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Luxury Apparel Market

Luxury Apparel Market Size & Overview – Key Insights & Forecast

Base Year: 2023 Historical Data: 2020-22
  • Report ID: TBI-13668
  • Published Date: Aug, 2024
  • Pages: 232
  • Category: Consumer Goods
  • Format: PDF
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Market Introduction

The global luxury apparel market was valued at USD 96.16 billion in 2023 and is anticipated to grow at a CAGR of 6.53% from 2024 to 2033. The market is expected to reach USD 181.02 billion by 2033. The rising disposable personal income and consumer expenditure on luxury goods are driving the growth of the luxury apparel market. The growing consumer belief that luxury items enhance social recognition fuels the demand for luxury apparel products. The increase in the population of millionaires and the strong customer loyalty towards brands are anticipated to witness new market opportunities during the forecast period.

First-time purchasers of luxury clothing often aim to experience high quality and exude a certain image in society, ultimately leading to brand loyalty. Renowned luxury brands maintain consistent product quality while carefully considering their consumers' perceptions, shaping the evolution of their namesake. Public word-of-mouth is also pivotal in promoting luxurious apparel since its higher price range and style are significant selling points; however, counterfeit products that emulate top-tier brands hinder this market's growth by offering similar designs at lower prices without regard for authenticity or customer well-being. The lack of awareness surrounding these items can lead loyal customers to be wary of legitimate merchandise options.

Luxury apparel encompasses a range of high-end clothing and accessories that exemplify sophistication, exclusivity, and superior craftsmanship. These pieces are meticulously designed and carefully produced to fulfil the most elevated standards of quality and aesthetics. Luxury garments are often crafted from the finest fabrics and materials available. These might include silk, cashmere, fine wool, and rare textiles worldwide. Using such premium materials enhances the overall look and feel of the apparel and contributes to its longevity and comfort. The production of luxury apparel involves meticulous attention to detail and skilled craftsmanship. Expert artisans and tailors work on each piece, ensuring that every seam, stitch, and embellishment is executed precisely. This level of dedication results in clothing that fits impeccably and looks flawless. Luxury apparel features unique and innovative designs that differentiate them from mass-market alternatives. Designers often incorporate creative elements, intricate patterns, and artistic embellishments, highlighting their creativity and individuality. These luxury items are often created in limited quantities to maintain a sense of exclusivity. This scarcity contributes to the allure of owning a piece of clothing that is not widely available, fostering a sense of prestige and desirability among consumers. From carefully aligned patterns to precisely matched seams, luxury apparel pays excellent attention to the finer details. Buttons, zippers, linings, and other components are chosen and placed thoughtfully to ensure a harmonious and visually appealing final product. Luxury apparel tends to have a timeless quality, transcending fleeting fashion trends. Classic styles and designs allow these pieces to remain relevant and stylish for years, contributing to their long-lasting value.

Luxury Apparel Market Size

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Recent Development

  • In August 2023: Luxury fashion powerhouse Kering Group has recently solidified its commitment through a binding agreement with investment entity Mayhoola. This strategic move follows Kering's acquisition of a 30% stake in the famous Italian luxury fashion house, Valentino. This investment comes at a considerable cash consideration of $1.87 billion. Integral to this agreement, Kering will ascend as a significant shareholder in Valentino, earning a seat on the board of directors. In the meantime, Mayhoola will continue to command the majority stake, retaining 70% ownership and driving forward its triumphant strategy of elevating the brand's standing. Interestingly, the agreement also grants Kering an option to assume complete ownership of Valentino within five years. This facet of the deal underscores the anticipation of a deeper partnership and a strengthened alignment of goals. Kering characterizes this transaction as more than a financial endeavour, portraying it as a pivotal element of a comprehensive strategic partnership between the two entities. Mayhoola echoes this sentiment, suggesting the prospect of embarking on other joint investments that align with their respective developmental trajectories. The synergistic collaboration aims to provide added impetus to the exceptional brand elevation initiatives championed by Valentino's CEO, Jacopo Venturini, while under Mayhoola's ownership. Kering acknowledges these efforts as instrumental in propelling Valentino into the echelons of the world's most esteemed luxury brands.
  • In April 2023: Ralph Lauren, the renowned fashion brand based in the United States, has inaugurated an exquisite new luxury concept store within the heart of Miami's Design District. This establishment is a testament to the brand's enduring commitment to timeless opulence. This store allows patrons to immerse themselves in a meticulously curated assortment of attire and accessories from the men's Purple Label collection and the women's ensemble. It also offers a range of unique handcrafted bags and accessories exclusive to this Design District locale. The grand opening of this Miami store stands as a pivotal step in Ralph Lauren Corporation's meticulously orchestrated expansion strategy encompassing North America, Europe, and Asia. This strategic endeavour, the "Accelerate" strategy, marks the company's next chapter, as articulated in an official press release. The store embraces modern financial trends by extending cryptocurrency payment options progressively. Moreover, the store boasts interactive digital interfaces that empower customers to seamlessly discover and delve into the entirety of North American offerings.

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1. Introduction
    1.1. Objectives of the Study
    1.2. Market Definition
    1.3. Research Scope
    1.4. Currency
    1.5. Key Target Audience

2. Research Methodology and Assumptions

3. Executive Summary

4. Premium Insights
    4.1. Porter’s Five Forces Analysis
    4.2. Value Chain Analysis
    4.3. Top Investment Pockets
          4.3.1. Market Attractiveness Analysis by Product Type
          4.3.2. Market Attractiveness Analysis by Application
          4.3.3. Market Attractiveness Analysis by End-User
          4.3.4. Market Attractiveness Analysis by Distribution Channel
          4.3.5. Market Attractiveness Analysis by Region
    4.4. Industry Trends

5. Market Dynamics
    5.1. Market Evaluation
    5.2. Drivers
          5.2.1. Brand Identity and Heritage
          5.2.2. Exclusivity and Rarity
          5.2.3. Consumer Aspirations and Status Symbol
    5.3. Restraints
          5.3.1. Economic Uncertainty
          5.3.2. Changing Consumer Preferences
          5.3.3. Rise of Fast Fashion
    5.4. Opportunities
          5.4.1. Direct-to-Consumer (DTC) Channels
          5.4.2. Digital Transformation
    5.5. Challenges
          5.5.1. Counterfeiting and Brand Imitation
          5.5.2. Inclusivity and Diversity

6. Global Luxury Apparel Market Analysis and Forecast, By Product Type
    6.1. Segment Overview
    6.2. Top Wears
    6.3. Bottom Wears
    6.4. One Piece
    6.5. Others

7. Global Luxury Apparel Market Analysis and Forecast, By Application
    7.1. Segment Overview
    7.2. Formal Wear
    7.3. Sports Wear
    7.4. Casual Wear
    7.5. Others

8. Global Luxury Apparel Market Analysis and Forecast, By End-User
    8.1. Segment Overview
    8.2. Men
    8.3. Women

9. Global Luxury Apparel Market Analysis and Forecast, By Distribution Channel
    9.1. Segment Overview
    9.2. Offline
    9.3. Online

10. Global Luxury Apparel Market Analysis and Forecast, By Regional Analysis
    10.1. Segment Overview
    10.2. North America
          10.2.1. U.S.
          10.2.2. Canada
          10.2.3. Mexico
    10.3. Europe
          10.3.1. Germany
          10.3.2. France
          10.3.3. U.K.
          10.3.4. Italy
          10.3.5. Spain
    10.4. Asia-Pacific
          10.4.1. Japan
          10.4.2. China
          10.4.3. India
    10.5. South America
          10.5.1. Brazil
    10.6. Middle East and Africa
          10.6.1. UAE
          10.6.2. South Africa

11. Global Luxury Apparel Market-Competitive Landscape
    11.1. Overview
    11.2. Market Share of Key Players in the Luxury Apparel Market
          11.2.1. Global Company Market Share
          11.2.2. North America Company Market Share
          11.2.3. Europe Company Market Share
          11.2.4. APAC Company Market Share
    11.3. Competitive Situations and Trends
          11.3.1. Product Launches and Developments
          11.3.2. Partnerships, Collaborations, and Agreements
          11.3.3. Mergers & Acquisitions
          11.3.4. Expansions

12. Company Profiles
    12.1. Giorgio Armani
          12.1.1. Business Overview
          12.1.2. Company Snapshot
          12.1.3. Company Market Share Analysis
          12.1.4. Company Product Portfolio
          12.1.5. Recent Developments
          12.1.6. SWOT Analysis
    12.2. Burberry
          12.2.1. Business Overview
          12.2.2. Company Snapshot
          12.2.3. Company Market Share Analysis
          12.2.4. Company Product Portfolio
          12.2.5. Recent Developments
          12.2.6. SWOT Analysis
    12.3. Dolce & Gabbana
          12.3.1. Business Overview
          12.3.2. Company Snapshot
          12.3.3. Company Market Share Analysis
          12.3.4. Company Product Portfolio
          12.3.5. Recent Developments
          12.3.6. SWOT Analysis
    12.4. Prada
          12.4.1. Business Overview
          12.4.2. Company Snapshot
          12.4.3. Company Market Share Analysis
          12.4.4. Company Product Portfolio
          12.4.5. Recent Developments
          12.4.6. SWOT Analysis
    12.5. Fendi
          12.5.1. Business Overview
          12.5.2. Company Snapshot
          12.5.3. Company Market Share Analysis
          12.5.4. Company Product Portfolio
          12.5.5. Recent Developments
          12.5.6. SWOT Analysis
    12.6. Kate Spade
          12.6.1. Business Overview
          12.6.2. Company Snapshot
          12.6.3. Company Market Share Analysis
          12.6.4. Company Product Portfolio
          12.6.5. Recent Developments
          12.6.6. SWOT Analysis
    12.7. Phillip Lim
          12.7.1. Business Overview
          12.7.2. Company Snapshot
          12.7.3. Company Market Share Analysis
          12.7.4. Company Product Portfolio
          12.7.5. Recent Developments
          12.7.6. SWOT Analysis
    12.8. PVH Corp.
          12.8.1. Business Overview
          12.8.2. Company Snapshot
          12.8.3. Company Market Share Analysis
          12.8.4. Company Product Portfolio
          12.8.5. Recent Developments
          12.8.6. SWOT Analysis
    12.9. Louis Vuitton SE
          12.9.1. Business Overview
          12.9.2. Company Snapshot
          12.9.3. Company Market Share Analysis
          12.9.4. Company Product Portfolio
          12.9.5. Recent Developments
          12.9.6. SWOT Analysis
    12.10. Versace
          12.10.1. Business Overview
          12.10.2. Company Snapshot
          12.10.3. Company Market Share Analysis
          12.10.4. Company Product Portfolio
          12.10.5. Recent Developments
          12.10.6. SWOT Analysis
    12.11. Kering
          12.11.1. Business Overview
          12.11.2. Company Snapshot
          12.11.3. Company Market Share Analysis
          12.11.4. Company Product Portfolio
          12.11.5. Recent Developments
          12.11.6. SWOT Analysis
    12.12. Valentino S.p.A.
          12.12.1. Business Overview
          12.12.2. Company Snapshot
          12.12.3. Company Market Share Analysis
          12.12.4. Company Product Portfolio
          12.12.5. Recent Developments
          12.12.6. SWOT Analysis
    12.13. Coach IP Holdings LLC
          12.13.1. Business Overview
          12.13.2. Company Snapshot
          12.13.3. Company Market Share Analysis
          12.13.4. Company Product Portfolio
          12.13.5. Recent Developments
          12.13.6. SWOT Analysis
    12.14. Ralph Lauren Corporation
          12.14.1. Business Overview
          12.14.2. Company Snapshot
          12.14.3. Company Market Share Analysis
          12.14.4. Company Product Portfolio
          12.14.5. Recent Developments
          12.14.6. SWOT Analysis
    12.15. Christian Dior
          12.15.1. Business Overview
          12.15.2. Company Snapshot
          12.15.3. Company Market Share Analysis
          12.15.4. Company Product Portfolio
          12.15.5. Recent Developments
          12.15.6. SWOT Analysis
    12.16. Michael Kors
          12.16.1. Business Overview
          12.16.2. Company Snapshot
          12.16.3. Company Market Share Analysis
          12.16.4. Company Product Portfolio
          12.16.5. Recent Developments
          12.16.6. SWOT Analysis
    12.17. Gianni Versace S.P.A.
          12.17.1. Business Overview
          12.17.2. Company Snapshot
          12.17.3. Company Market Share Analysis
          12.17.4. Company Product Portfolio
          12.17.5. Recent Developments
          12.17.6. SWOT Analysis
    12.18. Hermes International, Inc.
          12.18.1. Business Overview
          12.18.2. Company Snapshot
          12.18.3. Company Market Share Analysis
          12.18.4. Company Product Portfolio
          12.18.5. Recent Developments
          12.18.6. SWOT Analysis
    12.19. Tommy Hilfiger Inc.
          12.19.1. Business Overview
          12.19.2. Company Snapshot
          12.19.3. Company Market Share Analysis
          12.19.4. Company Product Portfolio
          12.19.5. Recent Developments
          12.19.6. SWOT Analysis
    12.20. Balenciaga
          12.20.1. Business Overview
          12.20.2. Company Snapshot
          12.20.3. Company Market Share Analysis
          12.20.4. Company Product Portfolio
          12.20.5. Recent Developments
          12.20.6. SWOT Analysis
    12.21. Chanel
          12.21.1. Business Overview
          12.21.2. Company Snapshot
          12.21.3. Company Market Share Analysis
          12.21.4. Company Product Portfolio
          12.21.5. Recent Developments
          12.21.6. SWOT Analysis
    12.22. Hermès International S.A.
          12.22.1. Business Overview
          12.22.2. Company Snapshot
          12.22.3. Company Market Share Analysis
          12.22.4. Company Product Portfolio
          12.22.5. Recent Developments
          12.22.6. SWOT Analysis
    12.23. Tapestry, Inc.
          12.23.1. Business Overview
          12.23.2. Company Snapshot
          12.23.3. Company Market Share Analysis
          12.23.4. Company Product Portfolio
          12.23.5. Recent Developments
          12.23.6. SWOT Analysis
    12.24. Legrand SA
          12.24.1. Business Overview
          12.24.2. Company Snapshot
          12.24.3. Company Market Share Analysis
          12.24.4. Company Product Portfolio
          12.24.5. Recent Developments
          12.24.6. SWOT Analysis

List of Table

1. Global Luxury Apparel Market, By Product Type, 2020-2033 (USD Billion) (K Units)

2. Global Top Wears, Luxury Apparel Market, By Region, 2020-2033 (USD Billion) (K Units)

3. Global Bottom Wears, Luxury Apparel Market, By Region, 2020-2033 (USD Billion) (K Units)

4. Global One Piece, Luxury Apparel Market, By Region, 2020-2033 (USD Billion) (K Units)

5. Global Others, Luxury Apparel Market, By Region, 2020-2033 (USD Billion) (K Units)

6. Global Luxury Apparel Market, By Application, 2020-2033 (USD Billion) (K Units)

7. Global Formal Wear Luxury Apparel Market, By Region, 2020-2033 (USD Billion) (K Units)

8. Global Sports Wear Luxury Apparel Market, By Region, 2020-2033 (USD Billion) (K Units)

9. Global Casual Wear Luxury Apparel Market, By Region, 2020-2033 (USD Billion) (K Units)

10. Global Others Luxury Apparel Market, By Region, 2020-2033 (USD Billion) (K Units)

11. Global Luxury Apparel Market, By End-User, 2020-2033 (USD Billion) (K Units)

12. Global Men Luxury Apparel Market, By Region, 2020-2033 (USD Billion) (K Units)

13. Global Women Luxury Apparel Market, By Region, 2020-2033 (USD Billion) (K Units)

14. Global Luxury Apparel Market, By Distribution Channel, 2020-2033 (USD Billion) (K Units)

15. Global Offline Luxury Apparel Market, By Region, 2020-2033 (USD Billion) (K Units)

16. Global Online Luxury Apparel Market, By Region, 2020-2033 (USD Billion) (K Units)

17. Global Luxury Apparel Market, By Region, 2020-2033 (USD Billion) (K Units)

18. North America Luxury Apparel Market, By Product Type, 2020-2033 (USD Billion) (K Units)

19. North America Luxury Apparel Market, By Application, 2020-2033 (USD Billion) (K Units)

20. North America Luxury Apparel Market, By End-User, 2020-2033 (USD Billion) (K Units)

21. North America Luxury Apparel Market, By Distribution Channel, 2020-2033 (USD Billion) (K Units)

22. U.S. Luxury Apparel Market, By Product Type, 2020-2033 (USD Billion) (K Units)

23. U.S. Luxury Apparel Market, By Application, 2020-2033 (USD Billion) (K Units)

24. U.S. Luxury Apparel Market, By End-User, 2020-2033 (USD Billion) (K Units)

25. U.S. Luxury Apparel Market, By Distribution Channel, 2020-2033 (USD Billion) (K Units)

26. Canada Luxury Apparel Market, By Product Type, 2020-2033 (USD Billion) (K Units)

27. Canada Luxury Apparel Market, By Application, 2020-2033 (USD Billion) (K Units)

28. Canada Luxury Apparel Market, By End-User, 2020-2033 (USD Billion) (K Units)

29. Canada Luxury Apparel Market, By Distribution Channel, 2020-2033 (USD Billion) (K Units)

30. Mexico Luxury Apparel Market, By Product Type, 2020-2033 (USD Billion) (K Units)

31. Mexico Luxury Apparel Market, By Application, 2020-2033 (USD Billion) (K Units)

32. Mexico Luxury Apparel Market, By End-User, 2020-2033 (USD Billion) (K Units)

33. Mexico Luxury Apparel Market, By Distribution Channel, 2020-2033 (USD Billion) (K Units)

34. Europe Luxury Apparel Market, By Product Type, 2020-2033 (USD Billion) (K Units)

35. Europe Luxury Apparel Market, By Application, 2020-2033 (USD Billion) (K Units)

36. Europe Luxury Apparel Market, By End-User, 2020-2033 (USD Billion) (K Units)

37. Europe Luxury Apparel Market, By Distribution Channel, 2020-2033 (USD Billion) (K Units)

38. Germany Luxury Apparel Market, By Product Type, 2020-2033 (USD Billion) (K Units)

39. Germany Luxury Apparel Market, By Application, 2020-2033 (USD Billion) (K Units)

40. Germany Luxury Apparel Market, By End-User, 2020-2033 (USD Billion) (K Units)

41. Germany Luxury Apparel Market, By Distribution Channel, 2020-2033 (USD Billion) (K Units)

42. France Luxury Apparel Market, By Product Type, 2020-2033 (USD Billion) (K Units)

43. France Luxury Apparel Market, By Application, 2020-2033 (USD Billion) (K Units)

44. France Luxury Apparel Market, By End-User, 2020-2033 (USD Billion) (K Units)

45. France Luxury Apparel Market, By Distribution Channel, 2020-2033 (USD Billion) (K Units)

46. U.K. Luxury Apparel Market, By Product Type, 2020-2033 (USD Billion) (K Units)

47. U.K. Luxury Apparel Market, By Application, 2020-2033 (USD Billion) (K Units)

48. U.K. Luxury Apparel Market, By End-User, 2020-2033 (USD Billion) (K Units)

49. U.K. Luxury Apparel Market, By Distribution Channel, 2020-2033 (USD Billion) (K Units)

50. Italy Luxury Apparel Market, By Product Type, 2020-2033 (USD Billion) (K Units)

51. Italy Luxury Apparel Market, By Application, 2020-2033 (USD Billion) (K Units)

52. Italy Luxury Apparel Market, By End-User, 2020-2033 (USD Billion) (K Units)

53. Italy Luxury Apparel Market, By Distribution Channel, 2020-2033 (USD Billion) (K Units)

54. Spain Luxury Apparel Market, By Product Type, 2020-2033 (USD Billion) (K Units)

55. Spain Luxury Apparel Market, By Application, 2020-2033 (USD Billion) (K Units)

56. Spain Luxury Apparel Market, By End-User, 2020-2033 (USD Billion) (K Units)

57. Spain Luxury Apparel Market, By Distribution Channel, 2020-2033 (USD Billion) (K Units)

58. Asia Pacific Luxury Apparel Market, By Product Type, 2020-2033 (USD Billion) (K Units)

59. Asia Pacific Luxury Apparel Market, By Application, 2020-2033 (USD Billion) (K Units)

60. Asia Pacific Luxury Apparel Market, By End-User, 2020-2033 (USD Billion) (K Units)

61. Asia Pacific Luxury Apparel Market, By Distribution Channel, 2020-2033 (USD Billion) (K Units)

62. Japan Luxury Apparel Market, By Product Type, 2020-2033 (USD Billion) (K Units)

63. Japan Luxury Apparel Market, By Application, 2020-2033 (USD Billion) (K Units)

64. Japan Luxury Apparel Market, By End-User, 2020-2033 (USD Billion) (K Units)

65. Japan Luxury Apparel Market, By Distribution Channel, 2020-2033 (USD Billion) (K Units)

66. China Luxury Apparel Market, By Product Type, 2020-2033 (USD Billion) (K Units)

67. China Luxury Apparel Market, By Application, 2020-2033 (USD Billion) (K Units)

68. China Luxury Apparel Market, By End-User, 2020-2033 (USD Billion) (K Units)

69. China Luxury Apparel Market, By Distribution Channel, 2020-2033 (USD Billion) (K Units)

70. India Luxury Apparel Market, By Product Type, 2020-2033 (USD Billion) (K Units)

71. India Luxury Apparel Market, By Application, 2020-2033 (USD Billion) (K Units)

72. India Luxury Apparel Market, By End-User, 2020-2033 (USD Billion) (K Units)

73. India Luxury Apparel Market, By Distribution Channel, 2020-2033 (USD Billion) (K Units)

74. South America Luxury Apparel Market, By Product Type, 2020-2033 (USD Billion) (K Units)

75. South America Luxury Apparel Market, By Application, 2020-2033 (USD Billion) (K Units)

76. South America Luxury Apparel Market, By End-User, 2020-2033 (USD Billion) (K Units)

77. South America Luxury Apparel Market, By Distribution Channel, 2020-2033 (USD Billion) (K Units)

78. Brazil Luxury Apparel Market, By Product Type, 2020-2033 (USD Billion) (K Units)

79. Brazil Luxury Apparel Market, By Application, 2020-2033 (USD Billion) (K Units)

80. Brazil Luxury Apparel Market, By End-User, 2020-2033 (USD Billion) (K Units)

81. Brazil Luxury Apparel Market, By Distribution Channel, 2020-2033 (USD Billion) (K Units)

82. Middle East and Africa Luxury Apparel Market, By Product Type, 2020-2033 (USD Billion) (K Units)

83. Middle East and Africa Luxury Apparel Market, By Application, 2020-2033 (USD Billion) (K Units)

84. Middle East and Africa Luxury Apparel Market, By End-User, 2020-2033 (USD Billion) (K Units)

85. Middle East and Africa Luxury Apparel Market, By Distribution Channel, 2020-2033 (USD Billion) (K Units)

86. UAE Luxury Apparel Market, By Product Type, 2020-2033 (USD Billion) (K Units)

87. UAE Luxury Apparel Market, By Application, 2020-2033 (USD Billion) (K Units)

88. UAE Luxury Apparel Market, By End-User, 2020-2033 (USD Billion) (K Units)

89. UAE Luxury Apparel Market, By Distribution Channel, 2020-2033 (USD Billion) (K Units)

90. South Africa Luxury Apparel Market, By Product Type, 2020-2033 (USD Billion) (K Units)

91. South Africa Luxury Apparel Market, By Application, 2020-2033 (USD Billion) (K Units)

92. South Africa Luxury Apparel Market, By End-User, 2020-2033 (USD Billion) (K Units)

93. South Africa Luxury Apparel Market, By Distribution Channel, 2020-2033 (USD Billion) (K Units)

List of Figures 

1. Global Luxury Apparel Market Segmentation

2. Luxury Apparel Market: Research Methodology

3. Market Size Estimation Methodology: Bottom-Up Approach

4. Market Size Estimation Methodology: Top-Down Approach

5. Data Triangulation

6. Porter’s Five Forces Analysis 

7. Value Chain Analysis 

8. Global Luxury Apparel Market Attractiveness Analysis by Product Type

9. Global Luxury Apparel Market Attractiveness Analysis by Application

10. Global Luxury Apparel Market Attractiveness Analysis by End-User

11. Global Luxury Apparel Market Attractiveness Analysis by Distribution Channel

12. Global Luxury Apparel Market Attractiveness Analysis by Region

13. Global Luxury Apparel Market: Dynamics

14. Global Luxury Apparel Market Share by Product Type (2023 & 2033)

15. Global Luxury Apparel Market Share by Application (2023 & 2033)

16. Global Luxury Apparel Market Share by End-User (2023 & 2033)

17. Global Luxury Apparel Market Share by Distribution Channel (2023 & 2033)

18. Global Luxury Apparel Market Share by Regions (2023 & 2033)

19. Global Luxury Apparel Market Share by Company (2023)

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. The Brainy Insights has segmented the global luxury apparel market based on below-mentioned segments:

Global Luxury Apparel Market by Product Type:

  • Top Wears
  • Bottom Wears
  • One Piece
  • Others

Global Luxury Apparel Market by Application:

  • Formal Wear 
  • Sports Wear
  • Casual Wear
  • Others

Global Luxury Apparel Market by End-User:

  • Men   
  • Women

Global Luxury Apparel Market by Distribution Channel:

  • Offline
  • Online

Global Luxury Apparel Market by Region:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
  • Asia-Pacific
    • Japan
    • China
    • India
  • South America
    • Brazil
  • Middle East and Africa  
    • UAE
    • South Africa

Methodology

Research has its special purpose to undertake marketing efficiently. In this competitive scenario, businesses need information across all industry verticals; the information about customer wants, market demand, competition, industry trends, distribution channels etc. This information needs to be updated regularly because businesses operate in a dynamic environment. Our organization, The Brainy Insights incorporates scientific and systematic research procedures in order to get proper market insights and industry analysis for overall business success. The analysis consists of studying the market from a miniscule level wherein we implement statistical tools which helps us in examining the data with accuracy and precision. 

Our research reports feature both; quantitative and qualitative aspects for any market. Qualitative information for any market research process are fundamental because they reveal the customer needs and wants, usage and consumption for any product/service related to a specific industry. This in turn aids the marketers/investors in knowing certain perceptions of the customers. Qualitative research can enlighten about the different product concepts and designs along with unique service offering that in turn, helps define marketing problems and generate opportunities. On the other hand, quantitative research engages with the data collection process through interviews, e-mail interactions, surveys and pilot studies. Quantitative aspects for the market research are useful to validate the hypotheses generated during qualitative research method, explore empirical patterns in the data with the help of statistical tools, and finally make the market estimations.

The Brainy Insights offers comprehensive research and analysis, based on a wide assortment of factual insights gained through interviews with CXOs and global experts and secondary data from reliable sources. Our analysts and industry specialist assume vital roles in building up statistical tools and analysis models, which are used to analyse the data and arrive at accurate insights with exceedingly informative research discoveries. The data provided by our organization have proven precious to a diverse range of companies, facilitating them to address issues such as determining which products/services are the most appealing, whether or not customers use the product in the manner anticipated, the purchasing intentions of the market and many others.

Our research methodology encompasses an idyllic combination of primary and secondary initiatives. Key phases involved in this process are listed below:

MARKET RESEARCH PROCESS

Data Procurement:

The phase involves the gathering and collecting of market data and its related information with the help of different sources & research procedures.

The data procurement stage involves in data gathering and collecting through various data sources.

This stage involves in extensive research. These data sources includes:

Purchased Database: Purchased databases play a crucial role in estimating the market sizes irrespective of the domain. Our purchased database includes:

  • The organizational databases such as D&B Hoovers, and Bloomberg that helps us to identify the competitive scenario of the key market players/organizations along with the financial information.
  • Industry/Market databases such as Statista, and Factiva provides market/industry insights and deduce certain formulations. 
  • We also have contractual agreements with various reputed data providers and third party vendors who provide information which are not limited to:
    • Import & Export Data
    • Business Trade Information
    • Usage rates of a particular product/service on certain demographics mainly focusing on the unmet prerequisites

Primary Research: The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. Primary research mainly involves in telephonic interviews, E-mail interactions and face-to-face interviews with the raw material providers, manufacturers/producers, distributors, & independent consultants. The interviews that we conduct provides valuable data on market size and industry growth trends prevailing in the market. Our organization also conducts surveys with the various industry experts in order to gain overall insights of the industry/market. For instance, in healthcare industry we conduct surveys with the pharmacists, doctors, surgeons and nurses in order to gain insights and key information of a medical product/device/equipment which the customers are going to usage. Surveys are conducted in the form of questionnaire designed by our own analyst team. Surveys plays an important role in primary research because surveys helps us to identify the key target audiences of the market. Additionally, surveys helps to identify the key target audience engaged with the market. Our survey team conducts the survey by targeting the key audience, thus gaining insights from them. Based on the perspectives of the customers, this information is utilized to formulate market strategies. Moreover, market surveys helps us to understand the current competitive situation of the industry. To be precise, our survey process typically involve with the 360 analysis of the market. This analytical process begins by identifying the prospective customers for a product or service related to the market/industry to obtain data on how a product/service could fit into customers’ lives.

Secondary Research: The secondary data sources includes information published by the on-profit organizations such as World bank, WHO, company fillings, investor presentations, annual reports, national government documents, statistical databases, blogs, articles, white papers and others. From the annual report, we analyse a company’s revenue to understand the key segment and market share of that organization in a particular region. We analyse the company websites and adopt the product mapping technique which is important for deriving the segment revenue. In the product mapping method, we select and categorize the products offered by the companies catering to domain specific market, deduce the product revenue for each of the companies so as to get overall estimation of the market size. We also source data and analyses trends based on information received from supply side and demand side intermediaries in the value chain. The supply side denotes the data gathered from supplier, distributor, wholesaler and the demand side illustrates the data gathered from the end customers for respective market domain.

The supply side for a domain specific market is analysed by:

  • Estimating and projecting penetration rates through analysing product attributes, availability of internal and external substitutes, followed by pricing analysis of the product.
  • Experiential assessment of year-on-year sales of the product by conducting interviews.

The demand side for the market is estimated through:

  • Evaluating the penetration level and usage rates of the product.
  • Referring to the historical data to determine the growth rate and evaluate the industry trends

In-house Library: Apart from these third-party sources, we have our in-house library of qualitative and quantitative information. Our in-house database includes market data for various industry and domains. These data are updated on regular basis as per the changing market scenario. Our library includes, historic databases, internal audit reports and archives.

Sometimes there are instances where there is no metadata or raw data available for any domain specific market. For those cases, we use our expertise to forecast and estimate the market size in order to generate comprehensive data sets. Our analyst team adopt a robust research technique in order to produce the estimates:

  • Applying demographic along with psychographic segmentation for market evaluation
  • Determining the Micro and Macro-economic indicators for each region 
  • Examining the industry indicators prevailing in the market. 

Data Synthesis: This stage involves the analysis & mapping of all the information obtained from the previous step. It also involves in scrutinizing the data for any discrepancy observed while data gathering related to the market. The data is collected with consideration to the heterogeneity of sources. Robust scientific techniques are in place for synthesizing disparate data sets and provide the essential contextual information that can orient market strategies. The Brainy Insights has extensive experience in data synthesis where the data passes through various stages:

  • Data Screening: Data screening is the process of scrutinising data/information collected from primary research for errors and amending those collected data before data integration method. The screening involves in examining raw data, identifying errors and dealing with missing data. The purpose of the data screening is to ensure data is correctly entered or not. The Brainy Insights employs objective and systematic data screening grades involving repeated cycles of quality checks, screening and suspect analysis.
  • Data Integration: Integrating multiple data streams is necessary to produce research studies that provide in-depth picture to the clients. These data streams come from multiple research studies and our in house database. After screening of the data, our analysts conduct creative integration of data sets, optimizing connections between integrated surveys and syndicated data sources. There are mainly 2 research approaches that we follow in order to integrate our data; top down approach and bottom up approach.

Market Deduction & Formulation: The final stage comprises of assigning data points at appropriate market spaces so as to deduce feasible conclusions. Analyst perspective & subject matter expert based holistic form of market sizing coupled with industry analysis also plays a crucial role in this stage.

This stage involves in finalization of the market size and numbers that we have collected from data integration step. With data interpolation, it is made sure that there is no gap in the market data. Successful trend analysis is done by our analysts using extrapolation techniques, which provide the best possible forecasts for the market.

Data Validation & Market Feedback: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helps us finalize data-points to be used for final calculations.

The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. The data validation interview and discussion panels are typically composed of the most experienced industry members. The participants include, however, are not limited to:

  • CXOs and VPs of leading companies’ specific to sector
  • Purchasing managers, technical personnel, end-users
  • Key opinion leaders such as investment bankers, and industry consultants

Moreover, we always validate our data and findings through primary respondents from all the major regions we are working on.

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