Global Luxury Fashion Market (2021 to 2026) – Key Performers Include Armani, Burberry and Chanel Among Others

Global Luxury Fashion Market (2021 to 2026) - Key Performers Include Armani, Burberry and Chanel Among Others

The online sales of luxury fashion are expected to witness tremendous growth during the forecast period. The global luxury fashion industry is gaining momentum significantly with the rise in the number of high-net-worth individuals, the growing popularity among the young population belonging to the millennials and Gen Z generation, increasing brand loyalty among customers, and increasing association of luxury brands by the individuals. The rapidly changing technological landscape and the growing adoption of technology such as augmented reality (AR) by the fashion industry, supported by the growing penetration of digital channels across developing markets, provide new growth opportunities to vendors.

1. How big is the luxury fashion market?

3. Who are the key players in the luxury fashion industry?

2. Who are the end-users in the luxury apparel industry?

Story Highlights

  • In-depth Analysis and Data-driven Insights on the Impact of COVID-19 is included in this report. The luxury fashion market size was valued at USD 110.64 billion in 2020 and is expected to reach USD 153.97 billion by 2026 growing at a CAGR of 5.66%.

  • Key Questions Answered:

4. What are the factors driving the luxury fashion industry?

5. Which region accounted for the largest share in the luxury fashion market?

The following factors are likely to contribute to the growth of the luxury fashion market Leveraging augmented reality

Growing inclination towards sustainable products Internet shaping purchasing behaviour

Increasing acceptance by millennials & Gen Z population Growing high net worth individuals

Millennials and the Gen Z population are the key drivers of the luxury fashion industry. This can be attributed to their higher focus on experiences, willingness to pay extra for premium products, and openness to experimentation with new things. Psycho-graphical and demographical indicators of end-users have changed drastically over the past few years. Factors such as increased internet penetration, strong smartphone adoption, and rising social media users have provided end-users with unmatched access to information on the go, thus helping end-users make informed purchasing decisions.

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