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Global Luxury Apparels Market is Expected to Touch US$ 60.7 Billion by 2024 - Global Industry Analysis, Trend, Size, Share, Forecast up to 2024; TMR
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The increasing accessibility of luxury fashion to a wider clientele is the primary reason for the growth of the overall market. The global market has been thriving on due to the increasing affordability of these products along with a rising demand for branded items in developing economies. The rising disposable incomes, improving standards of living, emergence of e-commerce, and growing awareness about high fashion have all contributed towards rise of the luxury apparels market in recent years. All of these factors have especially been catalysts in setting up the luxury apparels market in the emerging economies of Asia Pacific . The market is also being driven by growing number high net worth individuals (HNWI) across the globe.
The adoption of mass production techniques has also triggered a significant growth of the overall market. Previously, high fashion was limited to production of few garments, which largely restricted sale and revenue. However, over the past few years techniques of mass production and strategic partnerships to outsource production of luxury garments has worked in favor of the global apparels market. The growing presence of international brands such as Versace, Gucci, Prada, and Kiton in developing countries is expected to boost their familiarity with consumers, which is anticipated to have a positive influence on the market revenue.
: http://www.europlat.org/global-luxury-apparels-market.htm
Despite the strong market drivers, the global luxury apparels is projected to experience a few challenges. The entry of new players will be challenged by high capital investment required to design high fashion clothing. The high costs and hefty investments required to build a brand and retain its heritage and quality is expected to hamper the growth of the overall market. Furthermore, the vulnerability of global economy is also likely to create a negative impact on the trajectory of the overall market.
The global luxury apparels market is exceptionally fragmented with a presence of several luxury brands in the market. Thus, Transparency Market Research states that the global market has intense competition. Currently, the leading player in the global market is LVMH Moët Hennessy Louis Vuitton SE or LVMH as it enjoyed a dominant share of 17% in 2015. With an array of brands under its umbrella, LVMH is expected to continue to hold its lion's share in the coming years as well. "Reaching out to a wider consumer through retailing outlets, e-commerce, and increase presence in developing economies will fetch luxury brands bigger revenue," states the lead author of this research report.
The review is based on Transparency Market Research's report, titled " (Material - Cotton, Leather, Silk, and Denim; By Gender - Men and Women) - Global Industry Analysis, Trend, Size, Share and Forecast, 2016-2024."
Global Luxury Apparels Market, By Material
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