Luxury Apparel - Gambia | Statista Market Forecast

Revenue in the Luxury Apparel market amounts to US$1.03m in 2024. The market is expected to grow annually by 3.26% (CAGR 2024-2029).
In global comparison, most revenue is generated United States (US$25bn in 2024).
In relation to total population figures, per person revenues of US$0.36 are generated in 2024.

Definition:

Luxury Apparel includes designer clothing and clothing accessories (scarves, belts, hats etc.) that are made “ready-to-wear”. The overall market definition follows the Consumer Market Insights Apparel market, while here only sales of luxury brands are considered.

Additional Information:

The shown market data are based on an analysis of the biggest luxury companies in the world. A complete list of all companies and brands covered can be found in the methodology description. Sales by smaller companies or artisanal production unaffiliated with the companies covered (e.g. bespoke suit-tailoring or similar services) are not included. All data are shown at retail value, which includes markups for retail distribution and sales taxes.

The key players in this field are LVMH’s fashion houses (Louis Vouitton, Fendi, Bulgari and others), Kering (Gucci, Saint Laurent, Brioni and others), Ralph Lauren and PVH (Calvin Klein, Tommy Hilfiger).

Apparel (Ready-to-Wear, Prêt-à-porter)
Clothing accessories (gloves, neckwear, belts, hats and caps etc.)
Luxury segments and brands of the companies covered (see methodology for list)

Leather goods (bags and luggage)
Artisanal and small-scale production unaffiliated with the covered companies (see methodology for list)

Data coverage:
The data encompasses B2C enterprises. Figures are based on reported company revenue data from the main players of the market. The market data presented here is based on an analysis of the financial filings of a set of market leading companies that target the luxury segments within the specified categories and only companies with a revenue from more then 150 million US-Dollars per year are considered. Smaller companies and artisanal production unaffiliated with the covered companies are not included in the data.

Modelling approach:
Market sizes are determined through a Top-Down approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use resources from the Statista platform as well as on in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. We evaluate the status quo of the market, monitor trends, and create an independent forecast regarding market developments of the global Luxury Goods industry. Since reporting standards vary widely between companies, an array of estimation techniques has been employed to harmonize the reported key performance indicators with the market definitions employed here. For example, among other indicators, the resident population of High-Net-Worth Individuals (abbreviated as HNWI, people with investible assets exceeding 1 million US-Dollars) has been used in combination the Google Trends relative search interest on each company to allocate sales geographically.

Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behaviour of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Luxury Goods market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:
The data is modelled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).