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Luxury Fashion Market to Hit $401.73 Billion by 2028, A 2X Growth in the Next 6 Years, Travel & Tourism Opening Up New Avenues in the Market - Arizton
APAC leads the luxury fashion market, with Europe , North America , Latin America , and the Middle East & Africa following in descending order of influence and market dominance. Currently, luxury fashion vendors are embracing AR technology to revolutionize consumer engagement. With the integration of AR experiences, customers can virtually try on high-end clothing and accessories, creating a unique and immersive shopping journey. This enhances convenience and addresses issues related to fit and style preferences. Moreover, AR enables brands to showcase their products in interactive and captivating ways, crafting a memorable shopping experience. This elevated engagement and customization is expected to significantly boost demand in the luxury fashion sector, particularly among tech-savvy consumers seeking a more refined and interactive shopping experience. As a result, the adoption of AR technology is set to transform the industry, piquing consumer interest and driving demand in luxury fashion.
Travel & tourism play a significant role in driving the demand for luxury fashion products. The international purchase of luxury goods is increasingly gaining momentum and adding to the luxury fashion brands' revenue. More than 45% of luxury purchases are made by tourists, whether in a foreign country or at the airports. Global luxury hotel sales grew by 26.90% in 2022 and, in 2023, are expected to grow by 16.99% more. Hence, the increase in travel & tourism with the opening of the economy is leading to the increasing demand for luxury fashion goods in the market.
The global Gen X luxury fashion market will reach $153.28 billion by 2028. The new luxury brands entering the market are expected to face certain drawbacks, making it difficult to capture new customers of this generation. Moreover, it is also likely to be unfavorable for the existing luxury fashion brands to gain the share of other brands, especially of the population in this generation. Luxury brands that proactively emphasize their commitment to sustainable and ethical principles stand to establish a strong resonance with Gen X consumers. They seek transparency in supply chains, environmentally friendly materials, and a demonstrated dedication to social responsibility. Luxury brands that integrate sustainable practices throughout their operations and demonstrate a genuine commitment to reducing their ecological footprint are poised to gain a competitive advantage within this discerning market segment.
Millennials and Gen Z, the younger target consumers of the market, are highly inclined toward digital channels. Most of the population in this category prefers to shop for products online. As a result, it is necessary for brands to increasingly focus on driving their online channels and enhancing customer service to offer better customer experience. Countries such as China , India , Indonesia , the US, and Brazil account for most of the millennial population. These countries together make up around 50% of the global millennial population. Moreover, Nigeria , India , and Indonesia are the few countries with the highest Gen Z population. Hence, these countries offer significant growth opportunities for expanding luxury fashion brands and tapping potential customers in the upcoming years.
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