Vietnam Luxury Fashion Market Outlook
Base Year: 2023
Historical Years: 2018-2023
Forecast Years: 2024-2032
Market Size in 2023: USD 348 Million
Market Forecast in 2032: USD 613 Million
Market Growth Rate: 6.5% (2024-2032)
The Vietnam luxury fashion market size reached USD 348 Million in 2023. Looking forward, IMARC Group expects the market to reach USD 613 Million by 2032, exhibiting a growth rate (CAGR) of 6.5% during 2024-2032.
Vietnam Luxury Fashion Market Trends:
Vietnam's luxury fashion sector is growing at an outstanding pace, stimulated by an increasing number of disposable incomes, a larger middle class, and an increasing interest in luxury brands in the recent years. In short, Vietnamese consumers are becoming more branded-conscious and they are looking for exclusivity, quality, and unique experiences from luxury brands. Luxury brands are responding to this increase in demand by expanding their footprint to Vietnam, launching flagship stores and exclusive boutiques in key cities such as Ho Chi Minh City and Hanoi.
Furthermore, consumers' preferences are shifting due to the influence of social media and digital marketing, with younger affluent shoppers moving towards sustainable luxury and limited-edition pieces. Additionally, with the growth of e-commerce and multi-channel retailing, luxury fashion is becoming more accessible as global brands are investing in e-commerce to deliver a seamless online shopping experience that caters to the Vietnamese shopping environment. Not only foreign luxury brands, but local designers are also rising the ranks, combining typical Vietnamese styles with modern fashion pieces that appeal to both the local and global market.
For an in-depth analysis, you can refer free sample copy of the report: https://www.imarcgroup.com/vietnam-luxury-fashion-market/requestsample
Vietnam Luxury Fashion Market Scope and Growth Analysis:
The luxury fashion market in Vietnam is growing rapidly, driven by increasing disposable income levels, urbanization, and a desire for high-end brands from overseas. To put it simply, the middle and upper classes are growing, especially in cities like Ho Chi Minh City and Hanoi, and they are driving demand for expensive clothing, accessories, and shoes. Also, social media, the endorsement of celebrities, and luxury retail spaces in high-end shopping malls are quickly expanding the market. In addition, global luxury brands entering the market today with prominent flagship boutiques signal that Vietnam has the potential to be a key market in Southeast Asia.
Furthermore, the ever-evolving preferences of consumers toward premium, high-quality, and/or limited-edition items influence their purchasing decisions and compel brands to adjust local tastes. In addition, the luxury market is becoming increasing concerned with the environment and sustainability, enabling brands to focus on eco-friendly practices, which is appealing to eco-conscious shoppers.
Vietnam Luxury Fashion Market Report Segmentation:
The market report offers a comprehensive analysis of the segments, highlighting those with the largest Vietnam Luxury Fashion Market share. It includes forecasts for the period 2024-2032 and historical data from 2018-2023 for the following segments.
Product Type Insights:
- Clothing and Apparel
- Jackets and Coats
- Skirts
- Shirts and T-Shirts
- Dresses
- Trousers and Shorts
- Denim
- Underwear and Lingerie
- Others
- Footwear
- Accessories
- Gems and Jewellery
- Belts
- Bags
- Watches
Distribution Channel Insights:
- Store-Based
- Non-Store Based
End User Insights:
- Men
- Women
- Unisex
Regional Insights:
- Northern Vietnam
- Central Vietnam
- Southern Vietnam
Competitive Landscape:
The report offers an in-depth examination of the competitive landscape. It includes a thorough competitive analysis encompassing market structure, key player positioning, leading strategies for success, a competitive dashboard, and a company evaluation quadrant.
- Berluti
- Giorgio Armani S.p.A.
- Montblanc (Compagnie Financière Richemont S.A.)
- Tam Son International Company Limited
Key highlights of the Report:
- Recent Industry News
- Key Technological Trends & Development
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Strategic Recommendations
- Market Dynamics
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
- Top Winning Strategies
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services.
IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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