Uncertain global economy, terror attacks, currency fluctuations, and decreasing international tourism led to a challenging environment for the luxury fashion market in 2015. Majority of the luxury fashion retailers witnessed a slowdown in sales during this period as consumers were reluctant to spend on luxury fashion.
However, the Global Fashion Duty Free Sales (includes duty free sales of clothing, footwear, and luggage and leather goods) reached US$5.1 billion in 2017, growing at a CAGR of 7.2% during 2012-2017. Rising passenger traffic at major airports, new retail space openings, and more fashion brands expanding into the duty free channel are expected to fuel the growth over the next five years. The global fashion duty free market is forecast to grow at a healthy CAGR of 7.7% to reach US$7.4 billion in 2022, adding US$2.3 billion in sales value.
Asian markets dominate the list of the top 10 fastest-growing markets. The majority will benefit from increasing Chinese tourist arrivals. The Indian luxury fashion goods market is the fastest-growing market, driven by an increasing number of young and affluent consumers.
Product innovation remains the key to growth and luxury fashion retailers are increasingly investing on creating innovative luxury fashion goods. They’re coming up with new store formats, relying on social media platforms for product promotions to attract consumers, especially millennials due to their ever changing preferences, improved lifestyle, and increasing disposable income.
Moreover, e-commerce is emerging as a new retail channel in luxury fashion as retailers of various luxury fashion brands are embracing the potential of the internet to reach consumers. Increasing mobile internet penetration and the changing behaviour of consumers is encouraging retailers to offer products online.
The report "Global Luxury Fashion Goods Retailing, 2017-2022", report provides analysis of current and forecast market data for Luxury Fashion retail sales globally.
Some of the key findings of the report -
- Global fashion duty free sales to reach US$4.7 billion by 2022.
- Luxury fashion goods sales in APAC to drive growth in the global market during 2017-2022.
- Jewelry, watches and accessories is forecast to increase its share by 2022.
- Rising tourism and retailers strategies drive luxury fashion goods growth.
- China is forecast to surpass Japan as the second-largest luxury fashion market by 2022.
- Current market sizes and forecasts to 2022 by categories, including clothing, footwear, jewelry, watches and accessories, and luggage and leather goods.
- Market insights based on consumer trends and changing economic and demographic factors.
- Luxury fashion goods retail sales and fastest-growing markets for luxury fashion goods.
- Category level retail sales and forecast growth rates globally.
- Competitive landscape covering market share of major Luxury fashion goods operators and their luxury fashion sales and trading update analysis, recent key events.
Reasons To Buy
Get immediate access to -
- Reliable luxury fashion goods retail sales data globally for 2017 with forecasts for 2022 along with information on largest and fastest-growing markets to inform market expansion and to manage risk
- Explore an in-depth analysis of luxury fashion goods retail sales data for major markets to identify target categories and develop growth plans
- Learn from luxury fashion goods retail trends and market drivers to customize your entry/expansion approach depending on the luxury retail landscape
- Choose partners, understand the competition, with data and analysis of major luxury fashion retailers, including market shares, trading performance, locations, travel retail strategy for each.