Shares of Garments Market In Global Industry : Growth, Trends And Application 2019-2023
According to report, the global garments market is projected to expand at a compound annual growth rate (CAGR) of 4.4% during the 20182023 period, generating revenue worth USD 1910.7 Bn by 2023.
High-end and luxury brands are moving towards a see-now-buy-now model, in order to capitalize on consumers inclination for discretionary expenditure, thereby appealing to their desire for instant gratification.
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Reshoring (in the United States and Europe) and sustainable production are key strategies of manufacturers who are making significant investments in order to gain higher social acceptance, and to ensure faster deliveries with provisions for customizations.
The global garments market can be segmented based on gender and type of product (womens and girls apparel, mens and boys apparel, intimates, hosiery, sports and swimwear, clothing accessories, and others), and based on distribution channel (online and offline).
Gender and type of product segment insights:
Womens and mens apparel section generates 63.8% of the revenue, and the rest is accounted for by hosiery, sports and swimwear, intimate apparel, and clothing accessories. Garments marketed as fast-fashion designs have a high number of takers, especially in the emerging markets. A rising middle class in emerging markets, along with their improved fashion-consciousness, is driving increased per capita expenditure. Market players are focusing on ensuring that the latest fashion trends can be incorporated into their offerings and they hit stores in a matter of weeks, resulting in the undercutting of specialist players who once led the industry.
Distribution channel segment insights:
Most of the market is still controlled by brick and mortar stores, though the growth rate of offline distribution is meagre. However, sale of garments online is expected to grow at a significant rate during the forecast period. In North America, 81% of sales in 2018 is expected to be through offline stores.
In 2017, Asia-Pacific was the dominant garments market. During the 2018-2023 period, among all the regions across the globe, Latin America is expected to exhibit the highest CAGR of 6.8%. However, in 2017, in the U.K., revenue contribution from the mens and boys apparel section stood at 24.5%.
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1. Gap Inc.
5. L Brands
9. Calvin Klein
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