Top Trends in the Apparel Market for 2024
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Top Trends in Apparel Market Overview
The Top Trends in the Apparel Market for 2024 report includes an analysis of key factors impacting the global apparel market in 2024. The major trends in the apparel market are inflation, mergers and acquisitions, the outperformance of online channels, the importance of value for money, and market polarization among others.
Top Trends | · Inflation
· Mergers and Acquisitions · The Outperformance of Online Channels · Importance of Value for Money · Market Polarization |
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Top Trends in Apparel Market
Inflation: Inflation will continue to fall in 2024. However, the cumulative impact of higher prices for essential goods implies that discretionary incomes will remain squeezed. This is particularly true in North America and Europe. Many consumers in these regions stated in Q4 2023 that they had cut back on apparel purchases in the three months prior. Asia Pacific, Latin America the Middle East, and Africa have been much more stable. This is attributed to their stronger economies and growing middle-class population.
How Consumers in Europe are Changing Their Shopping Habits for Clothing & Footwear Due to Rising Costs
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Mergers & Acquisitions Activities: Reduced consumer spending and increased costs squeezed the revenues and profits of companies in the last year. Thus, causing many companies to fall into financial distress. Those companies that have done well over the past few years and have ample cash reserves will be able to snap up struggling rivals for low prices. For instance, ASOS is reportedly mulling a sale of Topshop after its acquisition in 2021, with potential buyers including Authentic Brands Group, Frasers Group, and JD Sports.
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The Outperformance of Online Channels: The online penetration dropped slightly in 2023 as the switch back to stores post-pandemic continued. However, it will rise again from 2024, with sales growing by more than 6%. Between 2023 and 2028, the online market will grow rapidly accounting for a significant share of total apparel spend by 2028.
Brands will continue to prioritize investments in their digital propositions, through advancements such as personalization, AI, and improved fulfillment among others. This will also aid in creating a smoother shopping experience in the online channel.
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Key Highlights
Though inflation will continue to fall in 2024, the cumulative impact of higher prices for essential goods means that discretionary incomes will remain squeezed.
As companies’ revenues and profits are squeezed by reduced consumer spending and increased costs, many will fall into financial distress. Those that have done well over the past few years and have ample cash reserves will be able to snap up struggling rivals for low prices.
Inflation has led to a deprioritization of sustainability and ethics among apparel shoppers, with consumers citing these significantly less important to them than factors like value for money and price. This disparity will continue at least until consumers’ discretionary incomes rise.
The resale market is forecast to grow by 16.3% in 2024, only a marginal slowdown from 2023, as consumers seek out cheaper options to save money and more players enter the market.
Reasons to Buy
- Understand the preferences of consumers in different markets, to allow you to identify your priorities.
- Identify the strategies retailers and brands are utilizing to drive growth, to help your company remain competitive.
- Find out how different segments of the apparel market are performing, to enable you to maximize customer.
AEFFE
Alo Yoga
ASOS
Banana Republic
Bershka
Browns
Champion
Coach
Dr Martens
Farfetch
Fear of God
Hermès
Hugo Boss
John Lewis
Karen Millen
Kering
Kurt Geiger
Lululemon
LVMH
Macy’s
Marks & Spencer
Matches
New Balance
New Look
Nike
Nordstrom
Pangaia
Prada
PrettyLittleThing
Puma
Richemont
Selfridges
Shein
SportScheck
Superdry
thredUP
Tommy Hilfiger
Topshop
Under Armour
Uniqlo
Vans
Vinted
Zalando
Zara
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Frequently asked questions
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What are the major trends in the apparel market for 2024?
The major trends in the apparel market for 2024 are inflation, mergers and acquisitions, the outperformance of online channels, the importance of value for money, and market polarization among others.
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Where will brands invest to create a smoother shopping experience in the online channel?
Brands will continue to prioritize investments in their digital propositions, through advancements such as personalization, AI, and improved fulfillment among others. This will all help to create a smoother shopping experience in the online channel.
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