APAC will account for 40% of the global apparel market by 2024 | Garment Industry News
Significant growth is observed in countries like China
Asia-Pacific (APAC) region is expected to account for over 40% of global sales of men’s and women’s clothing by 2024, thanks to its high population density, increasing internet penetration, growth economy and increased spending capacity of consumers.
Forecast from GlobalData, a leading data and analytics company, also indicates that mature markets such as the Americas and Europe will see their share continue to decline.
“APAC countries are adapting to fashion trends with increasing awareness of international brands through digital media platforms,” said Ankita Roy, Retail Analyst at GlobalData. “Collective factors such as economic growth, fashion awareness and increasing propensity to consume provide significant growth opportunities in sales of womens and menswear in APAC countries, especially India and China. To take advantage of this, national and international retailers must launch aggressive market strategies.
Covid-19 has changed shopping habits based on demographics. Retailers are including knitwear in their new collections to match consumer preferences for comfort, as the fabrics are soft, comfortable, and give otherwise loose clothing a formal silhouette.
Against this backdrop, knitwear and sweatshirts will experience a significant increase in value of US $ 14.3 billion and US $ 8.8 billion respectively in the womens and menswear markets during the period 2019- 2024. APAC alone accounts for 99.8% and 80.9% of this growth, with mature European and North American markets registering a sharp decline in 2021 due to the impact of Covid-19 – and are not expected to reach pre-Covid levels before 2024.
“Retailers need to be proactive in launching relevant new products to engage with consumers and avoid the risk of losing to their competition,” Roy continues.
Global sales of womens and menswear through the online channel are expected to grow at a compound annual growth rate (CAGR) of 10.6% and 11.1% respectively during the period 2019-24. The online share of men’s and women’s clothing sales in the APAC region is expected to continue growing through 2024, accounting for 40.8% and 44.9% of the men’s and women’s clothing markets, respectively.
“Brands need to continue to engage with customers through digital and social media platforms. To further increase their presence, brands can partner with popular social markets like Instagram and Facebook to sell their products online. as fashion shows broadcast live and online The display of new launches will help create a buzz in the market in the post-Covid era. Retailers must continue to explore new ways to interact directly with shoppers, the pandemic having more than ever highlighted the importance of electronic commerce. “