Report : UK Luxury Apparel Market Forecast to 2028 - COVID-19 Impact and Country Analysis By Type (Jackets and Coats, Skirts, Shirts and T-Shirts, Dresses, Trousers and Shorts, and Others), End User (Women, Men, and Unisex), and Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online Retail, and Others)
Increasing Disposable Income to Drive Product Demand during 2021–2028
According to our latest market study on “UK Luxury Apparel Market Forecast to 2028 – COVID-19 Impact and Analysis – by Type (Jackets and Coats, Skirts, Shirts and T-Shirts, Dresses, Trousers and Shorts, and Others), End User (Women, Men, and Unisex), and Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online Retail, and Others),’’ The UK luxury apparel market was valued at US$ 6,145.08 million in 2021 and is projected to reach US$ 8,969.90 million by 2028; it is expected to grow at a CAGR of 5.6% from 2021 to 2028.
The rising per capita disposable income of individuals around the UK propels the demand for luxury clothes in the country. According to ONS data, the average household disposable income in the UK increased by US$ 933 from 2019 to 2020. As a result, peoples’ standard of living is improving, prompting them to seek luxury items as a status symbol. Consumers desire to improve their image with luxury fashion products, such as luxury clothing, watches, jewelleries, and footwear. Furthermore, according to Credit Suisse analysis, the UK now has the fifth-highest share of High-Net-Worth Individuals (HNWIs) across the world, accounting for 4% of the total. The number of millionaires in the UK increased from 2.2 million in 2019 to 2.4 million in 2020. Thus, the rising number of HNWIs and increasing disposable income are among the major factors driving the market growth.
Christian Dior, GUCCI, Gianni Versace S.P.A, Giorgio Armani S.P.A., PRADA, HERMES, Burberry Group PLC, Louis Vuitton, Alexander McQueen, and Paul Smith are among the key players operating in the UK luxury apparel market.
Impact of COVID-19 Pandemic on UK Luxury Apparel Market
The COVID-19 pandemic has restrained the luxury apparel businesses as the UK has experienced major operational shut down in various factories. Several key manufactures of luxury apparel recorded a significant fall in their revenue, which has reduced the overall luxury apparel market size in the UK. For instance, Christian Dior recorded a dip of over 16% annual revenue in 2020, compared to the revenue in 2019. Similarly, GUCCI recorded over a 15% decline in its annual revenue in 2020, compared to its previous financial years. However, with the introduction of vaccination, the country has eased the lockdown restrictions and the various industries’ operations are returning to normalcy. This is expected to aid the recovery of the market.
The report segments UK luxury apparel market as follows:
Based on type, the luxury apparel market is segmented into jackets and coats, skirts, shirts and t-shirts, dresses, trousers and shorts, and others. By end user, the market is segmented into women, men, and unisex. Based on distribution channel, the UK luxury apparel market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others.
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