LONDON--(BUSINESS WIRE)--Global apparel sales are showing signs of strong recovery after the economic slowdown in 2009, with online fashion retail emerging as one of the major contributors for the growth of apparel sales around the world. Details on global apparel sales and the world’s major online apparel retailing markets are some of this week’s featured stories on BizVibe. BizVibe is the world’s smartest B2B marketplace and allows users to discover high quality leads, contact prospects, and source quotes. Register today to connect with over seven million companies around the globe.
Global Apparel Sales Expected to Bounce Back
Global apparel sales are showing strong and positive signs of recovery, taking about USD 1.4 trillion in terms of revenue in 2016. The US will remain as the largest apparel market, representing over 20% (or more than USD 300 billion worth) of the global market, while women’s apparel sales continue to dominate the market accounting for 40% of total global apparel sales.
In terms of regional markets, global apparel sales have witnessed a substantial growth in emerging markets such as China and India, fragile recovery in the United States, and a downward trend in European markets.
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Online Fashion Retailing Market in India Set to Grow Substantially
Still in its emerging stage, India’s online fashion retailing market was valued over USD 1.8 billion in 2015 and is expected to grow at a significant CAGR of around 63% by 2020. The growth is mainly driven by the huge number population, penetration of internet, the development of country’s infrastructure and the increasing purchasing power.
Compared to the other world’s largest online fashion retailing markets like the US and China, online retail penetration, especially online apparel retailing market in India is still small, but it also means a huge potential to grow in the near future.
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United States Still the World’s Largest Online Apparel Market
The global online apparel market is growing at a staggering speed, driven by the subsequent rise in internet penetration globally, convenience of online shopping, competitive prices, and product variety provided by online apparel retailers etc. The US, China, and Japan are among the top 5 largest online apparel retailing markets in the world.
The US currently stands as the largest market for online apparel retailing in the world will continue to flourish, with an expected growth rate of over 17% through 2017.
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