Luxury Fashion Market to Reach US$ 294.7 Billion by 2028 According to the latest research report, the global luxury fashion market size reached US$ 237.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 294.7 Billion by 2028, exhibiting a growth rate (CAGR) of 3.60% during 2023-2028.
Global Luxury Fashion Industry Trends and Drivers:
The global luxury fashion market is primarily being driven by the growing prevalence of social media. Influencer marketing and celebrity endorsements are having a significant impact on consumer behavior, particularly among younger demographics. Luxury fashion brands are collaborating with influencers and celebrities to create brand awareness and generate demand for their products, further propelling their adoption worldwide. Moreover, the expansion of e-commerce and digital platforms has opened up new opportunities for luxury fashion brands. Online sales channels are enabling brands to reach a broader global customer base and provide a convenient shopping experience, which is influencing the market. Additionally, numerous luxury brands are investing heavily in their online presence to cater to changing consumer behavior and preferences, significantly supporting demand at the global level. Since luxury brands are embracing sustainable materials, ethical sourcing, and responsible production practices, often attracting environmentally and socially conscious consumers, this is serving as a growth-inducing factor. Other factors driving the market include rapid urbanization and rising disposable income levels among the masses.
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On the basis of the product type, the market has been categorized into clothing and apparel (jackets and coats, skirts, shirts and T-shirts, dresses, trousers and shorts, denim, underwear and lingerie, and others), footwear, accessories (gems and jewellery, belts, bags, and watches). Among these, clothing and apparel are leading the total market share.
Based on the distribution channel, the market has been segmented into store- and non-store based. Currently, store-based accounts for the largest market share.
On the basis of the end user, the market has been bifurcated into men, women, and unisex. Presently, women exhibit a clear dominance in the market.