The market for luxury clothing to reach more than $149 billion in 2022
The headline of this article is likely to surprise many readers, particularly given the array of warnings and reports detailing the struggles of retailers across the world. However, it appears that the luxury clothing and apparel market is bouncing back strongly despite continued challenges faced due to the pandemic.
As professionals in ghost mannequin photography, as well as other fashion photography services this is a piece of good news that we can really embrace.
What does the data tell us?
The specialist research company GlobalData has long been a useful benchmark for the health of a particular industry and it is their report ‘Luxury Apparel Market Size – 2020 to 2025’ that provides us with the key data for this article.
As the world started to recover from the pandemic last year, it found that the market grew by an impressive 24.1%. This was driven in particular by the likes of Kering and LVMH who maximised the return of consumer spending.
The luxury market hasn’t simply recovered though, with growth expected to remain at around 10% this year leading to an impressive market value of more than $149 billion. Compared to the apparel market in general which is predicted to rise by 8.4%, it is clearly in a stronger place.
Why is the market doing so well?
Perhaps expectedly, this performance is driven by strong demand in the Asia-Pacific area and the US. This is despite the increasing challenges faced by most economies around the world.
The Asia-Pacific region is expected to be the strong performer for the next few years but the report was keen to point out that the US will play an important role in this continued growth. This is because of such financial interventions including stimulus cheques that people are then investing in high-end items.
The younger generations are a growing power
As a leading ghost mannequin photography service, we’re increasingly seeing younger generations including both Millennial and Gen Z consumers wish to collaborate and this is mirrored in the report’s findings.
It is noted by those reviewing this report that these consumers are perceiving luxury apparel as more aspirational and the leading luxury retailers are tailoring their products to younger customers. This includes more casual styles, such as sportswear and streetwear.
Could these figures change?
Absolutely! Despite the nature of the world’s economy right now, there is confidence that the luxury market will be protected from such pressures as rising inflation. However, we can’t get away from the fact that there is so much uncertainty around right now and as inflation goes up and the cost-of-living crisis worsens then spending on luxuries and even non-essentials may well slow.
For those offering fashion photography services to luxury clients, this is certainly a report full of positivity and that has been in short supply lately.