Prospect of the Global Apparel Market

2014-03-18
Published : Mar-2014

The apparel industry continues to grow at a healthy rate, despite the current global economic downturn. The apparel industry is very important to a country’s economy in terms of its trade, investment, employment and revenue. The apparel industry has short product life cycles, vast product differentiation and is characterized by rapid demand change coupled with rather inflexible and long supply processes.

In 2010, the global apparel industry which includes footwear, textile, clothing and luxury goods reached around $2,560 trillion. Apparel, luxury goods and accessories that accounts for 55% of the total market share is expected to generate $3,180 billion in 2015, with an excess annual growth of 4%.

In 2012, the value of sales at retail in US was $284 billion. Every American on an average spent $910 on more than 62 garments in 2011. The number of apparel industry workers and footwear industry workers in US were 3 million and 1 million respectively.

US apparel market’s largest supplier is China, supplying approximately 34% of apparel sold in the US. China accounts for more than 45.0% of girl’s and women’s clothing imports into US. China’s apparel manufacturing industry has recorded double digit revenue growth from 2008 to 2013. Demand for higher-priced apparel has also increased in China, as the average income has risen.

The industry saw a fall in the past 5 years due to the volatility of cotton prices and recession-induced drops in consumer spending. However, increasing population and growth in disposable income will boost the industry revenue in the future.

Many apparel companies across the world are outsourcing production to countries with lower production costs. North Asia accounts for the largest share in terms of apparel manufacturing revenue, with 35.8% of the total market. China accounts for the majority of the production in the North Asia region.

Ecommerce is driving the growth in the fashion and apparel market. UK’s menswear market has grown by 12% from 2008 to 2013. The apparel and fashion market in UK was worth $17.28 billion in 2013. The market is expected to grow at this rate and will grow by 11% between 2012 and 2017.

Explore latest market research report on overview of the global apparel market @ http://www.sandlerresearch.org/market-research/consumer-goods/apparel

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