Gucci bags, Rolex watches, Versace gowns etc. are the brands and fashion luxury products that signify money and status representing the Global Luxury Fashion Market. Luxury Fashion market has been in constant growth phase over the past several years. China is the largest consumer of luxury goods contributing 30% of the market share. ‘Luxury’ is a representation of what society determines this concept is. Luxury Fashion is defined as an established image in the mind of consumers that comprises association about a strong degree of exclusiveness, extraordinariness, superiority, aesthetics, rarity, price, and quality. Fashion brands are steady to adopt e-commerce while shoppers are more comfortable in buying high-end stuff online. With online collaboration, fashion companies have experienced a major decline in brick-and-mortar traffic resulting in reduced store operating costs, innovation in-store experience and re-evaluated store networks to attract customers.
This growth is primarily driven by Rapid digital transformation and high-end traditional brands, Evolving consumer preferences and increasing disposable income, The shift in prices of luxury apparel and footwear’s due to the increasing standard of living and Increasing demand for imported products..
Globally, a noticeable market trend is evident Chinese luxury consumers as “mix and match” shoppers, mixing high end-fashion with lower end premium products. This trend is expected to reach a billion people in China and India in the forecast period
. The Apparel, Accessories & Luxury Goods sector in the North America region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Vendors, such as Louis Vuitton (France), Hermes (Germany), Gucci (Italy), Chanel (France), Rolex (UK), Cartier (France) and Prada (Italy) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
- Rapid digital transformation and high-end traditional brands
- Evolving consumer preferences and increasing disposable income
- The shift in prices of luxury apparel and footwear’s due to the increasing standard of living
- Increasing demand for imported products.
- Chinese luxury consumers as “mix and match” shoppers, mixing high end-fashion with lower end premium products. This trend is expected to reach a billion people in China and India in the forecast period
- Growth in Online Sales due to the increasing number of online portals and their popularity.
- Uncertainty in the economic situation is the major factors that could hamper the market
- Currency fluctuations and less number of brand outlets in developing countries.
The increasing cost of raw material and the rate of urbanization., Increasing spending by wealthier consumers. and Advertisement of famous fashion brands through social media.
Advancement in technology and the increasing shift towards digitalization in the fashion industry, Fashion tends to rely on culture. The difference in culture between consumers from developed to developing countries is the challenge faced by fashion designers on modifying their designs and Increased Sophistication and Diversification in consumers taste.
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Vendors landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Luxury Fashion Study Sheds Light on
The Luxury Fashion Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Luxury Fashion industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Luxury Fashion industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Vendors can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.