The global apparel market was worth over $1.3 trillion dollars in 2015. According to a recent study by Statista, this market is anticipated to be worth $1.5 trillion dollars by 2020.
Of the regions across the globe contributing to the market, Asia-Pacifc is expected to have the largest growth rate of 4% as well as a 38% share of the global apparel market by 2020. Meanwhile, the United States and China continue to have the largest apparel markets across the globe.
The apparel segment of the global apparel and accessories market is expected to witness the most growth during the forecast period. The global apparel market includes clothing items and footwear, such as:
In 2017, the apparel category with the highest level of global market growth was sportswear at 6.8%.
The global footwear industry alone is expected to experience significant a market increase, which, in turn, affects the global apparel and accessories market.
According to a report published by Zion Market Research, the global footwear market is expected to be worth $320 billion by 2021, growing from a value of $246 billion in 2017.
Much of this growth is attributed to a growing variety of products in the footwear market. Shoes are being created for specific activities and events, expanding the reach of the global footwear market.
In a similar vein, the global fashion accessories market is expected to grow at a rate of 6.5% during the forecast period 2018-2023, according to reports by Mordor Intelligence.
The global apparel and accessories market is constantly changing and adapting as new fashion trends ebb and flow, making it a very diverse and large industry.
Items related to the accessories market include:
A few factors that are influencing the global apparel and accessories market growth include:
Increases in Online Sales
A growing consumer preference for purchasing apparel and accessories online has spiked a growth in the market. Online retailers make it easy for consumers to shop and scroll from the comfort of their homes, eliminating the need to visit retail stores in person. Furthermore, items purchased can be delivered directly to the door of the consumer with flexible return policies.
Social media has also greatly improved the global apparel and accessories market. Influencers and celebrities alike have the ability to communicate the benefits of various fashion items and accessories to their followers on social media platforms. Celebrity endorsements encourage consumers, especially younger generations, to purchase items they are wearing and promoting.
Fashion trends across the globe, but specifically in North America, have also played a positive role in the growth of the global apparel and accessories market. Consumers are becoming more fashion conscious making high-quality and innovative apparel/accessories high demand items.