Global Fashion Market Analysis by Competitive Landscape and Product Forecast to 2027
Global Fashion Market is valued approximately at USD 300 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 4.20% over the forecast period 2020-2027. Fashion is a widespread aesthetic expression at a specific time, place and in a specific context, in clothing, footwear, lifestyle, accessories, makeup, hairstyle, and body proportions. The Fashion market is primarily driven owing to surging urbanization in both developed and developing countries which has led to an increased demand for Fashion goods mainly apparels. Also, the growing presence of strong sales channel mainly, retail stores and e-commerce fuel the market growth.
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For Instance: As per Statista, the US apparel market reached approximately USD 368 billion in 2019 generated from a USD 268 billion worth of sales from Retail stores and a USD 100 billion worth sales from e-commerce which was an increase from its value in 2018 accounting to USD 341.6 billion. Also, escalating disposable income of the individuals and presence of many brands operating in fashion sector across the globe. These brands demonstrate their clothing lines through Fashion events which acts as a hub for Fashion companies. For Instance: it has helped to uphold majority of fashion events in France as all-round the year approximately more than 300 fashion events are held in the country.
The major event of all is the Paris Fashion week which is held twice every year. And as per the Federation De La Haute Conture (French Federation of Fashion and of Ready of wear Couturies and Fashion Designrs) the Fashion week brings in USD 1.35 billion of economic spinoffs yearly of which USD 493 million comes from the impact of fashion shows and events while USD 813 million is the impact from the trade fairs brought in during these Events. However, Constantly Changing Consumer Preferences impedes the growth of the market over the forecast period of 2020-2027. Although, advancements in the Apparels such as incorporation of multiple health sensors in day to day clothing presents a lucrative opportunity during the forecast period. For Instance: In 2018, the Ministry of Supply, a company based in Boston, US launched its Mercury Intelligent Heated Jacket. The Smart jacket includes features like thermostats and motion sensors which adjust the apparel’s heating elements.
The regional analysis of global Fashion market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the growing demand for Fashion products and increasing adoption of Smart wear in the region. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as rising disposable income, rising population and changing lifestyles would create lucrative growth prospects for the Fashion market across Asia-Pacific region.
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Last Update : Sep 07, 2020
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