The fashion industry is fueled by constant innovation and the increasing influence of social media and digital platforms. Given the industry’s steady growth prospects, investors could consider quality fashion stocks The TJX Companies, Inc. (TJX – Get Rating), Tapestry, Inc. (TPR – Get Rating), and Chico’s FAS, Inc. (CHS – Get Rating).
Personal luxury goods, including luxury apparel, accessories, watches, jewelry, and eyewear, are the second-largest luxury industry segment after luxury cars. The personal luxury goods market’s revenue has increased steadily over the past decade, apart from the hiccup caused by the coronavirus pandemic.
Revenue in the Luxury Goods market is expected to amount to $75.69 billion in the US this year. The market is expected to grow at a CAGR of 1.9% until 2028.
In addition, the rising number of affluent consumers and their inflating income levels, growing aspiration for exclusivity and uniqueness, power of branding and brand equity, the increasing influence of social media and digital platforms, and rapid globalization are some of the major factors propelling the market.
The global luxury fashion market is expected to reach $294.70 billion by 2028, exhibiting a growth rate CAGR of 3.6% until 2028.
Moreover, increasing communication between consumers and key players through social media platforms and online retail stores drives the latest trendy luxury apparel sales. The rise in online transactions has supported the market growth of luxury apparel over the last few years.
Take a look at the stocks mentioned above…
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