Focus On The Strange Phenomenon Of Luxury Market This Year

The epidemic has brought a huge impact on the clothing industry. Offline stores are suspended from time to time, transportation and logistics are limited, and consumer demand is declining. Physical retail at home and abroad has been hit hard, but luxury sales are still in a hot state. Frequent price increases and more expensive purchases have become the norm in the luxury market. The first quarter revenue data of LVMH, Kaiyun group and other enterprises also ushered in nearly 30% growth.

Global data will continue to dominate the global apparel market by 2022 billion US dollars.

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

High growth rate is affected by many factors, one of which is highly praised by consumers. As the younger generation Z group enters the consumer market, the popularity of luxury products is booming. The innovation and change of brands also play a driving role. They have grasped the hearts of young people by catering to consumer demand. For example, both Balencia and Louis Vuitton have made innovations in their products and customized products for young people.

Fashion analysts at global data commented: luxury brands integrate leisure and street fashion styles, embracing the trend of leisure sweeping the fashion industry, which will put luxury brands in an ideal position for growth in 2022 and beyond.

Indeed, in the past two years, both blue blood luxury brands, red blood luxury brands and light luxury brands have been cooperating with leisure sports brands or fashion brands. The co branded series of both sides are also very popular in the consumer market. This shows that luxury brands have mastered the methods to attract the current consumer groups and have always been effective.

According to the report, strong domestic demand in the Asia Pacific region and the United States will drive the luxury clothing market to maintain growth in the future. From 2022 to 2025, the composite annual growth rate (CAGR) of the Asia Pacific region will be 7.9%, while that of the whole luxury market will be 6.7%. The continuous market demand for luxury brands will inject confidence into the development of brands in the post epidemic era.