Luxury apparel is typically seen as a status symbol for people are rich and have a lot of discretionary spending power. The growing popularity of luxury clothes amongst the millennials is likely to fuel expansion of the global luxury apparels market as they are more inclined toward adopting latest fashions trends than others. For the past few years, improvements in digital marketing and a rise in the usage of digital media for product promotion in developing countries have played a vital part in driving the development of the global luxury apparels market.
Sales of the trendiest luxury clothes are being driven by the increasing connection between customers and relevant stakeholders via social media platforms as well as online retail outlets. The increase in online transactions has aided expansion of the luxury apparels market in recent years. Customers’ specific deals and enticing promotions, as well as promotion in magazines and on social media, are affecting luxury clothes sales, with roughly half of all luxury garment purchases influenced by what consumers hear or see on offline and online platforms.
Increasing Sale of Luxury Apparels through E-commerce Platforms to Contribute to Market Expansion
People prefer online platforms to store-based retail businesses, hence online retail stores or e-commerce, are leading the luxury clothes industry. Customers have more alternatives and it is easier to use online platforms. Many major companies in the global luxury apparels market are concentrating their marketing and sales efforts on their own websites as well as those of chosen retail outlets or pure luxury e-retailer partners in certain regions. Marketing methods such as celebrity endorsements are assisting important players in attracting more customers from a variety of socioeconomic backgrounds. Since offline retail stores have a lower development potential than online retail stores, luxury garment sales at online retail stores are expected to be influenced in the coming years.
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In addition to that, the rise of online shopping portals that can deliver high-quality products to customers’ homes and offices is another factor expected to drive the global luxury apparels market forward. Due to rising demand for luxury products, including luxury clothes, Europe is expected to have a major market share in the luxury apparels market throughout the forecast timeline, followed by North America