Luxury Fashion Global Market – Overview
Over the past couple of years, the 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).
Luxury Fashion has entered a new phase, where a noticeable consumption is giving way to more meaningful luxury experiences. As consumers reconsider their priorities, asking themselves what they truly value, a host of major trends have emerged from the preference given to luxury experiences over “things”, to sustainable luxury. “New luxury” has been defined as products and services that possess higher levels of quality and aspiration than other goods in the category. The traditional product/service value proposition is no longer adequate for reaching consumers or creating significant differentiation.
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Although the technical term Luxury Fashion is independent of the Fashion’s (Accessories/Apparel/goods) quality, they are generally considered to be Fashion at the highest end of the market in terms of quality and price. Classic Luxury Fashion includes haute couture clothing, accessories, and luggage. Many markets have a luxury segment such as automobile, yacht, wine, bottled water, coffee, tea, foods, watches, clothes, jewelry, feminine hygiene products, and high fidelity Luxuries may be services. The hiring of full-time or live-in domestic servants is a luxury reflecting disparities of income. Some financial services, especially in some brokerage houses, can be considered luxury services by default because persons in lower-income brackets generally do not use them.
Luxury Fashion is said to have high income elasticity of demand as the economy enhances or improves people buy more and more of the luxury fashion stuff. This also means, however, that should there be a decline in income its demand will drop. Income elasticity of demand is not constant with respect to income and may change sign at different levels of income. This growth in the luxury market has led experts to believe that the luxury goods commerce is immune to economic fluctuations, as it has been growing sharply, despite the recession. Some luxury products have been claimed to be examples of Veblen goods, with a positive price elasticity of demand. For instance, making a perfume more expensive can increase its perceived value as a luxury good to such an extent that sales can go up, rather than down.
MRFR Research Team observed the three dominant trends in the global Luxury Fashion Market 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.
Luxury Fashion Global Market – Key Players
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.
Luxury Fashion Global Market – Segments
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.
Luxury Fashion Market – Regional Analysis
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.
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Luxury Fashion Global Market – Synopsis
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.
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.
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