The global economic developments have led to drastic changes in the lifestyle of the masses. The assessment published by Market Research Future (MRFR) asserts that the global luxury brand market is anticipated to expand at a moderate pace over the forecast period. The rising per capita income is expected to escalate purchasing power which is poised to support market growth over the next few years.
The influence of industries such as fashion and entertainment are expected to catalyze the expansion of the luxury brand market over the next couple of years. Increasing disposable income is anticipated to have a favorable impact on the growth pattern of the luxury brand market in the years to come. In addition, the developments in fashion taste, as well as shifts in consumer preferences, are prognosticated to accelerate revenue creation for the players of the market in the foreseeable future.
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The market in developing nations exhibits strong growth potential. Global leaders are getting attracted to country-level markets such as India, Singapore, China, etc. for business expansion. This, in turn, is likely to expedite the growth of the luxury brand market over the assessment period.
By type, the global luxury brand market has been segmented into footwear, clothing, accessories, and others. The accessories segment is likely to witness substantial growth over the next couple of years. In addition, the clothing segment is also anticipated to gain traction over the next couple of years.
By distribution channel, the luxury brand market has been segmented into monobrand stores, airport, specialty stores, department stores, multi brand boutiques, e-commerce and others.
The global luxury fashion market, by region, has been segmented into Europe, Asia Pacific, North America, and the Rest of the World (RoW). North America and Europe are the two prominent regional segments owing to the strong economic growth being witnessed in these regional segments. The presence of developed economies such as the U.S., the U.K., France, Germany, Italy, etc. In addition, most of the brands are based out of these regions which are anticipated to further propel the expansion of the luxury brand market in these regions. The high purchasing power of the masses is likely to drive the expansion of the regional market. In addition, the availability of a wide variety of options to choose from, in conjunction with the influence of fashion industry, is poised to boost revenue generation in the luxury brand market in North America and Europe.
Asia Pacific is expected to exhibit rapid developments owing to the exponential growth of the middle-income population. The per capita income of the region is increasing which has led to a rise in the standards of living of the people. This, in turn, is projected to accelerate revenue creation for the participants of the luxury brands market in the years to come.
The Rest of the World (RoW) is poised to witness steady growth. Although certain regions in Africa are anticipated to grow at a limited pace, the growth of the Middle Eastern countries is expected to propel market expansion.
The key players competing in the global luxury fashion market are Louis Vuitton, Gucci, Hermès, Chanel, Cartier, Prada, Rolex, Burberry, Tiffany, Zara, Michael Kors, and Dolce & Gabbana.
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In June 2019, Spanish-based Inditex SA, which is also a leading global retailer, has announced its plan of launching online sales of Zara clothing in Ukraine.
In June 2019, Hennes & Mauritz AB (H & M), a Swedish multinational clothing-retail company, has collaborated with Dutch Brand Love Stories for making swimsuits for the summer season.
In June 2019, FOREVER 21, an American fast fashion retailer headquartered in Los Angeles, has collaborated with Cheetos, PepsiCo Frito-Lay snack brand, for the launch of a Cheetos themed apparel range.