Summary Luxury apparel will recoup its losses from the pandemic by 2022 to reach sales of $149. 2bn, driven by heightened demand in APAC and the Americas. Growth in APAC has been boosted by the rising number of middle class consumers and the shift to domestic purchasing due to COVID-19 international travel restrictions, while sales in the Americas have been bolstered by federal stimulus payments keeping demand for luxury goods high as many consumers invested in these items, such as handbags.
New York, July 08, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Luxury Apparel Market Size, Sector Analysis, Consumer and Retail Trends, Competitive Landscape and Forecast, 2020-2025" - https://www.reportlinker.com/p06286207/?utm_source=GNW
Formalwear-centric brands, such as Roberto Cavalli and Max Mara, suffered the most in 2020 as the pandemic led to an acceleration in the adoption of athleisure due to consumers preferring to wear comfortable clothing at home.In contrast, brands that were early adopters of the streetwear and athleisure trends, such as Dior and Louis Vuitton, were more resilient as they benefitted from front-of-mind appeal.
Luxury brands must continue to incorporate more casual styles in their products to remain relevant and appeal to Gen-Z consumers in particular, as these shoppers have become a crucial demographic within the luxury sector.
International luxury brands must acknowledge the shopping behaviors and preferences of APAC consumers when considering their growth strategies, as the region is expected to make up 40.7% of the luxury apparel market by 2025, up from 37.9% in 2019. This equates to a forecast value of $71.6bn in 2025 and a CAGR of 9.6% between 2020-2025, so a strong performance in this region will boost brands’ fortunes.
This report provides an overview of the global luxury fashion retailing which includes key trends, key retail innovations, regional and sector analysis along with major luxury fashion retailers and competitive land scape
- The luxury sector will grow beyond pre-pandemic levels in 2022, driven by sustained domestic demand in APAC and the Americas
- Luxury brands must incorporate more casual styles, including athleisure and streetwear, to remain relevant to the post-pandemic shopper
- Asian consumers will continue to drive the luxury apparel market out to 2025
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Read the full report: https://www.reportlinker.com/p06286207/?utm_source=GNW
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