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Luxury Apparels Market

Luxury Apparels Market - Increase in Disposable Incomes to Boost Market Growth
According to a recent report by Transparency Market Research (TMR), the vendors of
the global luxury apparels market may witness remarkable growth opportunities
owing to the presence of a number of companies in the market worldwide. The
competitive landscape of the market is seen to be fragmented because various
companies offer numerous growth opportunities whether it be branding of products or
investing huge sum of money on research and development strategies.
Some of the leading players of the luxury apparels market are Ralph Lauren
Corporation, Prada, Burberry Group Inc., Hugo Boss AG, and Dolce. There is intense
competition between players to collect most revenue as compared to the other
companies and establish their foothold in the market. All companies are focusing on
designing high fashion clothing and other factors that can also help to gain
momentum so that the market can grow with the advent of time.
As per the TMR report, the global luxury apparels market is estimated to be
worthUS$60.7 bn by the end of 2024. The market is expected to expand with a
CAGR of 13.2 % within the forecast period of 2016 to 2024. On the basis of
material, the market is dominated by the category of cotton with an account of
35.87% of the total share of the market. As per geographical segmentation, Asia
Pacific is estimated to be contributing more number of shares with a CAGR of
14.75% by the end of the forecast period.
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Increase in Disposable Incomes to Boost Market Growth
Luxury apparels are the symbol of class and only people with good financial
background are expected to be able to afford such luxury apparels. The global market
for luxury apparels is expected to be rising with time due to increase in disposable
incomes of people nowadays and this further leads to rise in purchasing capacity of
consumers. Moreover, the trend of luxury apparels amongst the young generation is
propelling the market for luxury apparels.
Another factor envisioned to boost the demand for market is the emergence of online
shopping services. It is easier to do shopping online instead of having to go places
and try various outfits. Easy return facility has further boosted the market and
attracted more prospective consumers. Digital marketing was a cherry on top and had
left no stone unturned in order to advertise the benefits of online shopping and the
urge for developing a classy taste of fashion increased among people.
The global luxury apparels market is seen to be dominated by Asia Pacific The
market in Asia Pacific is presumed to witness rapid growth due to rise in disposable
incomes, along with the change in lifestyles of people and their improvised standard
of living especially in its emerging nations of China, and India in the coming years.
Europe, on the other hand, has already attained maturity because of the presence of
many luxury brands that have been doing business for the past few decades.
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