The clothing segment is among the most popular selling product categories in the retail industry. Clothing has varieties across different age groups and includes Menswear, Womenswear, and kid’s wear.
The clothing segment globally reached a market value of $1448 billion in 2021, witnessing a significant increase of 21% from the previous year this was mainly on account of growth in the retail product categories as the world saw a recovery in the overall demand post-pandemic Covid-19 as both brick & mortar and online businesses resumed their operations after being under restrictions for the period of almost two years along with that more consumer spending on the lifestyle products. Thus, the clothing segment is expected to witness growth in demand going further on the back of the recovery from the pandemic.
The clothing segment globally has seen a compound annual growth rate of 0.2% from the period 2017-2021. The growth of retail clothing was impacted mainly on account of stiff competition from online marketplaces along with the outbreak of Covid-19 which further tapered the demand.
Key markets in the clothing segment globally include the US, China, Germany, Japan, and India. With a major share being contributed by China and the US to the global clothing market size. The US has strong dominance in the clothing segment and various brands from the US have a huge customer base globally and are not just limited to the region.
The major clothing players which have a strong position in the global clothing industry include Ralph Lauren, The Gap, and L Brands.
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