According to China-based e-commerce and digital marketing firm Interactive, global garment sales are exhibiting strong and promising signs of recovery following the 2009 economic slump, and are predicted to exceed $1.4 trillion in revenue in 2016.The United States will continue to be the largest apparel market, accounting for more than 20% (or more than $300 billion) of the global market, while women’s global apparel network are on course to account for 40% of total apparel sales worldwide.
Despite the worldwide economic slump in 2009, the global garment business has continued to grow at a slow but steady pace. In recent years, the global garment market has been rebounding and contributing to the global economy in terms of trade, employment, investment, and revenue. Consumers are expecting more adaptable clothing with greater practicality, which means shops are continuing to develop new types of clothing for men and women.
Global Garment Sales Are Primarily Impacted By Three Different Regional Factors
Significant growth in emerging countries such as China and India, a weak rebound in the United States, and a declining trend in Western Europe. The worldwide apparel market is predicted to rise to $285 billion in the United States by 2025, $440 billion in the European Union, and a considerable $540 billion in China.
When it comes to market segmentation, while the global apparel network remains robust, with a market size of $505 billion in 2015 and a CAGR of roughly 3% over the next five years, the men’s apparel market is predicted to develop significantly faster. The global menswear market was worth $418.9 billion in 2015 and is predicted to be worth $522.3 billion by 2020, with a CAGR of roughly 4.8 percent from 2016 to 2020.
Men’s clothes sales are estimated to reach $480 billion by 2019.
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