Top Trends in the Apparel Market for 2024
Summary
The Top Trends in the Apparel Market for 2024 report includes analysis of key factors impacting the global apparel market in 2024, including inflation, mergers and acquisitions and the outperformance of online.
With the apparel industry constantly evolving, it is crucial for players in the market to stay in tune with the latest trends to remain ahead of competition. Over the past few years, inflation has been the biggest factor impacting consumers' shopping habits and players' performances, and this will continue to have a big impact on shoppers' spend as they become more used to having a streamlined capsule wardrobe and continue to divert spend towards alternative segments such as secondhand.
Scope
Though inflation will continue to fall in 2024, the cumulative impact of higher prices for essential goods means that discretionary incomes will remain squeezed.
As companies’ revenues and profits are squeezed by reduced consumer spending and increased costs, many will fall into financial distress. Those that have done well over the past few years and have ample cash reserves will be able to snap up struggling rivals for low prices.
Inflation has led to a deprioritization of sustainability and ethics among apparel shoppers, with consumers citing these significantly less important to them than factors like value for money and price. This disparity will continue at least until consumers’ discretionary incomes rise.
The resale market is forecast to grow by 16.3% in 2024, only a marginal slowdown from 2023, as consumers seek out cheaper options to save money and more players enter the market.
Reasons to Buy
Understand the preferences of consumers in different markets, to allow you to identify your priorities
Identify the strategies retailers and brands are utilising to drive growth, to help your company remain competitive
Find out how different segments of the apparel market are performing, to enable you to maximise customer acquisition
- Top Trend: Inflation pressures persist
- Top Trend: Frequent mergers & acquisitions
- Top Trend: Continued online outperformance
- Top Trend: Strategies to bring down return rates
- Top Trend: Importance of value for money
- Top Trend: Market polarization
- Top Trend: Luxury slowdown
- Top Trend: Increased discounting
- Top Trend: Deprioritization of sustainability and ethics
- Top Trend: Resale continues to thrive
- Top Trend: Rental gains further popularity
- Top Trend: Repairs & Customization
- Top Trend: Importance of stores
- Top Trend: Investment in digital technologies
- Top Trend: Supply chain challenges
- Top Trend: Sportswear slowdown
- Top Trend: Prioritization of experiences
- List of Tables
- Luxury Apparel Companies’ Total Revenue Growths, Quarterly & Annually for 2023 (%)
- Sportswear Companies’ Total Revenue Growths, Quarterly & Annually for 2023 (%)
- List of Figures
- Average Consumer Price Inflation in North America and Europe (%)
- How consumers in North America and Europe are changing their shopping habits for clothing & footwear due to rising costs
- Global Online Apparel Market ($ bn), Annual Growth (%) and Online Penetration (%) 2018-2028(f)
- Reason for returning clothing & footwear among UK consumers
- Percentage of consumers across key markets that rated value for money as an important apparel purchase driver
- 2023 price positioning share within the global apparel market
- Percentage of consumers across key markets that rated discounts/promotions an important apparel purchase driver
- Percentage of consumers across key markets that rates product sustainability and retailer ethics as important apparel purchase drivers
- Global Resale Market ($ bn) & Annual Growth (%) 2017-2027(f)
- Global Rental Market ($ bn) & Annual Growth (%) 2017-2027(f)
- Percentage of consumers across key markets that rate instore experiences as an important apparel purchase driver
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