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Luxury Fashion Market Size to Reach Revenues of USD 153.97 Billion by 2026 - Arizton
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Customers are increasingly becoming environmentally conscious and are seeking sustainable lifestyle choices. There is also growing pressure from the public and the industry on luxury brand owners to decrease the environmental impact while maintaining the luxury quotient. This has prompted several luxury fashion brands to adopt sustainable and eco-friendly raw materials for the manufacturing of luxury apparel, footwear, and other fashion goods. Many luxury vendors use a variety of synthetic fibers, such as nylon and polyester, to manufacture luxury fashion products. Although these raw materials offer various functional benefits, such as light weight, moisture management, and flexibility, they pose a significant environmental threat. Synthetic fabrics shed a lot of microfibers while washing and do not last long if used regularly.
The APAC luxury fashion market is expected to witness exponential year-on-year growth during the forecast period. In 2020,
China accounted for a revenue share of 30.96% and is expected to dominate the APAC luxury fashion market. The Chinese market is one of the most attractive markets for luxury fashion brands. Consequently, the brands must adopt new strategies to attract luxury shoppers. Several customers in the Asian region prefer shopping for luxury fashion products as a part of the travel experience in European countries due to the benefit of lower prices. Hence, the continuous growth in travel and tourism is likely to accelerate the purchase of luxury products from other countries, which will hamper the domestic market for luxury fashion products. Several brands are focusing on providing local experiences, expanding their omnichannel presence, and increasing customer engagement, especially in tier-2 and tier-3 cities, to promote domestic luxury shopping.
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