Luxury Apparel Market Research Report—Global Forecast till 2030

Luxury Apparel Market Research Report Information by Type (Clothing (Formal Wear, Casual Wear, Sports Wear, and Inner Wear), Footwear, Bags/Handbags, and Accessories(Wallets, Belts, Caps & Hats, Watches, and Sunglasses), Consumer Group (Gen Alpha, Gen Z, Millennials, Gen X, and Baby Boomers), Gender (Female and Male), Distribution Channel (Online and Offline), and By Region (North America, Europe, Asia-Pacific, And Rest of the World) - Forecast Till 2030

ID: MRFR/CR/10417-HCR | 128 Pages | Author: Snehal Singh | October 2023         

Global Luxury Apparel Market Overview

Luxury Apparel Market Size was valued at USD 97.23 billion in 2022. The luxury apparel market industry is projected to grow from 111.45 billion in 2023 to USD 139.2 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 3.23% during the forecast period (2023 - 2030). The Increasing working women population along with the rising trend of revenge spending on luxury goods is driving the market growth. In addition, the deep penetration of social media marketing is also fueling the growth of the market.


 Figure 1: Luxury Apparel Market, 2022 & 2030 (USD Billion)


Luxury Apparel Market, 2022 & 2030 (USD Billion)


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Luxury Apparel Market Trends



  • Increasing working women population


The working women population in the US is increasing over the years, this translates to increased financial freedom, thus impacting the spending on fashion products positively. In addition, the US government is also taking several initiatives and programs to boost female participation in the workforce including the Protecting the Right to Organize Act, American Jobs Plan, Gender Equity and Equity Action Fund, Women Entrepreneurs Finance Initiative, etc. The initiatives are expected to fuel the growth of the working women population further in the upcoming years.


In the UK, women's participation in the workforce has been very promising over the years (Refer to figure 3) and according to the Office for National Statistics, UK the labor force in the nation has witnessed an addition of 2 million more female in 2021 compared to the level in 2010. Women occupying leadership positions including managers, senior officials, and directors have recorded a growth of 25% over 2010 figures. 


In addition, female in the age group 16-24 is one of the fastest-growing segment among the working women population in the UK. The working women population is expected to increase in the upcoming years fueled by various government measures like child-care support facilities, increasing investments in job centers through Department for Work and Pensions (DWP), etc.  Similar were the trends of working women population growth in many developed economies including Canada, Germany, France, Japan, Finland, Denmark, etc. For instance, between 2011 and 2021, Canada’s working women population witnessed a growth of 14.62%. The increasing working women population translates to more financial freedom which leads to a surge in budget allocation for luxury goods including handbags, accessories, clothing, etc. Thus, the increasing working women population is supporting the growth of the market positively.


Luxury Apparel Market Type Insights


Type Insights


Based on the luxury apparel type, the Luxury Apparel Market segmentation includes clothing,  footwear, bags/handbags, and accessories. The clothing segment is further categorized into formal wear, casual wear, sportswear, and innerwear. Likewise, the accessories segment is further segmented into wallets, belts, caps & hats, watches, sunglasses, and others. The clothing segment accounted for the largest share in the type segment accounting for a market share of USD 32.49 billion in 2022 Luxury Apparel Market revenue. Luxury clothing includes a wide range of cloth types that are made of high-quality or exotic fabric or a combination of both factors. 


The type of fabric plays a key role in luxury clothing purchase and pricing. Some of the most popular luxury fabrics comprise silk, fringed chiffon, Egyptian cotton, sequined tulle, appliqued wool, and lame among many others. In addition to the type of fabric intricate designs are another important element that is considered in luxury clothing sales trends. The luxury casual wear sub-segment comprises clothes like tanks, lightweight knits, cropped jeans, dresses, etc made of silks, cotton silks, chiffon, and satin commonly. The trend of “Quiet luxury” is defined as those clothes which have tactile and soft colors and that come without any logos visible on the cloth. Quiet luxury is gaining popularity due to the timeless property associated with it and rising consumer preference for such products especially in the high-income groups. Thus, the trend of quiet luxury is anticipated to fuel the growth of the segment during the forecast period. The segment is forecasted to grow at a pace of 1.5% during 2023-2030


Figure 2: Luxury Apparel Market, by Material, 2022 & 2030 (USD Billion)


Luxury Apparel Market, by Material, 2022 & 2030 (USD Billion)


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Luxury Apparel Consumer Group Insights


Based on consumer groups, the Luxury Apparel Market segmentation includes Gen Alpha, Gen Z, Millennials, Gen X, and Baby Boomers.  The Gen X segment held the largest market share of the Luxury Apparel Market revenue. Generation X representing people born between 1965 and 1980 presently have higher purchasing power owing to their higher position/rank in the corporates, entrepreneurship, and other job places which provide them higher salary packages. Also, the individuals in this generation are replacing the baby boomers in executive positions as they are in the retirement stage. Further, the 2022 Luxury Consignment Report released by RealReal, as a secondary sale platform highlighted that the Gen X consumer group is leading the luxury resales in the channel as they value sustainability more. According to the ‘Global Voices, 2022’ study conducted by ESW revealed that Generation X has accounted for the highest number of online purchasers of fashion including luxury products. The increasing trend and shift towards online purchasing by the generation are anticipated to drive the growth of the segment.


Luxury Apparel Gender Insights


Based on Gender, the Luxury Apparel Market segmentation includes females and males. The female segment held the leading position in the gender segment with a share of around ~50-60% of the Luxury Apparel Market revenue in 2022. Scientific studies suggest that females have a higher tendency towards luxury goods in general, including clothing and cosmetics. Further, consumer studies suggest that the sense of feeling special, endurability, inclination towards creative designs, sense of expressing oneself, and the unique experience provided by luxury cloth are attributed to female purchasing spending on luxury clothing products.  Online shopping's growing popularity among female luxury goods purchasers and increasing use of social media are driving the growth of the segment during the forecast period as luxury apparel brands are constantly investing and taking initiatives to capitalize on female consumers in the e-commerce and social media channels. The segment is expected to grow at a market CAGR of 2.59%. 


November 2022: LVMH has strengthened its presence in the Asia-Pacific market by launching a range of footwear products in India. The new product is designed in such a way it combines both the cultural elements of the Indian heritage and the company’s unique design aesthetics. The launch is expected to lure consumers’ inclined towards experiencing a celebratory feel. 


July 2020: Chanel as part of the 2021/2022 Metiers Dart series, the company launched a range of handbags that are designed in elegant shapes and has a look that is very unique & minimalistic. The launch comprises various handbag types including satchels, crossbody bags, and flap bag


Luxury Apparel Distribution Channel Insights


Based on the distribution channel, the global Luxury apparel industry market data has been bifurcated into online and offline. Offline is the leading segment in 2022. Offline stores comprise store-based formats like supermarkets, hypermarkets, specialty stores, duty-free shops, and other discount stores. Luxury apparel products purchase is predominantly characterized by the factors like touch & feel and the physical experience at the store. Also, the specialty stores especially the ones held by the brands provide a unique experience with the help of trained professionals and concentrated efforts on building a story & content of the luxury goods. Bazaarvoice, a firm that provides insights on online and offline purchases highlighted that 75% of luxury consumers prefer to shop in-store the luxury items that are present in the higher price brackets. The offline segment is anticipated to grow at a CAGR of 2.50% during the forecasted period.


Luxury Apparel Regional Insights


By Region, the report has been studied by segmenting the global market into Europe, North America, Asia-Pacific, and the Rest of the World. Asia-Pacific luxury apparel market accounts for the largest market share of USD 35.82 billion in 2022. This is mainly attributed to the presence of most populated countries in the region including China, India, and Japan along with the growing income of the Gen Z and millennial population in these countries that is positively influencing the preference for various luxury goods including the luxury apparel. For instance, the population of China's luxury apparel market’s Gen Z is approximately 300% more than that of the US in 2022. In addition, the country’s one-child policy has resulted in an increase in the wealth of the Gen Z population. India's luxury apparel market is another high-potential country that is attracting increased investments from Western luxury brands owing to the improvement of ease of doing business rank of 63 in 2022 compared to a rank of 142 in 2014 and strong penetration of the e-commerce sales channel in the country. Moreover, the share of the wealthy population in the country is escalating over the years and is expected to reach a population of 1.6 million in 2026, according to the estimates mentioned in the Credit Suisse Global Wealth Report 2022. The expected increase in the high-wealth population in India is anticipated to create lucrative opportunities for the players in the market


The major countries studied are the U.S., Canada, Mexico, Germany, France, the UK, Italy, Spain,  China, Japan, India, Australia and New Zealand, South America, the Middle East, and Africa.


Figure 3: LUXURY APPAREL MARKET SHARE BY REGION 2022 (USD Million)


LUXURY APPAREL MARKET SHARE BY REGION 2022 (USD Million)


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


The Europe luxury apparel market is the second largest market in the global market in 2022. The region comprises key markets including the UK, France, Italy, Spain, Germany, and the rest of Europe. The region is known to be a house of various luxury brands in a range of industries including clothing, footwear, Jewelry, leather goods,  etc. owing to the inherent preference for high-quality and unique designs of apparel products. The trend of revenge spending on luxury apparel products including handbags and jewelry owing to the pandemic led-restriction was positively influencing the growth of the UK luxury apparel market, France luxury apparel market,  Italy luxury apparel market, etc.  However, the exit of the UK from Brexit had a negative impact on the players operating in the niche luxury clothing segment of the luxury apparel market which is expected to hamper the growth of the region during the forecast period.


The North America luxury apparel market comprises markets including the US, Canada, and Mexico. The US luxury apparel market is the frontrunner in the luxury apparel market in the region owing to the higher availability and accessibility of different brands and types of luxury apparel products. Further, in the US, owning a luxury good is considered a lifestyle experience and the increasing disposable income among the high-income group & wealthy population is driving the growth of the region. For instance, a survey conducted by Fashion United in 2022 revealed that around 76% of the consumers in the luxury goods segment are planning to spend extra or the same during the holiday period even in the difficult economic conditions marked by higher inflation. Canada luxury apparel market is one of the fastest growing markets in the region owing to the strong willingness prevailing in the high-value consumer population in the country. For instance, according to MRFR analysis, some of the key players in the market have revealed that the demand for luxury goods including apparel has been a bit higher than the pre-pandemic level owing to the deep penetration of the e-commerce distribution sales channel in the country.


Luxury Apparel Key Market Players & Competitive Insights


The major players in the market are increasingly taking several strategic initiatives to overcome the intense competition among the key players in the organized luxury apparel industry. One of the key strategies comprises constant investment in research & development that helps in innovating apparel goods that are in line with the consumer trend and support the sustainability movement of the brands. Other important initiatives implemented by the luxury apparel manufacturers include constant product launches in the key market, procurement of the right-quality raw materials from the near supplier source, and entering into long-term contracts & agreements with suppliers to ensure an uninterrupted supply of raw materials. Further, the established entities in the Luxury Apparel Market are collaborating with leading designers to bring exclusivity to the product design and have onboarded celebrities whose image is in alignment with the brand value and proposition. In order to sustain the competition in the market, the players are forecasted to increase their investments in the production of profitable product segments during the forecast period.


The primary business strategy adopted by manufacturers in the global luxury apparel industry to benefit clients and expand the luxury apparel market sector is strategic partnerships with e-commerce websites in new markets that provide a significant advantage over others in the global competition.  


PVH Corp. (US) is one of the leading manufacturers, designers, and marketers of luxury apparel products including dresses, skirts, sweaters, coats, jackets, underwear, handbags, watches, wallets, hats, gloves, scarves, socks, shoes, etc. across 40 global countries. PVH was previously referred to as Philips-Van Heusen Corporation and has had a rich experience in the luxury industry since its establishment in the year 1881. The company is presently distributing its range of luxury apparel products under the brand names Tommy Hilfiger, Calvin Klein, Warners, Olga, and True & Co. The company has adopted acquisition as a key revenue-generating strategy that helps in strengthening the product portfolio and locations.


LMVH (France) is a multinational luxury manufacturer that is engaged in the sales and distribution of fashion & leather goods, cosmetics, watches, jewelry, perfumes, wines, spirits, etc. across the globe.  The company was founded in the year 1987 and formed by the merger of two prominent brands Moet Hennessy and Louis Vuitton. LMVH houses around 75 brands that are present in six different sectors and some of the key brands of the company include Tiffany & Co., Celine, Stella McCartney, and Sephora among others. The key strategy followed by the company in the Luxury Apparel Market is the establishment of strategic relationships with the key supply chain stakeholders.


Key Companies in the Luxury apparel market include



  • LVMH

  • Chanel Limited

  • Christian Dior SE

  • Hermès International S.A

  • Yves Saint Laurent SAS

  • Prada S.p.A.

  • Ralph Lauren

  • Kering Holland N.V.

  • PVH Corp.

  • Dolce & Gabbana S.r.l.


Luxury apparel Industry Developments


June 2022: Prada launched its new handbag collection in the Triangular category. The triangular-shaped functional elements served as the primary inspiration for the silhouette, aligned with the brand’s historical style code and inclusive logo.  


August 2020: Chanel launched an e-commerce channel for its eyeglasses products in the US where customers can access the brand’s 300 different eyewear products. The online platform helps in customizing eyewear products by selecting the frame according to one’s wish and also the material of the overall structure of the product.


May 2019: LMVH has expanded its product portfolio line in partnership with Rihanna under the name Savage X Fenty. The brand is dedicated to the sales of luxury lingerie wear products and with this inclusion the company is expected to strengthen its position in the global market with more customer acquisition.     


Luxury Apparel  Market Segmentation


Luxury Apparel  Material Outlook



  • Clothing

    • Formal Wear

    • Casual Wear

    • Sports Wear

    • Inner Wear



  • Footwear

  • Bags/Handgas

  • Accessories

    • Wallets

    • Belts

    • Caps & Hats

    • Watches

    • Sunglasses

    • Others




Luxury Apparel  Consumer Group Outlook



  • Gen Alpha

  • Gen Z

  • Millennials

  • Gen X

  • Baby Boomers


Luxury Apparel  Gender Outlook



  • Female

  • Male


Luxury Apparel  Distribution Channel Outlook



  • Offline

  • Online


Luxury Apparel  Regional Outlook



  • North America

    • US

    • Canada

    • Mexico



  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe



  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia  and New Zealand

    • Rest of Asia-Pacific



  • Rest of the World

    • Middle East

    • Africa

    • South America





Report Scope:

Report Attribute/Metric Details
Market Size 2022 USD 97.23 billion
Market Size 2023 USD 111.45 billion
Market Size 2030 USD 139.2 billion
Compound Annual Growth Rate (CAGR) 3.23% (2022-2030)
Base Year 2022
Forecast Period 2023-2030
Historical Data 2019, 2021
Forecast Units Value (USD Million)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Type, Consumer Group, Gender, Distribution Channel, and Region
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered The U.S, Canada, Mexico, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia and New Zealand, South America, the Middle East, and Africa
Key Companies Profiled LVMH (France), Chanel Limited (France), Cristian Dior SE (France), Hermes International (France), Yves Saint Laurent SAS (France), Prada S.p.A. (Italy), Ralph Lauren (US), Kering (France), PVH Corp. (US), and Dolce & Gabbana (Italy)
Key Market Opportunities Growth of the e-commerce industry Growing high-income groups in developing countries Shifting consumer preference toward the luxury resale market
Key Market Dynamics Increasing working women population Rising trend of revenge spending on luxury goods Deep penetration of social media marketing


Frequently Asked Questions (FAQ) :

The luxury apparel market is valued at USD 97.23 billion in 2022

The US Luxury apparel market is valued at 21.42 billion in 2022

The luxury apparel market is expected to grow at a CAGR of 3.23% during the forecast period

Asia-Pacific held the largest share market in the luxury apparel market

The key players include LVMH, PVH Corp., Ralph Lauren, Chanel Limited, and Kerring Holland N.V.

Clothing is the leading segment in the luxury apparel market

The offline segment has accounted for the largest market share in the luxury apparel market

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players’ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
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