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Global Value Apparel Market to 2024 - Market Analysis, Top Brands and Trends (Updated for COVID-19 Impact)

March 2021 | 65 pages | ID: G98FF50917A3EN
GlobalData

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Global Value Apparel Market to 2024 - Market Analysis, Top Brands and Trends (Updated for COVID-19 Impact)

SUMMARY

This report includes analysis, market forecasts, brands and trends in the 'Global Value Apparel Market to 2024' with COVID-19 impact.

According to GlobalData estimates, value apparel sales are forecast to decline by 13.0% in 2020 to reach US$198 billion. However, the market is expected to bounce back in 2021 driven by re-opening of non-essential stores.

SCOPE
  • Recovery in 2021 will be driven by the online channel and focus on casual styles
  • Grocers will continue to play an important role in the growth of value apparel
  • Asia-Pacific will drive growth in the value apparel market over the next five years
REASONS TO BUY
  • Gain a comprehensive view of the Value Apparel 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 value apparel market
  • Investigate key trends in the Value Apparel market
  • Understand who the main competitors are in the category and their profiles.
Index
Executive Summary
Key trends in the Value Apparel market
Drivers and inhibitors
Hot issues
Strategies for success
Global Value Apparel 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

Rising unemployment and economic uncertainty due to COVID-19 have had a detrimental impact on the way consumers shop for apparel. Impulsive spending on apparel products is off the cards now, and ‘value for money’ has become the key criterion to attract the shoppers. 

The Asia-Pacific (APAC) region is set to emerge as the epicenter of value apparel market by 2024 with its market share expected to reach nearly 50% during the same period – compared with 26%, 22% and 3% share of Europe, Americas and Middle East & Africa, respectively, says GlobalData, a leading data and analytics company.

GlobalData'a latest report, "Global Value Apparel Market to 2024 - Market Analysis, Top Brands and Trends (Updated for COVID-19 Impact)" includes analysis, market forecasts, brands and trends, with COVID-19 impact. 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 value apparel market.

China was the largest value apparel market in terms of sales in 2019, followed by the US and the UK. While China will retain its dominance through to 2024, India is expected to surpass the UK, becoming the third largest and the fastest growing value apparel market by 2024.

GlobalData’s estimates India’s value sales to account for nearly 23% of the total apparel sales in 2024. Economies of the likes of China and India are home to the world’s largest growing middle classes and thus play a key role in driving global value apparel demand. This makes them an attractive market for established value fashion brands.

Ankita Roy, Retail Analyst at GlobalData, says: “The apparel sector is the hardest hit domain by COVID-19 within retail with shoppers trading down on clothing and footwear purchases. However, 2020 can be said to have provided favorable conditions to value retailers as more shoppers gravitate towards value for money offerings. To capitalize on this, value retailers should aim to maintain consumer interest and encourage the spend by creative digital marketing on social media platforms like Instagram and Pinterest that hold significant appeal.”



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