Despite the ongoing pandemic, the luxury apparel segment is set to surge again this year, as per the latest GlobalData report.

Titled Luxury Apparel Market Size, 2020-2025, the report shows, the market grew 24.1 per cent last year as it recovered from the devastation seen during the first year of the pandemic. Major luxury conglomerates, particularly LVMH and Keringmade the most of the heightened consumer appetite for luxury goods as demand jumped when restrictions were loosened.

And that recovery is continuing with growth this year predicted to remain high at 10 per cent to reach a market size of $149.2 billion. That percentage figure is particularly important because it’s higher than the wider global apparel market that’s set to rise ‘only’ 8.4 per cent in 2022.

The performance will be driven by strong domestic demand in the Asia-Pacific region and the US, despite mounting economic difficulties.

APAC market will grow at a compound annual growth rate (CAGR) of 7.9 per cent from now until 2025, compared to 6.7 per cent for the total luxury market.