Luxury apparels are the symbol of class and only people with a good financial background can afford luxury apparels. The global market for luxury apparel is growing due to the increase in disposable incomes. The global luxury apparel market is expanding by 13.2 per cent. Brands are offering numerous growth opportunities, be it in branding of products or investing huge sums of money on research and development strategies.
Luxury apparels are in demand among the young generation. 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. Easy return facility has further boosted the market and attracted more prospective consumers. Digital marketing advertises the benefits of online shopping and enhances the urge for developing a classy taste of fashion among people. The market is dominated by the Asia Pacific region. This region is witnessing rapid growth due with rising disposable incomes along with a change in lifestyle of people and improved standard of living especially in emerging nations of China and India. Europe, on the other hand, has already attained maturity because of the presence of many luxury brands.