Luxury brands, including the likes of Louis Vuitton, Hermès, Louis Vuets, and Chanel, have seen their fortunes plummet in recent years due to the global financial crisis and the collapse of consumer spending.
As such, luxury brands have sought to capitalise on this market, which is expected to grow exponentially in the coming years.
According to Luxury Brands Market Tracker, luxury brand revenue has been stagnant since 2011.
In 2016, luxury retailers like Vogue, Calvin Klein, and Calvin Klein Men’s have seen revenue decrease by 10 per cent or more.
This has led to a decrease in the number of luxury brands that make up the market share of the luxury market.
Luxury brand revenue was $2.6 trillion in 2016, according to Luxurus Analytics.
This number is expected continue to decline, with luxury brands losing market share to the likes.
This year, the average luxury brand is expected drop by 8.7 per cent, according the Luxury Brand Tracker.
In the past year, luxury sales have seen a massive rise in China.
According to the latest numbers from Kantar Worldpanel, luxury retail sales in China increased by 33 per cent last year.
This is attributed to the fact that the number one luxury brand, Hermés, has expanded their presence in the country.
The increase in luxury brand sales in the world’s second largest market has been attributed to its growing popularity in China, especially with regards to fashion and fashion accessories.
In China, luxury has been used as a way of diversifying and diversifying a business.
According for a number of reasons, luxury’s sales in 2017 are expected to surpass that of last year and surpass $10 billion, according Luxurus.
This means that luxury brands will have the highest market share in 2017, surpassing their previous record of $9.5 billion.
The majority of luxury brand revenues will come from luxury footwear and accessories.
According Luxurus, luxury footwear accounted for 40 per cent of luxury retailer revenues in 2016.
This was down from 55 per cent in 2015.
The growth of luxury footwear has seen luxury brands see a jump in sales in their luxury category.
Luxurus says that luxury brand footwear accounted at $1.9 billion in 2016 compared to $1 billion in 2015, and that this growth has been largely attributed to an increase in the popularity of luxury shoes.
Luxurs brand revenue in luxury footwear is expected increase by 25 per cent to $2 billion in 2018.
This comes from a spike in the growth of footwear sales.
The growth of the high-end luxury shoe market has also led to an influx of luxury clothing.
According the Luxurus Brand Tracker, the luxury clothing segment of luxury retailers is expected gain market share from luxury brands by 24 per cent by 2018.
This trend is due to luxury brands expanding their presence within the luxury fashion and accessories market.
According luxury brands, luxury fashion brands are expected spend $12 billion in the luxury apparel segment in 2018, up from $9 billion a year ago.
Luxures luxury apparel division will spend an estimated $2 trillion on luxury goods and apparel in 2018 as a result of this growth in the market.
In 2017, luxury apparel was $1 trillion in sales, according for Kantar.
Luxuries luxury apparel market share was 25 per per cent.
According Kantar, luxury luxury footwear was responsible for 38 per cent (of luxury retailer revenue) in 2016 and is expected grow to 42 per cent this year.
According Luxurus data, luxury shoe sales are expected rise by 20 per cent over the next five years.
This will be attributed to increasing sales of luxury sneakers and luxury footwear.
In 2018, luxury clothing sales are forecast to be $5.5 trillion, up 5 per cent from 2017.
Luxurys luxury apparel and footwear sales are predicted to increase by 30 per cent year-on-year.
This increase is attributed in part to the growth in luxury shoes and luxury apparel.