Apparel / Textiles & Accessories

The epidemic has brought a huge impact on the clothing industry. Offline stores are closed from time to time, transportation and logistics are limited, consumer demand has declined, and physical retail at home and abroad has ushered in heavy losses, but luxury sales are still in a hot state. Frequent price hikes and more expensive purchases have become the norm in the luxury goods market. The revenue data of LVMH, Kering Group and other companies also ushered in a nearly 30% increase in the first quarter.

Data analysis company GlobalData recently released a research report that believes that the global luxury apparel market will continue to dominate, growing to $149.2 billion in 2022.

According to the report, in 2021, the global luxury clothing market will grow by 24.2%, and luxury groups will also usher in growth with the surge in consumer demand. Compared with the abnormal growth rate in 2021, the growth rate of the luxury goods market in 2022 will slow down, but it will remain at a high level of 10.0%, far exceeding the 8.4% growth rate of the global apparel market.

The high growth rate is affected by many factors, one of which is the respect of consumers. The popularity of luxury products has exploded as the younger Gen Z group enters the consumer market. The innovative changes of the brands also play a role in promoting them. They have grasped the hearts of young people by catering to consumer needs. For example, Balenciaga and Louis Vuitton have made innovations in their products to tailor products for young groups.

GlobalData's apparel analyst commented: "Luxury brands are ideally positioned for growth in 2022 and beyond as luxury brands embrace casual and streetwear styles and embrace the casualization trend sweeping the fashion industry.

Indeed, in the past two years, whether it is blue blood, red blood luxury or light luxury brands, they have all cooperated with leisure sports brands or trendy brands. A method that appeals to today’s consumer base, and it always works.

According to the report, strong domestic demand in the Asia-Pacific region and the United States will drive the luxury apparel market to maintain growth, with a compound annual growth rate (CAGR) of 7.9% in the Asia-Pacific region between 2022 and 2025, while the compound annual growth rate of the entire luxury goods market. was 6.7%. The market's continued demand for luxury brands will inject confidence into the development of brands in the post-epidemic era.