Published on : Jan 15, 2016
The global market for apparel and footwear presents a continuous performance although there is a decline of growth within China and an even weaker growth within Brazil and Russia. There is a continuous recovery within Western Europe and enhancing economies have still to provide an improved growth to the sales of apparels and footwear.
The major trends prevalent in the market along with the prime growth factors fuelling the market have been illustrated as under:
- Slow Recovery of Asia Pacific Didn’t Affect its Market Footing: There is a continuous growth seen in the market since 2014 although there had been a major downfall of this market within the prime markets of Russia, China, and Brazil and continuous difficulties within the region of Western Europe. However, despite the slowdown within the economy of China, Asia Pacific has sustained its superiority and emerged as the largest market for apparels and footwear. A large number of international brands will constantly keep penetrating the regions having lower tier cities, particularly within China where growing incomes will witness economic development and market growth will be seen.
- U.S. To Experience Strong Recovery: The market for apparels and footwear has experienced a rapid recovery within the U.S. and the coming years look promising for the growth of this market within the U.S. In spite of the fact that China will maintain its top position and remain as the world’s topmost market for apparels and footwear, expansion and performance within the U.S. will remain on top for the penetration of all top fashion brands which are seeking a global foothold.
- Western Europe Witnessing Improvement: Despite of the fact that in 2014, there was literally no growth within the market for apparel and footwear within Western Europe, still this region is poised to gain pace across a number of markets such as Spain, Portugal, and Greece with 2015 surfaced as a year of moderate recovery after almost seven years of extremely slow recovery.
Thus, the market will witness a number of ups and down in the coming years but is still poised to grow. The category of menswear has risen by approximately 4.5% in 2014 as compared to 3.7% for the category of womenswear and it is predicted that by 2019 menswear will generate additional sales of US$40 bn within the global market for apparels and footwear, thus boosting the market.