Global clothing industry is considered to be one of the most rapidly growing industries. The growth in the clothing sector is propelled by rapid change in fashion preferences among consumers who are constantly seeking freshness in the products as well as exceptional shopping experience. Clothes, also known as apparels, cover all readymade garments except footwear, knitted and leather items. Broadly, apparel retail involves sale of menswear, womenswear and kidswear. Based on the merchandise categories, clothes are classified into essentials, casuals, formals, activewear and outer & innerwears. Out of these categories, womenswear dominates the market with widest range of product offerings and it is expected to fuel growth across the overall clothing market.
Global clothes market is expected to grow tremendously in coming years, owing to changing retail space, increased adoption of online purchasing and e-commerce, rise in disposable income across developing regions and emergence of young population. Due to higher young population and growing purchasing power, emerging markets like India and China are expected to witness highest growth than matured market. However, this growth of clothing industry is restrained by the factors like high labour cost, rapid changing fashion styles and high volatility in exchange rates.
The industry is witnessing growing preference for active and smart wear clothes with increasing health consciousness among millennial and generation X population. Smart wear clothes are typically designed to include wearable technology such as high-tech fitness gears which are used to record and monitor the health of the person. It provides predictive data and remote diagnostic ability to prevent injuries to military, athletics and healthcare sector by recording biometric data.
Online channel is emerging as a key platform for purchasing variety of consumer goods with apparels forming one of the leading categories sold online. Most of the apparel retailers are setting up their online shops owing to changing purchasing habits of consumers and increasing penetration of smartphones.
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