The global luxury apparels market is expected to register a CAGR of 12.3 per cent from 2018 to 2023. Increasing communication between consumers and key players through social media platforms and online retail stores is driving the sales of trendy luxury apparels. Consumer-specific offers and attractive promotions and advertising through magazines and social media are influencing the sales of luxury apparels. Nearly half of luxury apparel buying decisions are majorly influenced by offline and online platforms.
Key players in the luxury apparels market are: Hermes, Versace, Kering, Prada, Dolce and Gabbana, Louis Vuitton, Burberry, Giorgio Armani, Ralph Lauren, Ermenegildo Zegna, Hugo Boss and Kiton.
North America is likely to hold a significant market share of the luxury apparels industry over the forecast period followed by Europe due to the increased demand for luxury goods including luxury apparels. The growing attraction of a luxury lifestyle, high purchasing power, and the influence of celebrity endorsement are driving market growth in North America. Asia Pacific is estimated to witness a significant growth rate in upcoming years owing to the improving distribution network across the region. However, value added taxes imposed on luxury apparels and footwear and the high dominance of key players is restraining market growth in developing economies.