players in the luxury apparel market, such as Ralph Lauren Corporation, Christian Dior, Michael Kors, Coach, Inc., Gianni Versace SPA, Girogio Armani SPA, Nike, Inc., Hermes International, Inc., Tommy Hilfiger USA Inc. and Burberry Group, Inc.

The Key Findings of the Luxury Apparel Market:

? In 2016, cotton material accounted for the maximum market revenue and is expected to grow at a CAGR of 3.1% over the forecast period. Ecommerce sales are expected to grow at a significant CAGR of 5.6% as it is a convenient way to shop. The female consumer segment represented more than half of the global luxury apparel market in 2016? China is the largest shareholder in the Asia-Pacific luxury apparel industry, with a stake of around 42.4% in 2016.

About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and management consulting arm of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides unmatched quality of “Market Research Reports” and “Business Intelligence Solutions” to global corporations as well as medium and small businesses. AMR provides targeted business insights and advice to its clients to help them make strategic business decisions and achieve sustainable growth in their respective market domains.

Tags: Apparel, Apparel Market, Luxury Apparel Market Share, Luxury Apparel Market Size, Luxury Apparel Market, Luxury Apparel, Denim Apparel, Luxury & Premium Products, Cotton Apparel, Silk Apparel, Leather Apparel

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Contact information:

Contact us:

David Correa

5933 NE Win Sivers Drive

# 205, Portland, OR 97220

United States

Toll Free: 1-800-792-5285 |

United Kingdom: + 44-845-528-1300 |

Hong Kong: + 852-301-84916 |

India (Pune): + 91-20-66346060 |

Fax: + 1-855-550-5975

Email “[email protected]

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