Global Luxury Fashion Goods Retailing, 2017-2022: Market & Category Expenditure and Forecasts, Trends, and Competitive Landscape
Uncertain global economy, terror attacks, currency fluctuations, and decreasing international tourism led to a challenging environment for the luxury fashion market in 2015. Majority of the luxury fashion retailers witnessed a slowdown in sales during this period as consumers were reluctant to spend on luxury fashion.
However, the Global Fashion Duty Free Sales (includes duty free sales of clothing, footwear, and luggage and leather goods) reached US$5.1 billion in 2017, growing at a CAGR of 7.2% during 2012-2017. Rising passenger traffic at major airports, new retail space openings, and more fashion brands expanding into the duty free channel are expected to fuel the growth over the next five years. The global fashion duty free market is forecast to grow at a healthy CAGR of 7.7% to reach US$7.4 billion in 2022, adding US$2.3 billion in sales value.
Asian markets dominate the list of the top 10 fastest-growing markets. The majority will benefit from increasing Chinese tourist arrivals. The Indian luxury fashion goods market is the fastest-growing market, driven by an increasing number of young and affluent consumers.
Product innovation remains the key to growth and luxury fashion retailers are increasingly investing on creating innovative luxury fashion goods. They’re coming up with new store formats, relying on social media platforms for product promotions to attract consumers, especially millennials due to their ever changing preferences, improved lifestyle, and increasing disposable income.
Moreover, e-commerce is emerging as a new retail channel in luxury fashion as retailers of various luxury fashion brands are embracing the potential of the internet to reach consumers. Increasing mobile internet penetration and the changing behaviour of consumers is encouraging retailers to offer products online.
The report Global Luxury Fashion Goods Retailing, 2017-2022, report provides analysis of current and forecast market data for Luxury Fashion retail sales globally.
Some of the key findings of the report -
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