Luxury Apparel Market Size, Trends and Analysis by Regional and Category Performance, Brands and Forecast to 2028
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Luxury Apparel Market Report Overview
The luxury apparel market size was $201.6 billion in 2023 and will grow at a CAGR of more than 5% during 2023-2028. In 2023, after two years of impressive growth propelled by pent-up demand post-pandemic, the global luxury apparel market began to taper as economic challenges in Europe and the US began to hit aspirational shoppers. However, the luxury apparel market demand will pick up again in 2025 as inflation rates begin to stabilize and aspirational shoppers re-engage.
Luxury Apparel Market Outlook, 2023-2028 ($ Billion)
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The luxury apparel market research report provides historical and forecast period data for luxury apparel sales globally. This report offers a detailed analysis of the market with the impact of recent events on customer shopping behavior, key apparel retailers, and sectors.
Market Size (2022) | $201.6 billion |
CAGR | >5% |
Historical Period | 2018-2023 |
Forecast Period | 2023-2028 |
Key Categories | · Clothing
· Accessories · Footwear |
Key Regions | · Asia Pacific
· Americas · Europe · Middle East and Africa |
Key Brands | · Hermes
· Louis Vuitton · Gucci · Chanel · Dior · Burberry |
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Luxury Apparel Market Dynamics
While macroeconomic difficulties in Western Europe and North America will impact luxury demand in the short term, countries in APAC and Eastern Europe will continue to emerge as burgeoning economies. Emerging markets will continue to experience growth in their middle-class and urbanized populations up to 2028. This trend will drive more luxury spending as designer items are seen as status symbols. Newly wealthy consumers in these markets are eager to display their newfound wealth through the purchase of luxury goods.
The rising quiet luxury trend is boosting the popularity of discreet brands. Quiet luxury taps into the idea of wealth. Consumers convey their status through the high-quality materials and cuts of their garments, without relying on loud logos or recognizable pieces. Brands catering to the quiet luxury aesthetic are relatively new.
Luxury Apparel Market Segmentation by Category
The key categories of the luxury apparel market are clothing, footwear, and accessories. The clothing segment led the market in 2023, as it is more trend-driven and consumers will prefer multifunctional products. The category was mainly driven by womenswear, which rose significantly.
Luxury Apparel Market Analysis, by Category, 2023 (%)
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Luxury Apparel Market Segmentation by Regions
The key regions of the Luxury apparel market are the Americas, Asia Pacific, Europe, and the Middle East and Africa. Asia Pacific generated the highest revenue in the Luxury apparel market in 2023. The growing middle class and economies of Asia Pacific will cause a dramatic increase in the region’s share in 2028.
Luxury Apparel Market Analysis, by Regions, 2023 (%)
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Luxury Apparel Market – Competitive Landscape
A few of the major companies in the luxury apparel market are Hermes, Louis Vuitton, Gucci, Chanel, Dior and Burberry among others. Hermes emerged as the uncontestable winner within the luxury apparel market, growing its share at an exponential rate in 2023.
Luxury Apparel Market Analysis, by Brands, 2023 (%)
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Key Segments Covered in this Report
Luxury Apparel Market Category Outlook (Luxury, $ Billion, 2018-2028)
- Clothing
- Footwear
- Accessories
Luxury Apparel Market Regions Outlook (Luxury, $ Billion, 2018-2028)
- Asia Pacific
- Americas
- Europe
- Middle East and Africa
Key Highlights
- Grocers will continue to play an important role in the growth of luxury apparel.
- Hermes is the biggest winner within the luxury apparel market.
- While many luxury players have felt the effects of the loss of the aspirational shopper, Hermès’ predominant focus on the ultra-wealthy has offered it protection from economic challenges. Once a front-runner, Gucci is undeniably the biggest loser of recent years.
Reasons to Buy
- Gain a comprehensive view of the Luxury Apparel market and forecasts to 2028.
- Asia Pacific will remain luxury’s biggest region in next few years.
- Explore new opportunities that will allow you to align your product offerings and strategies to meet demand following the impact of recent events on the luxury apparel market.
- Investigate key trends in the luxury Apparel market.
- Understand who the main competitors are in the category and their profiles.
Gucci
Louis Vuitton
Chanel
Burberry
Balenciaga
Jacquemus
The Row
Matches
Farfetch
Loro Piana
LVMH
Khaite
Nike
Adidas
StockX
Miu Miu
New Balance
Yoox-Net-a-Porter
MyTheresa
Saint Laurent
Dior
Prada
Fendi
Moncler
Loewe
Chloé
Coperni
Di Petsa
16Arlington
Totême
Table of Contents
Figures
Frequently asked questions
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What was the Luxury apparel market size in 2023?
The luxury apparel market size was $201.6 billion in 2023.
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What is the estimated luxury apparel market growth rate during the forecast period?
The luxury apparel market will grow at a CAGR of more than 5% during 2023-2028.
-
Which was the leading category in the Luxury apparel market in 2023?
The clothing category accounted for the highest revenue share of the Luxury apparel market in 2023.
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Which region led the luxury apparel market in 2023?
Asia Pacific generated the highest revenue in the luxury apparel market in 2023.
-
Which are the key brands in the luxury apparel market?
A few of the key brands in the luxury apparel market are Hermes, Louis Vuitton, Gucci, Chanel, Dior, and Burberry among others.
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