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According to Arizton Advisory and Intelligence, the luxury fashion market has a bright future ahead of it, driven by the growing demand from millennials and Generation Z.
Artitzon Advisory is a company that provides reports and studies global markets. In its latest report on the fashion market, it observes changes in behavior and looks ahead to 2026.
Rapidly changing technological landscape and increasing adoption of technologies such as augmented reality by the fashion industry, aided by the adoption of digital channels in developing regions, are supporting the growth of the market.
The apparel segment remains the largest market share, however, the footwear segment is expected to observe the highest growth rate with a CAGR of 6.87% during 2021-2026.
In 2020, China accounted for the largest market share for athletic apparel and footwear. Other emerging economies such as India, Brazil, and other countries are trailing it. In addition, in 2020, China was the only market to experience growth in sales of men’s luxury fashion products.
In 2020, China accounted for a revenue share of 30.96% and is expected to dominate the APAC (East Asian, South Asian, Southeast Asian, and Oceania countries) luxury fashion market. Many customers from the Asian region prefer to purchase luxury fashion products while traveling in European countries, as they benefit from lower prices due to taxes in their countries.
With travel and tourism playing a key role in driving demand for luxury apparel and footwear in the market, the return to “normalcy” due to vaccination and less stringent measures should allow the market to pick up a good pace. However, several brands are working to offer local experiences or expand their omnichannel presence and increase customer engagement locally.
The study reveals that fashion buying by millennials and Generation Z is expected to grow at the fastest rate with a CAGR of 6.95% over the forecast period. As the latter are more active on social media, it gives luxury fashion brands the opportunity to target them better compared to other generations who remain less active on these digital channels and prefer offline media to communicate. On the other hand, Generation X is leading the global luxury fashion market and is expected to grow at a CAGR of 5.55% between 2020 and 2026.
Finally, customers are becoming increasingly aware of their environmental impact and are seeking sustainable lifestyle choices. It is in this sense that they are putting some pressure on luxury brands to reduce their environmental impact while maintaining their product quality. This has prompted several luxury fashion brands to adopt sustainable and eco-friendly raw materials for the manufacture of clothing or shoes, among others.
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According to Arizton Advisory and Intelligence, the luxury fashion market has a bright future ahead of it, driven by the growing demand from millennials and Generation Z.
Artitzon Advisory is a company that provides reports and studies global markets. In its latest report on the fashion market, it observes changes in behavior and looks ahead to 2026.
Rapidly changing technological landscape and increasing adoption of technologies such as augmented reality by the fashion industry, aided by the adoption of digital channels in developing regions, are supporting the growth of the market.
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According to Arizton Advisory and Intelligence, the luxury fashion market has a bright future ahead of it, driven by the growing demand from millennials and Generation Z.
Artitzon Advisory is a company that provides reports and studies global markets. In its latest report on the fashion market, it observes changes in behavior and looks ahead to 2026.
Rapidly changing technological landscape and increasing adoption of technologies such as augmented reality by the fashion industry, aided by the adoption of digital channels in developing regions, are supporting the growth of the market.
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