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In 2023, Luxury Fashion Market was estimated to be worth USD 279.14 billion. Over the forecast period (2024 - 2032), the luxury fashion sector is expected to increase at a compound annual growth rate (CAGR) of 3.46%, from USD 289.05 billion in 2024 to USD 379.30 billion by 2032. The main factors propelling the market's expansion are the growing number of millionaires, consumer brand loyalty, and the growing belief among consumers that luxury products lead to increased social acceptance.

The growing number of millionaires and brand loyalty among customers are anticipated to boost the market during the forecast period. The higher price range and style quotient are some of the USPs of luxury apparel that can help grow the market during the assessment tenure. The increasing disposable income across the globe is expected to be another salient cause that can drive the market in the coming time. Furthermore, brands have been focusing on providing the latest young looks, but they are also catering to the cultural trends and street culture to attract various consumers. For instance, Indian brand Raymond has introduced its new brand called Raymond Khadi to provide luxury Khadi apparel. Such initiatives are likely to increase the luxury fashion market size significantly in the coming time. The increasing popularity of e-commerce is anticipated to grow the market by enhancing their brand popularity among consumers. Furthermore, the growing demand for luxury workwear is another crucial factor that can bolster the market in the coming time. On the contrary, the high expenses associated with the commodity may hamper the market growth during the forecast period.

The outbreak of COVID-19 is anticipated to bring a negative impact due to the temporary shutdown of the manufacturing units, which affected the supply of the product.