Luxury Fashion Industry Evolving Industry Trends and Global Insights 2024

Luxury Fashion Market has been growing enormously and is expected to continue an upwards trend. According to a recent study report published by the Market Research Future, The Global Market of Luxury Fashion has increased its market growth in recent years and is expected to grow at a rapid pace during the forecasted period. The global market of Luxury Fashion is forecasted to witness a thriving growth by 2022, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2016 – 2022).

MRFR Research Team observed the three dominant trends in the Luxury Fashion Industry which are globalization, consolidation, and diversification. Globalization is a result of the increased availability of these goods, additional luxury brands, and an increase in tourism. Consolidation involves the growth of big companies and ownership of brands across many segments of luxury products.

Well-established players having regional and global presence adorn the Luxury Fashion market as highly competitive. Marketers are competing based on price, quality, innovation, service, reputation, and distribution. Innovation, mergers & acquisitions, and brand reinforcement remain the key trends for leading players in the Luxury Fashion market.

The key players profiled in luxury fashion market are Louis Vuitton, Hermès, Gucci, Chanel, Rolex, Cartier, Prada, Burberry, Michael Kors, Tiffany, Zara, and Dolce & Gabbana.

The Luxury Fashion Market is segmented in to 3 key dynamics for the convenience of the report and enhanced understanding;

Segmentation by Type: Comprises Clothing, Footwear, Accessories and others.

Segmentation by Distribution Channel: Comprises Monobrand stores, department stores, specialty stores, multi brand boutiques, airport, e-commerce and others

Segmentation by Regions: Comprises Geographical regions – North America, Europe, APAC and Rest of the World.

The US continues to provide robust growth, benefiting from solid post-recession recovery. The slowdown in sales of Luxury Fashion in China is expected to enable the US to remain the world leader though, highlighting its strategic importance within the global industry.

Secondary data reveals that among the various market segments accessories specifically watches and jewelry witnessed highest growth followed by clothing in the last few years.

Clothing and accessories dominate the luxury fashion market both in market volume.

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Rise in women working population across the world has boosted the luxury fashion product sales to a greater extent, traction for branded items, rise in disposable incomes continue to support growth of the luxury fashion market.

MRFR Analysis expects the fashion industry to see the glimmers of a rebound in the recent future. This recovery has several foundations. First macroeconomic indicators, including GDP growth forecasts, are projected significantly; however, these have not been adjusted to reflect the ongoing impact of important political shifts in the United States and the United Kingdom. Second, the investment community and the fashion brands themselves forecast improvement across the industry next year. Product categories are expected to grow in line with the overall industry average, but the biggest winners will be those companies with coherent channel strategies and clear value propositions.

Athletic wear is positioned to be the absolute category winner; albeit no longer growing at a double-digit rate overall. The affordable luxury segment seems likely to continue benefitting from consumers “trading down” from luxury, while signs point to the continued growth of the value segment in line with the international expansion of large global players. In short, the industry now can stabilize and reset.