Global apparel sales are showing strong and positive signs of recovery after the economic slowdown in 2009, and were expected to surpass $1.4 trillion in terms of revenue in 2016, according to China-based e-commerce and digital marketing company SinoInteractive. The US will remain as the largest apparel market, representing over 20% (or more than $300 billion worth) of the global market, while women’s apparel sales are on track and expected to account for 40% of total apparel sales worldwide.
Despite the global economic downturn in 2009, the global apparel industry as maintained a gradual growth rate. In recent years, the global apparel market has been recovering and providing increasing contributions to the economy in terms of trade, employment, investment and revenue all over the world. Consumers are demanding more versatile wear with wider functionality, which means retailers continue producing new styles of apparel for men and women.
In terms of regional markets, the global apparel sales are mainly influenced by three contrasting regional factors – substantial growth in emerging markets such as China and India, fragile recovery in the United States, and a downward trend in Western Europe. By 2025, it is expected that the size of the global apparel market will grow to $285 billion in the US, $440 billion in the EU, and a significant $540 billion in China.
When it comes to market segments, while the women’s apparel market remains strong with a market size of $505 billion in 2015 and a CAGR of around 3% during the next 5 years, the men’s apparel market is expected to have a much faster growth over the next few years. The total value of the global menswear market was $418.9 billion in 2015, and is expected to reach $522.3 billion by 2020, recording a CAGR of about 4.8% from 2016 to 2020. Sales in the men’s apparel market are expected to reach $480 billion by 2019.
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