Luxury Apparel & Footwear Overview
To understand the overall luxury apparel and footwear marketing, including things such as the industry segments, products/merchandise, current trends and themes, marketing trends and themes, customer demographics and preferred shopping channels, and market size and growth.
- The global luxury apparel market is expected to growth at a CAGR of 12.3% through 2023
- According to Statista, the global luxury apparel market is estimated to be worth $76.728 billion, as of 2019, growing at a more conservative CAGR estimate of 1.7% through 2023. The US accounts for $18.979 billion.
- Footwear accounts for almost half of all US luxury fashion dollars spent, and footwear shoppers buy more often and spend more than other luxury shoppers.
- The global luxury footwear market is estimated to be worth $32.288 billion, growing at a CAGR of 2.9%, while the US market accounts for $7.122 billion.
- In the footwear market, growth is being driven by increases in urbanization, disposable income, and young shoppers, while increasing raw materials costs may prove a hindrance.
- North America is expected to lead in market share, followed by Europe and Asia Pacific through 2023.
- Value-added taxes are hindering growth in developing economies.
- The millennial generation is driving growth in the luxury apparel market because they are influenced by the latest fashion trends, to a higher degree than other generations.
- Luxury brands are growing because they are responding to cultural trends, such as a street culture.
- Luxury sneakers have overtaken handbags as a status symbol
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