Clothing Retail Market Trends and Forecast
The future of the global clothing retail market looks promising with opportunities in the men, women, and children markets. The global clothing retail market is expected to grow with a CAGR of 6.8% from 2024 to 2030. The major drivers for this market are increasing consumer preference for online shopping and rising consumer awareness for eco-friendly and ethically produced apparel.
• Lucintel forecasts that pant is expected to witness the highest growth over the forecast period.
• Within this market, men is expected to witness the highest growth.
• North America is expected to witness highest growth over the forecast period.
United States: In the United States, Nike is heavily investing in its direct-to-consumer (DTC) strategy, enhancing its digital platforms to provide personalized shopping experiences and direct engagement with customers. Levi Strauss & Co. has announced its commitment to sustainability, setting ambitious targets to reduce water usage in manufacturing by 50% by 2025 and to use 100% sustainably sourced cotton by 2020. The government supports these sustainability efforts with initiatives promoting eco-friendly manufacturing practices.
India: In India, Reliance Retail has been expanding its footprint with the launch of new fashion retail formats under the AJIO brand. The company is targeting tier-2 and tier-3 cities to tap into the growing demand for affordable fashion. Aditya Birla Fashion and Retail Limited (ABFRL) announced its plan to invest in sustainable fashion by collaborating with local artisans and using eco-friendly materials. The Indian government is also promoting the textile sector with policies aimed at boosting production and exports, enhancing the sectorÄX%$%Xs growth potential.
A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.
Clothing Retail by Segment
The study includes a forecast for the global clothing retail by type, application, and region.
Clothing Retail Market by Type [Shipment Analysis by Value from 2018 to 2030]:
• Coat
• Pant
• Skirt
• Others
Clothing Retail Market by Application [Shipment Analysis by Value from 2018 to 2030]:
• Men
• Women
• Children
Clothing Retail Market by Region [Shipment Analysis by Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
List of Clothing Retail Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies clothing retail companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the clothing retail companies profiled in this report include-
• Cotton On
• GAP
• H&M Group
• Mango
• New Look
• Nike
• Playboy
Recent Development in the Clothing Retail Market
Nike: Nike continues to innovate with its direct-to-consumer (DTC) strategy. By bypassing traditional retail channels, Nike has expanded its online presence and invested in personalized shopping experiences through its app and website. This move allows Nike to gather valuable customer data and maintain control over its brand image.
H&M: H&M is focusing on sustainability with a commitment to ethical fashion and reducing waste. The company has launched initiatives like the Conscious Collection, which uses sustainable materials, and a clothing recycling program that encourages customers to return old garments in exchange for discounts.
Adidas: Adidas is enhancing its digital transformation by integrating advanced technologies such as artificial intelligence and machine learning into its operations. These technologies help optimize supply chain management, improve inventory control, and personalize customer experiences. Adidas is also expanding its athleisure line, capitalizing on the growing demand for versatile and comfortable apparel.
Zara: Zara, part of the Inditex group, has embraced fast fashion while addressing environmental concerns. The company has pledged to use 100% sustainable fabrics by 2025 and is investing in eco-friendly production processes. Zara is also enhancing its online platform to offer a seamless shopping experience, integrating features like augmented reality to showcase products.
Patagonia: Patagonia is leading the charge in the resale market with its Worn Wear program, which encourages customers to trade in used Patagonia items for store credit. This initiative supports a circular economy and promotes sustainable consumption by extending the life of products.
Features of the Global Clothing Retail Market
Market Size Estimates: Clothing retail market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Clothing retail market size by type, application, and region in terms of value ($B).
Regional Analysis: Clothing retail market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different types, applications, and regions for the clothing retail market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the clothing retail market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q1. What is the growth forecast for clothing retail market?
Answer: The global clothing retail market is expected to grow with a CAGR of 6.8% from 2024 to 2030.
Q2. What are the major drivers influencing the growth of the clothing retail market?
Answer: The major drivers for this market are increasing consumer preference for online shopping and rising consumer awareness for eco-friendly and ethically produced apparel.
Q3. What are the major segments for clothing retail market?
Answer: The future of the clothing retail market looks promising with opportunities in the men, women, and children markets.
Q4. Who are the key clothing retail market companies?
Answer: Some of the key clothing retail companies are as follows:
• Cotton On
• GAP
• H&M Group
• Mango
• New Look
• Nike
• Playboy
Q5. Which clothing retail market segment will be the largest in future?
Answer: Lucintel forecasts that pant is expected to witness the highest growth over the forecast period.
Q6. In clothing retail market, which region is expected to be the largest in next 5 years?
Answer: North America is expected to witness highest growth over the forecast period.
Q7. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the clothing retail market by type (coat, pant, skirt, and others), application (men, women, and children), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
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