Luxury Apparel Market Analysis, Size, Growth, Share & Forecast to 2025 | Grand View Research Inc.
The global luxury apparel market size is expected to reach USD 84.04 billion by 2025, expanding at a CAGR of 3.5% over the forecast period, according to a new report by Grand View Research, Inc. Several characteristics includingrise in the number of millionaires coupled with brand loyalty is projected to drive the growth. Consumer perception that luxury goods will contribute to greater social acceptance, is anticipated to further fuel the market. Increasing disposable income and consumer spending on luxury products are also prominent factors driving the demand. Luxury clothes are usually fashionable, trendy, high-class, and expensive. Luxury apparel companies not only focus on providing latest looks but they also provide apparel based on cultural trends and street culture to attract vast consumer base. For instance Indian brand Raymond Group has introduced its new brand called Raymond Khadi to provide luxury khadi apparel. Such innovations and developments are anticipated to attract luxury customers and drive the market. Asia Pacific has been witnessing strong growth over the past few years on account of increasing attraction for luxury items in the region. China, Hong Kong, and India has the largest penetration rate of luxury clothing. Number of luxury brands are exploring the untapped regional markets and are establishing their stores owing to the rising demand. Some of the companies have also examined the potential in luxury children