The clothing and footwear segment is among the selling product categories in the retail industry. The segment is categorized into different products as per demographic patterns which include men’s, women’s, and children’s shoes, Men’s wear, Women’s Wear, and Kid’s Wear.
The industry is inclusive of the accessories segment and in the US, the market was valued at $477 billion in 2021, witnessing a significant increase of 33% from the previous year, mainly on account of growth in the retail product categories. Thereby making the US market leader in the clothing and footwear segment with a share of 25% of the global market size in the clothing and footwear segment.
New York and Los Angeles are among the most popular cities in the US for the clothing and footwear industry. The clothing and footwear segment in the US influences the global fashion industry.
On the other hand, China, and Japan had a market valuation of $438 billion and $96 billion respectively in 2021, holding their position in the second and third spot globally. The countries account for 23% and 5% respectively of the global market share.
Clothing demand in China is highly influenced by new generation shoppers who are often involved in upgrading their lifestyle. Also, China has been active in various International sports events which have boosted the demand for sportswear in the region.
Meanwhile, Germany and Italy remained in fourth and fifth positions with a market value of $80 billion and $69 billion respectively.
Other major countries which have a significant presence in retail clothing and footwear include India, the United Kingdom, South Korea, France, and Russia.
Nations across the globe saw a recovery in the overall demand post-pandemic COVID-19. Moreover, both brick & mortar and online businesses resumed their operations after being under restrictions for a period of almost two years.
Furthermore, consumer spending on lifestyle products has increased and is expected to witness further growth in the near term on the back of the recovery from the pandemic across nations.
The major clothing and footwear players which have a strong dominance in the global markets including Nike, Adidas, Gap Inc, Louis Vuitton, and Skechers USA.
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