Dhaka, Saturday, 12 June 2021

Global luxury apparel growing at 13 percent


Apparel Desk :The global luxury apparel market is expanding at a CAGR of 13.2 per cent.

Luxury apparel is a symbol of class and only people with a good financial background can afford them. The global market for luxury apparel is growing due to an increase in disposable incomes, which further leads to a rise in purchasing capacity of consumers. The young generation is propelling the market for luxury apparel. Another factor envisioned to boost demand is the emergence of online shopping services. It is easier to do shopping online instead of having to go places and try various outfits. The easy return facility has further boosted the market and attracted more prospective consumers.

Digital marketing advertises the benefits of online shopping and inculcates a classy taste of fashion among people.
The global luxury apparel market is dominated by the Asia Pacific. The market in Asia Pacific is witnessing rapid growth due to the rise in disposable incomes, along with changes in lifestyles and improved standard of living especially in the emerging nations of China and India.
Europe, on the other hand, has already attained maturity because of the presence of many luxury brands that have been doing business for the past few decades.