ResearchAndMarkets projects 5.3% annual growth from 2026 to 2031, supported by ultra-wealthy consumers, e-commerce and casual luxury trends, with counterfeiting, compliance costs and fast-changing fashion cycles as key risks.
North America's luxury apparel market is projected to grow from USD 39.98 billion in 2026 to USD 51.63 billion by 2031, after standing at USD 38.52 billion in 2025, according to a ResearchAndMarkets report that forecasts a 5.3% CAGR for 2026-2031. The outlook cites resilient spending by ultra-high-net-worth consumers, stronger luxury e-commerce and omnichannel retail, and continued demand for casual luxury and athleisure, while highlighting counterfeiting, shorter fashion cycles, and rising sustainability and product-traceability compliance costs as constraints. T-Shirts and Shirts led with a 45.71% market share in 2025, while Jackets, Sweatshirts, and Hoodies are forecast to grow at a 6.96% CAGR through 2031. Fashion and Casual was the largest end-purpose segment in 2025, and Athleisure is projected to expand fastest at a 7.01% CAGR from 2026 to 2031.