Global Luxury Apparel Market to 2029

Global Luxury Apparel Market to 2029

Summary

This report offers an analysis of both the historic and forecast data of the global luxury apparel market through to 2029. It provides a insights into key trends within the luxury apparel market, alongside sales and growth across different regions and category groups. It also highlights key global luxury apparel brands and their current competitive position.

The luxury apparel market is expected to have contracted 2.4% in 2024, due to macroeconomic challenges such as inflation in Europe and the US and the downturn in China affecting consumer spending. Between 2024 and 2029, clothing is projected to achieve the strongest category CAGR of 3.1%, driven by ultra-wealthy shoppers prioritizing trend-driven purchases, with womenswear expected to outperform. Asia-Pacific is set to achieve the strongest regional 2024-2029 CAGR of 4.0%, fueled by the recovery of China, along with strong economic growth in emerging markets. Louis Vuitton remains by far the largest luxury apparel brand, slightly gaining share to 9.8% in 2024. Hermès is was the biggest winner in 2024, with its share rising 0.7ppts to 6.0%, thanks to its exclusivity and superior quality retaining ultra-wealthy luxury shoppers.

Scope

• The luxury market will slightly outperform the total apparel market from 2028 onwards as macroeconomic conditions improve
• The Asia-Pacific region will continue to grow share, thanks to its fast-growing income levels
• Footwear will continue to underperform out to 2029, as consumers favour trainers from premium and mass market brands

• Gain an understanding of the drivers and inhibitors in the global luxury apparel market
• Understand where the demand lies within the global luxury apparel market across categories, and brands, to allow you to maximise customer acquisition.
• Identify the key approaches brands are taking to stand out in the global luxury apparel market, and how you can adapt these to fit your own business.