Luxury Apparel Market Set to Surge at 4% CAGR, to Reach USD 115 billion by 2031 | Transparency Market Research, Inc.


As digital technologies and AI become more integrated, the demand for luxury apparel is predicted to increase.

Wilmington, Delaware, United States, Dec. 15, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – Global luxury apparel sales reached US$ 75.1 Billion in 2020. From 2021 to 2031, the market is expected to increase at a CAGR of 4%. A market value of US$ 115 billion is forecast for the global luxury apparel industry by 2031.

In recent years, social media and digital platforms have drastically influenced the luxury apparel market. Platforms like these enable brands to market, create brand awareness, and engage with consumers. Social media influencers also promote luxury fashion.


A shift in consumer preferences is visible in the luxury apparel market, such as a shift toward experiences and self-expression. With consumers increasingly seeking products that are a reflection of their values and lifestyles, unique and customized products are becoming more popular.

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Global Luxury Apparel Market: Key Players
A growing customer base and competitiveness drive companies to expand their geographical reach. Numerous manufacturers plan to acquire or collaborate with small-scale companies to gain a competitive edge in the global luxury apparel marketplace.

  • Burberry
  • Chanel
  • Christian Dior SE
  • Dolce & Gabbana
  • Fendi
  • Gianni Versace S.r.l.
  • Giorgio Armani S.p.A.
  • Kering
  • LVMH
  • Prada S.p.A.

Key Findings of the Market Report

  • In terms of product type, coats & jackets are expected to drive the luxury apparel market in the coming years.
  • Based on material type, silk apparel is projected to have a significant market opportunity.
  • Women are expected to contribute to the growth of the luxury apparel market in the years to come.
  • Multi-brand stores are projected to sell more luxury apparel in the future.
  • Asia Pacific is expected to grow rapidly for luxury apparel over the forecast period.

Global Luxury Apparel Market: Growth Drivers

  • Luxury apparel sales are driven largely by economic prosperity and rising consumer confidence. High-end and luxury products, including apparel, are more popular during periods of economic growth. A prestigious and well-established brand is often associated with luxury apparel. A renowned luxury brand’s products are allured to consumers because of their quality and appeal. The perceived value of these products is attributed to their exclusivity, limited editions, and unique designs.
  • New avenues for luxury apparel sales have been opened up by the growth of e-commerce. Purchasing luxury items online provides consumers with convenience and accessibility. As luxury brands seek to reach a broader audience online, they invest in their online presence. Increasingly, luxury apparel is being produced sustainably and ethically. The environmental and social impact of consumer purchases is becoming increasingly important to consumers. Sustainable and ethical luxury brands can appeal to consumers conscious of the environment and society.
  • Luxury apparel is characterized by continuous innovation in terms of design, material, and manufacturing processes to keep it relevant. Luxurious products tend to be perceived to be more valuable because they are designed with cutting-edge technology and made from high-quality materials. Style preferences and fashion trends influence the luxury apparel market in a significant way. Fashion-conscious consumers might be attracted to brands that are able to adapt to new trends or set them.

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Global Luxury Apparel Market: Regional Landscape

  • Asia Pacific region is expected to grow as a prominent market for luxury apparel. Imports and exports of apparel goods are expected to drive demand for luxury apparel. A growing demand for premium or luxury items in developing regions will grow luxury apparel demand in the years to come.
  • With growing middle-class incomes and urbanization taking place in the Asia Pacific region, the luxury apparel market in the region has significant growth potential. Luxury brands with worldwide acclaim have seen significant sales growth in the Asian region.
  • Luxury apparel has been profoundly affected by the growth of e-commerce. Online shopping is convenient and offers a wider range of luxury brands. Local and regional brands that understand their respective markets are also getting increasingly popular, along with luxury brands from around the world.
  • Young people, especially millennials, drive changes in consumer behavior and Gen Z. Brand engagement and sustainability are the types of luxury they are most interested in, along with unique and experiential luxury.

Key Developments

  • In April 2023, Purple Style Labs (PSL), the company behind Pernia’s Pop-Up Shop (PPSU), successfully raised $14 million in Series C funding from ValPro, Masaba Gupta, Singularity Growth Opportunities Fund I, ValueQuest S C A L E Fund, and ValPro. Several existing investors participated in the round, including Mukul Agrawal, Astarc Ventures, Neelesh Bhatnagar, and Yuj Ventures.
  • In October 2023, Maison Margiela, the renowned Paris fashion house, unveiled an interactive Web3 experience surrounding its iconic numbering system. The numbering system is one of Maison Margiela’s hallmarks in its physical clothes and collections. The project, which is listed on an American NFT marketplace called ‘OpenSea,’ is appropriately referred to as ‘blockchain bingo’.

Global Luxury Apparel Market: Segmentation
By Product Type

  • Top Wear
  • Shirts & T-Shirts
  • Coats & Jackets
  • Sweatshirts
  • Pullover & Cardigans
  • Others (Hats, Gloves, etc.)
  • Bottom Wear
  • Trousers & Jeans
  • Skirts & Shorts
  • Joggers & Leggings
  • Others (Socks, etc.)
  • Innerwear
  • Bra
  • Briefs
  • Others (Vests, Panties, Etc.)

By Material Type

  • Cotton
  • Leather
  • Silk
  • Denim
  • Wool
  • Others (Down, Fur, etc.)

By Consumer Group

  • Men
  • Women
  • Kids

By Distribution Channel

  • Online
  • Company Owned Portals
  • E-commerce Portals
  • Offline
  • Single Brand Stores
  • Multi Brand Stores

By Region

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • South America

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