The popularity of stylish and premium clothing has amplified vividly in last few years. Furthermore, increased per-capita income among consumers in developing nations is expected to boost revenue growth substantially. Apparel made of high-quality cashmere wool used by men, women, and children is known as luxury cashmere clothing.
Covid 19 Impact & Market Status
The current coronavirus epidemic has a significant influence on the cashmere garment business. The detrimental impact of the lockdown and social distancing norms can be linked to the fact that significant firms have suspended operations in various places. On the other hand, because to rising urbanisation and the growing demand for optimal use of limited space, the market is expected to rebound post-pandemic. The rise in disposable income pre-epidemic foreshadows a slew of new needs and demands in the aftermath of the pandemic.
Rising Demand of Luxury Cashmere Clothing
The popularity, acceptance and orders for cashmere clothing and accessories has skyrocketed. These items, which are deemed premium, are imported by many developed countries. Market growth is predicted to be fuelled by factors such as increased demand for high-quality clothing and the adoption of stylish and luxury apparel globally. Additionally, increased disposable income amongst the employed population and a veering leaning of millennials to spend on luxury, extravagant and first-class items have been ascribed to the quick growth in demand for cashmere apparel goods. Furthermore, with the continuous digitization of major nations and the associated internet penetration, social media websites have provided an ideal platform for generating awareness about cashmere products in areas where the market was previously underserved.
Cashmere Coats Leading the Market
Jackets, or coats as referred to, are a type of clothing that go well on casual and formal occasions. Although men drive the coats market usually but coats are a unisex piece of clothing and have numerous applications. The different types of fit, material and material offer a very wide variety of options to consumers in using their respective cashmere coats. To name a few, pea coats, trench coats, and field jackets make up for most of the sales in this category. Coats is one of the most prevalent selling items of this industry and make up for almost half the profits.
European Market will grow at faster pace
During the projection period of 2022–2029, Europe will maintain its dominance over the market in terms of market share and revenue. The presence of several well-known international luxury brands in the area is credited with driving market expansion in this area. On the other hand, North America is anticipated to experience profitable growth over the projection period of 2022–2029 as a result of rising sales of these goods and rising disposable income in the region's emerging economies.
The fabric's softness and warmth make it a popular choice among customers. Cashmere wool provides warmth as well as a high level of comfort.
Several reasons drive the market for luxury clothes, including rising disposable income in developing nations, rising demand from emerging economies due to population growth, and shifting purchasing power parity among customers, which has grown significantly in recent years.
The rising per capita income, the prevalence of social media and celebrity outfits are a few more factors that contribute to the rise of the luxury clothing market. People are looking at luxury clothing as a need and not as a want, which is driving the market forward. The influence of big names and celebrities is making people buy these luxury clothing items and in turn generate a greater revenue for the overall clothing market. In 2022, the global cashmere clothing market was worth USD 3.02 billion, and by 2029, it is predicted to be worth USD 4.1 billion, with a CAGR of 3.93 percent between 2022 and 2029.
Cashmere clothing is manufactured with Cashmere yarn, a higher-quality and longer-lasting kind of wool than regular wool. The cashmere wool is attained from the wool of cashmere goats. Cashmere clothes are finer, softer, and lighter than other varieties of wool, but they're also tougher and more durable. These clothes also have a higher moisture content, making them appropriate for a variety of conditions. Cashmere apparel, such as sweaters and jackets, slacks and trousers, and shirts, is sometimes more costly than commonly available woollen clothing, and is therefore considered premium luxury fashion.
Luxury cashmere clothing sales have been on the rise in the recent times since it possesses all the above-mentioned properties and qualities; also, the fact that people feel a lot more relaxed and luxurious wearing cashmere clothing, it is a big driving factor for the market. At the same time, luxurious clothes are considered to be status symbols too. A few other driving factors and advantages of cashmere clothing include its insulation properties, wrinkle-resistance, lightweight fabric, the breathability, and hypoallergenic qualities; these make cashmere clothing suitable for all genders and age groups of human beings. Also, one of the key advantages of wearing cashmere clothes is its ability of moisture wicking, this simply means that one can wear these clothes during any and every season during the year; the exterior of cashmere clothes is water-repellent while the inside attracts moisture, thereby making it comfortable and keeping one sweat free.
The fashion luxury cashmere clothing market is being led by SofiaCashmere, Loro Piana, Brunello Cucinelli, Ermenegildo Zegna, Pringle of Scotland, Autumn Cashmere, TSE, Ballantyne, Loro Piana, Maiyet, Gobi, Cashmere Holding, Zhenbei Cashmere, Hengyuanxiang, Kingdeer, Snow Lotus, and Erdos Group. These companies and manufacturers are the market leaders and play a very vital role in shaping up the market value and generating greater revenue. These key market players are working on creating more innovative cashmere clothing in terms of design and comfort. The investments are being made in huge numbers to support the research and development teams in the field of luxury clothing manufacture. Also, the marketing teams of these companies have taken the charge of increasing consumer awareness about the benefits of cashmere clothing which shall in turn boost the sales, revenue and market value of the global fashion luxury cashmere clothing.
Latest Innovation in the Fashion Luxury Cashmere Clothing Market: A Snapshot
Furthermore, market participants are increasing their investments in fashion product design and comfort, which will expand lucrative chances throughout the projected period of 2022 to 2029. Additionally, rising awareness of cashmere apparel in numerous countries where the industry was previously underserved would boost the cashmere clothing market's future growth.
Fashion Luxury Cashmere Clothing Market Scope
|Revenue forecast in 2028
|USD 3.02 billion
|CAGR of 3.93 % during 2021-2028
|Type, Application, Regions
|North America, Europe, Asia Pacific, Middle East and Africa, South America
|Key Players Profiled
|SofiaCashmere, Loro Piana, Brunello Cucinelli, Ermenegildo Zegna, Pringle of Scotland, Autumn Cashmere, TSE, Ballantyne, Loro Piana, Maiyet, Gobi, Cashmere Holding, Zhenbei Cashmere, Hengyuanxiang, Kingdeer, Snow Lotus, and Erdos Group
Key Segments of the Fashion Luxury Cashmere Clothing Market
Type Overview, 2022-2029 (USD Billion)
Application Overview, 2022-2029 (USD Billion)
Regional Overview, 2022-2029 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of Latin America
Middle East and South Africa