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Global Womenswear Market to 2024 with COVID-19 Impact Analysis

December 2020 | 63 pages | ID: G0D175141326EN
GlobalData

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Global Womenswear Market to 2024 with COVID-19 Impact Analysis

Summary

GlobalData forecasts, amid the COVID-19 crisis, that womenswear sales will decline by 17.7% in 2020 to reach US$643.7bn. However, we expect the market to bounce back in 2021 mostly driven by online sales and the return of normalcy in purchase patterns in the majority of markets as social occasions return.

The report includes analysis, brands, and trends associated with Womenswear in the Global Womenswear Market to 2024 with COVID-19 Impact Analysis

Scope
  • Recovery in 2021 will be driven by an omnichannel approach
  • Activewear will remain popular as consumers continue to seek for comfortable clothing
  • Asia-Pacific will lead the growth for womenswear over the next five years
Reasons to Buy
  • Gain a comprehensive view of the womenswear market and forecasts to 2024
  • Explore new opportunities that will allow you to align your product offerings and strategies to meet demand following the impact of Covid-19 on the apparel market
  • Investigate current and forecast trends in womenswear categories to identify the opportunities offering the most potential
  • Understand who the main competitors are in the sector and their price positioning
Table of Contents
Executive Summary
Key trends in the Womenswear market
Drivers and inhibitors
Hot issues
Strategies for success
Global Womenswear market 2019-2024
Global market size and forecasts
Channel performance and forecasts
Regional performance and forecasts
Sector and category performance and forecasts
Competitive Landscape
Revenue and market shares of top 20 players
Profiles of leading players
Up and coming brands to watch
Methodology, definitions & contacts

COMPANIES MENTIONED

Nike
Adidas
H&M
Zara
Nordstrom
UNIQLO
Primark
Victoria's Secret
C&A
Louis Vuitton
Old Navy
Marks & Spencer,Calvin Klein
Vero Moda
Levis
Gap

Recovery in 2021 will be driven by an Omnichannel Approach

Lockdowns led consumers to stay at home in 2020 and their fashion choices, therefore, shifted increasingly towards comfortable loungewear and athleisure. Also, at-home fitness became a popular trend especially among Gen Z and millennials, driving demand for women’s activewear while other clothing categories such as formal dresses and smart tops were not needed.

Even as restrictions begin to ease, people are still skeptical about visiting gyms and instead preferring to work-out at home. The health crisis has increased the appetite to lead a healthy lifestyle among consumers further fueling the demand for activewear in post-pandemic era as well.

Activewear apparel such as leggings, yoga pants, sports bras and comfortable tops will see consumer preferences shifting away from more technical sportswear making active apparel most resilient in the future. Furthermore, the new work-from-home culture has enhanced the demand for relaxed and casual outfits that are centered around comfort and lose fits. 

GlobalData's latest report "Global Womenswear Market to 2024 with COVID-19 Impact Analysis", includes analysis, brands, and trends associated with Womenswear in the Global Womenswear Market to 2024 with COVID-19 Impact Analysis.

Asia-Pacific will lead the growth for womenswear over the next five years. China, despite being the first country to be hit by the COVID-19 crisis, has recovery quickly compared to many other countries across the globe. In China, cases were curbed rapidly and lockdowns were lifted which allowed people to move around with fewer restrictions.

Subsequently, shopping in physical stores picked-up quickly due to pent-up demand and willingness to spend among consumers. Sentiment continues to improve and purchases are on the rise with festivals, holidays, and re-opening of tourist destinations.

China is forecast to overtake the US and become the largest market in terms of womenswear sales by 2024. Womenswear sales in the Asia Pacific region will experience the highest CAGR of 5.1% from 2019-2024.

Even though the future is bright, in the short term, retailers in the region will continue to suffer due to travel bans and subdued consumer appetite to spend on discretionary products such as clothing and footwear and will take time to recover.



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