Apparel Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Apparel Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The global apparel market is anticipated to record a CAGR of 5.5% during the forecast period (2020-2025).

Key Highlights

• Rising per capita income, favorable demographics, and a shift in preference to branded products are projected to drive the demand for the market.
• The adoption of luxury lifestyle among consumers has influenced the purchasing power to opt for luxury wears among millennials. The increasing fashion trends, coupled with the evolving retail landscape across brands, have been the key factor for the booming apparel market, despite being a matured market.
• As competition is steep, apparel companies often create alliances to present a stronger front. Successful advertising strategies and concentration in specialized markets help in allowing apparel companies to generate increased revenue.

Key Market TrendsGrowing Inclination toward Online Sales

Online apparel sales have seen a boom over the recent years as consumers have gradually become more comfortable making wardrobe purchases from their computers and handheld devices. The growth in online apparel sales is mainly attributed to web-only startups. A boosted exposure to the internet and e-commerce has improved the fashion consciousness and availability of high-end brands and limited edition products. Using influencers has made an impact on how beauty companies market their products and look to increase sales. With 71% of social media marketers reporting that they have an influencer marketing budget, it is clear to see that marketers are finding value in influencers.

North America Holds a Prominent Share

North America is among the major markets for apparel. Canadian apparel manufacturing firms have increasingly moved toward niche markets, designing and producing high-end clothing, as well as specialty and high R&D garments, including performance apparel, such as sportswear and protective clothing. Some large firms that have off-shored their apparel production to control costs are also operating short-run and replenishment facilities in the region in order to respond to the fast-changing trends in the retail industry and to produce high-end apparel. To remain competitive in the global market, leading apparel manufacturers are adopting new technologies and automation throughout the supply chain. Digital technology adoption is increasing in the sector, which includes the development of an omnichannel or multichannel approach to sales.

Competitive Landscape

The global apparel market is a fragmented market with the presence of various major and smaller players in the market. The market in the developing regions has a strong unorganized market offering a wide array of products. The outspread distribution network of global brands has an influence in the international markets but faces a steep competition at the hands of local manufacturers with respect to regional fashion preferences and prices. Some of the major players in the market are PVH Corp., Kering S.A, LVMH, and Inditex.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

PVH Corp.
Inditex
Kering SA
LVMH
Aditya Birla Group
Hennes & Mauritz AB
Nike Inc.
Adidas AG

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