Apparels Market Assessment, By Product Type [Clothing, Footwear, Accessories], By Gender [Male, Female], By End-user [Adults, Children], By Price Range [Mass, Premium, Luxury], By Distribution Channel [Online, Offline], By Region, Opportunities and Foreca

Apparels Market Assessment, By Product Type [Clothing, Footwear, Accessories], By Gender [Male, Female], By End-user [Adults, Children], By Price Range [Mass, Premium, Luxury], By Distribution Channel [Online, Offline], By Region, Opportunities and Forecast, 2017-2031F

Global apparels market was valued at USD 1.63 trillion in 2023, expected to reach USD 2.62 billion in 2031, with a CAGR of 6.1% for the forecast period between 2024 and 2031. It is important to note that certain elements contribute to shaping the distinctiveness of this sector.

One of the major forces behind the market is brand power and the worldwide recognition of fashion companies in the industry. Some brands remain in high demand in the market as they keep a strong reputation and offer products with uncompromising quality.

Additionally, the apparel segment is driven by consumer aspirations. Being a product of a well-known brand can be quite motivating because it denotes exclusivity and status. As customers aspire to share the ideals and aesthetics of these brands, luxury wear has significant symbolic power. Innovation is a defining characteristic of luxury firms, which embrace sustainability, launch limited-edition collections, and work with artists to produce one-of-a-kind products. A new dimension has been made possible by e-commerce, which preserves exclusivity while improving accessibility. For instance, in August 2023, to expand its market reach and use digital marketing innovations, Gucci teamed with China's JD.com to create its official digital flagship shop on the platform for the first time.

The global apparel market represents traditional values, creative ideas, and continued style over the years. It stands for quality and varied designs that change over time to match altering customer behaviors and demands. In February 2024, Kering S.A. participated in Milan Fashion Week and launched the Gucci Fall Winter 2024 collection for women by Sabato De Sarno.

Surge In E-Commerce Propels Global Apparel Market Growth

The rise of the internet and online shopping have raised consumers’ fashion awareness and increased the availability of brands, including limited-edition products. Moreover, collaborations with influencers have affected the way fashion brands promote and look to boost sales. For instance, in November 2022, Steve Madden revealed its first-ever African partnership with well-known South African media figure Bonang Matheba. According to the company, the partnership is a part of their ten-year anniversary in Africa.

Local startups with eco-friendly concepts are attracting customers from all over the world through e-commerce. These startups provide a variety of styles, including formal, casual and classic wear, with innovative designs and ideas that draw in customers. Online apparel sales have seen a surge in recent years, as consumers have grown accustomed to shopping for their requirements on their computers and mobile devices. According to the International Trade Administration, U.S. Department of Commerce, as of January 2022, 55% of Canadians completed online retail purchases using mobile devices, and the trend is continuing. Younger consumers drive the trend, with 47% of them making purchases using digital devices at least once a week.

In October 2023, Ralph Lauren expanded its presence in Canada with the launch of a new e-commerce site in Canada. RalphLauren.ca showcases the brand’s entire portfolio including Purple Label, the Ralph Lauren Collection, the Polo Ralph Lauren, the Double RL, and the Lauren. The site offers a wide selection of accessories, footwear, and other products for men, women and children.

Premiumization Trend Motivates Consumers to Invest

The global apparels market is profoundly affected by status and symbolism. These factors shape consumer preferences as well as decisions on brands. Apparel, as an element of luxury fashion, serves as the wearer’s social status, wealth, and personal achievements. Moreover, owning beautiful apparel equates to rareness and special feel. Many consumers are driven to buy high-end apparel lines to project an image of success and become part of selected groups. The continuing attraction of high-end brands results from their emphasis on status and symbolism, confirming their relevance in today’s world of fashion globally. It has led to the proliferation of outlets to tap into untouched markets. For instance, in September 2022, Hermès International S.A. opened a new duplex store at the Union Square shopping mall in Ho Chi Minh, Vietnam, offering a premium apparel range.

Favorable Government Regulations Drive Market Growth

The apparels market worldwide is significantly influenced by authorities’ regulations, especially in terms of trade, intellectual property, and labor practices. It affects prices as well as entry into the markets through different import or export rules in materials and products, such as use of copyright to prohibit the copy of original label marks. Another topic dealt with is fair wages or working conditions, especially in the apparel industry. Some other regulations concerning the environment, such as banning some types of animal skins, influence how long companies last in their business. For instance, in December 2022, the European Union established legislation limiting the import of leather and other products involved with deforestation. To comply with this rule, firms must get information about the origins of their raw leather materials.

Asia-Pacific is the Fastest Growing Market

A significant portion of global apparel market is anticipated to be held by Asia-Pacific due to numerous government initiatives pertaining to the apparels industry. For instance, the 14th five-year plan, which outlines the development goals, growth strategies, and key tasks for China's textile and apparel sector for 2021 to 2025, was announced by China National Textile and Apparel Council, the industry's regulating organization in the country. Also, China is a significant global exporter of clothing which creates an impact on the overall market.

The General Administration of Customs, China (GACC) provided data showing that in April 2023, apparel exports in China increased by 14.3%. Major corporations are preparing to expand into Asian nations to reach a wider customer base. For instance, in March 2024, America-based Wooster LLC owned clothing and lifestyle brand Supreme, opening its flagship store in Shanghai, China.

Furthermore, the apparel market in India is expected to develop as a result of the country's expanding population, rising disposable income, and changing fashion trends. India contributes significantly to the growth of the apparel sector as a major textile exporter. The growth of the textile and apparel industries is being further fueled by a number of government programs. The goal of government programs such as the Advance Authorization Scheme and the Amended Technology Upgradation Fund Scheme is to boost and expand the nation's output of apparel and textile goods. To increase the export competitiveness of the Indian apparel sector, the Government of India has approved the extension of the RoSCTLscheme, which is a program for the rebate of state and central taxes and levies on the export of apparel or garments and made-ups, upto March 2026.

Future Market Scenario (2024 – 2031F)

Consumers will increasingly prioritize sustainable and ethically sourced clothing. The trend will be driven by heightened awareness of environmental and social impacts, particularly among Millennials and Gen Z.

The online shopping sector is expected to continue its robust growth due to its convenience, competitive pricing, and technological advancements such as AI and personalization. Virtual try-ons and augmented reality will enhance the online shopping experience and reduce returns.

The market will experience polarization, with consumers seeking either high-value, affordable options, or indulging in luxury purchases. Brands will focus on providing value for money amidst rising inflation and economic uncertainties.

Key Players Landscape and Outlook

Global apparels market features an array of key players, including renowned fashion brands alongside emerging brands and niche designers. These players stand out for their creativity, quality of work, and brand history. Due to factors including rising global prosperity, the significance of digital channels, and a move towards sustainability, the market's future seems to have positive growth. Since working with influencers and celebrities helps brands reach a wider audience, the trend will likely continue. For instance, in March 2022, David Gandy and Jennifer Lopez collaborated on the Dolce & Gabbana eyewear ad. The collection was inspired by the bold look of the early 2000s and featured pilot forms, oversize styles, and stylish cat-eye frames.

Furthermore, mergers and acquisitions impact apparel brands by encouraging growth, diversification, and international expansion in a fiercely competitive and ever-changing business. For instance, in April 2023, in an effort to increase French manufacturing capacity for its American jeweler, Tiffany, LVMH Moët Hennessy Louis Vuitton S.E. purchased the majority of Platinum Invest Group. For its present non-LVMH clientele as well as other high-end brands within the group, such as Bulgari and Chaumet, Platinum Invest will continue to produce jewelry.