Summary
Global
clothing and footwear market is expected to grow at a faster rate during
2015-2020, fueled by growing demand from developing markets, mainly in Asia. In
developed markets, such as the US, a change in consumer attitude to seek
discounts will fuel demand for value clothing and private labels. Fast fashion
will be another factor influencing sales as demand for latest runway designs at
affordable price continue to rise among millennials across the globe. Online
channel will benefit from these factors, offering lower price, wider product
choices, cross-border shipping, and easy payment options. Growing fashion consciousness,
rising disposable incomes, urbanization, and increasing access to internet,
will underpin growth emerging markets, which are witnessing increased
investment from specialist retailers.
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Key Findings
-
Global clothing and footwear retail sales is forecast to surpass US$1.9 trillion
by 2020, with major impetus from developing markets
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China will add US$151.7 billion in sales during 2015-2020, which will lead it
closer to the world's largest market the US
-
Indonesia will make an entrance into the list of top 10 largest clothing and
footwear markets in 2020, representing 2.9% share in global sales
-
Asian markets, Indonesia, Philippines and India, are set witness higher growth
rates between 10-13% during 2015-2020
-
Specialist retailers will continue to be the largest channel for clothing and
footwear sales, however discount stores and online are growing at a faster
pace. Online will increase its share from 11.9% in 2015 to 20.2% in 2020
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