Global Luxury Fashion Industry (2018–2028)
By market analysts’ projections, the global luxury market is expected to expand by 4% this year, generating $368.9 billion in total revenue. Of the different luxury products, cosmetics-, jewelry-, and fashion-related items are set to grow their revenues at the fastest rates.
In this article, we take a closer look at the luxury fashion market worldwide and its performance in recent years.
Global luxury fashion industry: key statistics
- In 2024, total revenue from the luxury fashion market is forecast to rise by 3.9%, to $115.9 billion.
- By 2028, luxury fashion sales are projected to hit $131.7 billion.
- From 2018 to 2028, the global luxury fashion industry is expected to increase its annual revenues by an overall 45.4% and at an average annual growth rate of 4%.
Luxury fashion industry growth worldwide: table
|
Year |
Global luxury fashion revenues |
Annual change |
|
2018 |
$90.6 billion |
|
|
2019 |
$95.8 billion |
+5.8% |
|
2020 |
$85.6 billion |
-10.7% |
|
2021 |
$92.7 billion |
+8.4% |
|
2022 |
$97.3 billion |
+5.0% |
|
2023 |
$111.5 billion |
+14.6% |
|
2024 |
$115.9 billion |
+3.9% |
|
2025 |
$120.1 billion |
+3.6% |
|
2026 |
$124.0 billion |
+3.2% |
|
2027 |
$127.7 billion |
+3.0% |
|
2028 |
$131.7 billion |
+3.1% |
Global luxury fashion industry revenue: 2018–2024
A recent luxury fashion industry analysis shows that the sector is expected to grow by 3.9% this year, as sales total $115.9 billion. This makes fashion-related products the largest revenue-generating category in the luxury industry, with a market share of 31.4%. In other words, nearly $1 out of every $3 spent on luxury items this year will be on the fashion subcategory.
The market growth expected this year is significant for a few reasons. It makes luxury fashion the third-fastest-growing category of all luxury products, which comes amid a slowdown in growth. In 2023, luxury fashion sales grew by 14.6%, more than three times the rate expected in 2024, to $111.5 billion. It was also the first time revenues from the luxury fashion industry surpassed the $100 billion milestone.
The luxury apparel market has mostly been growing since 2018. With the exception of 2020, when revenues tumbled 10.7%, the sector has expanded every year. In 2018, the market brought in $90.6 billion in revenues. This rose by 5.8% in 2019, to $95.8 billion.
The fall of 2020 saw revenues slide to $85.6 billion, but subsequent annual increases of 8.4% and 5% took the market back up to $92.7 billion and $97.3 billion in 2021 and 2022, respectively.
From 2018 to 2024, the global luxury fashion industry grew its annual revenues by 27.9% and at an average growth rate of 4.5%.
Global luxury fashion industry revenue: 2025–2028
Luxury fashion industry statistics show the sector will continue to expand over the next few years. In 2025, revenues are expected to rise by 3.6%, to $120.1 billion.
Further increases of 3.2% and 3% are forecast for 2026 and 2027, which will take total revenues to $124 billion and $127.7 billion, respectively. By 2028, the industry is projected to be worth $131.7 billion, after a 3.1% annual increase.