In this report, Technavio covers the market outlook and growth prospects of the global women’s apparel market for 2016-2020. The report includes market segmentation by product category, retail format, and geography.
“Fashion consciousness and evolving fashion trends are resulting in the exponential growth of fast-fashion clothing. Marketers of fast-fashion brands such as H&M, Forever 21, Gap, Hermes, Zara, and American Eagle Outfitters are continuously expanding their regional and global operations. They are entering emerging markets such as Mexico, Brazil, China, Russia, and India through their own retail stores or by partnering with established department stores in those particular markets,” says Brijesh Kumar Choubey, a lead apparel and textile research expert from Technavio.
Technavio’s research study segments the global women’s apparel market into the following regions:
- North America
Europe: largest market for women’s apparel
The women's apparel market in Europe is expected to grow at a CAGR of close to 3% over the forecast period. The growing number of fashion-conscious consumers has driven sales in this region. The major markets are the UK, Germany, France, Spain, Russia, and Italy.
The specialty store retailers accounted for the largest proportion of sales in the European women's apparel market in 2015, where value sales through this channel generated almost 75% of the market's overall value. Also, value sales through department stores generated accounted for approximately 16% of the market's aggregate revenue.
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North America: the US contributes 92% to the region’s market share
The women's apparel market in North America is expected to grow at a CAGR of approximately 3%. The improving job market is one of the drivers in this region. The major markets in this region are the US, Mexico, and Canada, among which the US is the largest country for women's apparel products. Its contribution to the global market was around 29%, and the regional contribution was more than 92% in 2015.
The increased popularity of fast-fashion clothing has added to the sales gains. This has been a particularly visible growth factor within the women's apparel retail market. In 2015, specialty store retailers accounted for the largest proportion of sales in the North American women's apparel market at 68% of the market's overall value while department store retailers contributed approximately 19% of the market's aggregate revenues.
APAC: increasing middle-class population to boost growth
The women's apparel market in APAC is expected to register a CAGR of close to 4% over the forecast period. The market in APAC is likely to grow because of its increasing middle-class population. Almost one-and-a-half billion people are expected to enter the middle-class segment in the next 20 years (2015-2035). In addition, the rising disposable personal income level among consumers has triggered the market's growth. Japan, China, and India are the major markets in this region.
“In APAC, the current demand for women's apparel is becoming predominantly centered on fast-fashion trends. Fast-fashion retailers are filling the gap and enlarging their penetration in the market. By changing their offerings quickly, apparel marketers can create scarcity value, leading customers to visit stores more often,” says Brijesh.
ROW: increasing disposable income to promote growth
The market for women's apparel is expected to register a CAGR of close to 5% over the forecast period. An increasing year-over-year growth rate is expected for the women's apparel market in South America, the Middle East, and Africa. The increasing disposable income among consumers is one the major drivers in this region.
Brazil is the largest market in the region, with the UAE, Saudi Arabia, and South Africa as the other major markets. The regional contribution of Brazil was approximately 46% in 2015, while South Africa contributed close to 12% of the region’s market revenue. Specialty store retailers accounted for the largest proportion of sales at 70% of the overall market.
The top vendors in the global women's apparel market highlighted in the report are:
- L Brands
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