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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Apparel, Accessories, and Footwear Market Size
The global apparel, accessories, and footwear market reached a value of approximately USD 2098.55 billion in 2023. The market is projected to grow at a CAGR of 6.1% between 2024 and 2032, reaching a value of around USD 3565.53 billion by 2032.
Apparel, Accessories, and Footwear Market Outlook
- Leading fashion retailer and wholesaler ALDO Group and Authentic Brands Group partnered for Hunter in February 2024. The design, manufacture, and distribution of Hunter bag products and small leather goods for men and women in the United States and Canada will be handled by ALDO Group.
- According to the USITC, China's footwear exports to the U.S. in 2022 were valued at USD 13,808 million.
- As per industry reports, nearly 15,000 units manufacture footwear in India. China is the country with the largest installed capacity, surpassing India by 2.8 billion pairs. There are more than 100 modern, fully automated shoe manufacturing facilities in India.
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Apparel, Accessories, and Footwear Market Growth
The fashion preferences of Generation Z, exmplified by trends like oversized t-shirts and vibrant accessories, contribute to the apparel, accessories, and footwear market demand. With changes in consumer spending habits, accessories have gained equal importance in the attire along with apparels and footwear.
The increasing investment in product marketing by leading brands is expected to further aid the growth of apparel, accessories, and footwear market. They are partnering with renowned designers and influential personalities to enhance brand image, tap into new markets, and build excitement around limited-edition offerings. eCommerce retail purchases are significantly rising, acting as one of the major apparel, accessories, and footwear market trends. Due to their vast collection and the advantage of doorstep delivery, online shopping apps have become a go to option for customers.
Key Trends and Recent Developments
Smart and wearable technology, sustainable packaging, cultural and inclusive fashion, collaborations and limited editions are the major trends impacting apparel, accessories, and footwear market value.
June 18, 2024
In New York, NORTIV 8, a leader in outdoor and lifestyle footwear, unveiled its groundbreaking athleisure lifestyle sneakers, ActiveFloat. These versatile shoes seamlessly complement any outfit, catering to wearers on their diverse journeys.
February 02, 2024
Lululemon Athletica Inc. debuted its first line of men's sneakers in New York, which included running and casual styles, aiming to strengthen its men's business by offering comprehensive gear for both men and women.
January 29, 2024
Shein inaugurated its first Brisbane pop-up store, the sixth in Australia, showcasing a wide range of apparel, accessories, and collections including beauty products, home goods, electronics, footwear, and pet outfits.
June 06, 2024
Fashion brand R&B, part of the Apparel Group retail conglomerate, has opened its 22nd retail store in Kerala, India. R&B stores offer a variety of western wear catering to men, women, and children.
Smart and Wearable Technology
Technology integration into apparel and footwear, including smart fabrics and fitness trackers is the key trend of apparel, accessories, and footwear market. These innovations offer health monitoring and added functionality, appealing to tech-savvy consumers.
Sustainable Packaging
In line with the sustainability trend, brands are adopting eco-friendly packaging solutions. Innovations include biodegradable materials, reusable packaging, and minimalistic designs that reduce waste and environmental footprint.
Cultural and Inclusive Fashion
Demand for fashion reflecting diverse cultures, body types, and lifestyles is rising. Brands are expanding size ranges, creating adaptive clothing for disabilities, and embracing cultural diversity.
Collaborations and Limited Editions
Designer and brand collaborations are popular, generating buzz and driving sales with limited edition collections. These partnerships blend unique aesthetics and exclusive designs, attracting a wider audience.
Apparel, Accessories, and Footwear Market Trends
The demand for apparel, accessories, and footwear is increasing due to the rise of e-commerce and digital marketing which has revolutionised the fashion industry. Online shopping platforms, virtual fitting rooms, augmented reality (AR) for product visualisation, and AI-driven personalisation are enhancing the customer experience and expanding the apparel, accessories, and footwear industry.
Advances in technology enable brands to offer customised and personalised products. From tailored clothing to custom footwear, consumers can now enjoy products that fit their unique preferences and styles, enhancing customer satisfaction and loyalty.
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Apparel, Accessories, and Footwear Industry Segmentation
“Global Apparel, Accessories, and Footwear Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup by Product Type
- Shirt (Casual and Formal)
- Trouser (Casual and Formal)
- Top and Shorts
- Sleepwear
- Formal Shoes
- Sports Shoes
- Sandals and Flip Flops
- Bags (Cross Body Bags, Mini, Tote, Clutches, Wallets)
- Sports and Swimwear
- Winterwear
- Coats and Jackets
- Others
Market Breakup by Material Type
- Cotton
- Synthetic Fibre
- Leather
- Cellulosics
- Others
Market Breakup by End User
- Men
- Women
- Kids and Teens
Market Breakup by Distribution Channel
- Supermarkets and Hypermarkets
- Convenience Stores
- Speciality Stores
- Online
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Apparel, Accessories, and Footwear Market Share
Cotton material provides versatility, enabling manufacturers to create a wide variety of products suitable for diverse occasions and purposes.
As per the apparel, accessories, and footwear industry analysis, cotton's hypoallergenic properties make it suitable for people with sensitive skin or allergies. This characteristic drives its demand in categories like baby clothing, undergarments, and health-conscious consumer segments.
Synthetic fibres have become integral to modern fashion trends. Their versatility allows designers to create a wide range of styles, from high-fashion garments to everyday wear, contributing to their widespread use and popularity.
The apparel, accessories, and footwear demand growth is propelled by women's increasing presence in the global workforce, resulting in higher disposable incomes and greater expenditures on clothing, accessories, and footwear.
Women are leading the charge towards sustainable and ethical fashion. Brands that offer eco-friendly and ethically produced products are particularly appealing to female consumers, driving growth in these niche segments.
The active lifestyles of children and teenagers require durable and versatile clothing and footwear. The demand for sportswear, casual wear, and footwear designed for various activities contributes to market expansion.
Supermarkets and hypermarkets boost the apparel, accessories, and footwear market revenue by providing convenient access to a wide range of apparel, accessories, and footwear under one roof.
Supermarkets and hypermarkets often run promotional campaigns, seasonal sales, and discount events that attract price-sensitive consumers. These promotions stimulate demand and encourage repeat visits, contributing to apparel, accessories, and footwear demand forecast.
Meanwhile, online retailers offer a vast array of apparel, accessories, and footwear options, catering to diverse tastes, styles, sizes, and preferences. This extensive product range enhances customer choice and satisfaction.
Competitive Landscape
The companies are a provider of footwear, accessories, apparel, watches, and sportswear specially designed for men, women, and kids.
Nike Inc.: Founded in 1972 and headquartered in Beaverton, Oregon, the company provides a wide array of sports and active lifestyle apparel, accessories, and footwear for men, women, and children.
LVMH Moet Hennessy Louis Vuitton SE: Founded in 1854 in Paris, France, the company hosts 75 iconic houses and specializes in luxury products such as wines, fashion, watches, jewellery, perfumes, and cosmetics.
Kering SA: Founded in 1963 and based in France, the company produces a variety of products, including clothing, footwear, watches, and leather goods, under prestigious brands like Gucci, Saint Laurent, and Balenciaga.
Adidas AG: Established in 1949 and headquartered in Herzogenaurach, Germany, the company provides a wide range of products for men, women, and kids, encompassing footwear, clothing, accessories, sports gear, and sustainable materials.
Other global apparel, accessories, and footwear market key players are Hermes International S.A., PUMA SE, H&M Group, ZARA, Aditya Birla Fashion and Retail Ltd., Fung Group, Newtimes Group, MGF Sourcing US, LLC, and Sycamore Partners, among others.
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Apparel, Accessories, and Footwear Market Regional Analysis
The Asia Pacific region dominates the apparel, accessories, and footwear market share, driven by rising disposable incomes and heightened fashion consciousness among consumers. Rapid urbanisation and the pervasive influence of social media have reshaped lifestyle and fashion preferences, with city residents favouring fashionable and adaptable clothing to suit their dynamic lifestyles. The rapid urbanisation and increasing penetration of social media have led to shifts in lifestyle and fashion preferences, with urban dwellers seeking stylish and versatile attire to match their dynamic routines. Furthermore, platforms like Instagram and Pinterest provide users with a constant stream of fashion inspiration, impacting the demand for well-curated outfits, thereby increasing the demand of apparel, accessories, and footwear market.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Product Type |
|
| Breakup by Material Type |
|
| Breakup by End User |
|
| Breakup by Distribution Channel |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
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Apparel, Accessories, and Footwear Market Report Snapshots
Apparel, Accessories, and Footwear Market Size
Apparel, Accessories, and Footwear Market Share
Apparel, Accessories, and Footwear Market Growth
Apparel, Accessories, and Footwear Market Trends
Apparel, Accessories, and Footwear Market Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The apparel, accessories, and footwear market was valued at USD 2098.55 billion in 2023.
The market is projected to grow at a CAGR of 6.1% between 2024 and 2032.
The revenue generated from the apparel, accessories, and footwear market is expected to reach USD 3565.53 billion in 2032.
The market is being propelled by the growing fashion awareness and changing preferences of Generation Z, combined with the increasing disposable income and improving living standards in developing nations.
The key trends aiding the market expansion include the growing investments in product marketing, increasing sales through e-commerce platforms, and growing preference for apparel and accessories made from sustainable materials.
The market is broken down into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
The market is categorised according to the material type, which includes cotton, synthetic fibre, leather, cellulosic, and others.
The market key players are Nike Inc., LVMH Moet Hennessy Louis Vuitton SE, Kering SA, Adidas AG, Hermes International S.A., PUMA SE, H&M Group, ZARA, Aditya Birla Fashion and Retail Ltd., Fung Group, Newtimes Group, MGF Sourcing US, LLC, and Sycamore Partners, among others.
The market is categorised according to the type, which includes shirts (casual and formal), trousers (casual and formal), tops and shorts, sleepwear, formal shoes, sports shoes, sandals and flip flops, bags (cross body bags, mini, tote, clutches, wallets), sports and swimwear, winterwear, coats and jackets, and others.
Based on the end user, the market is divided into men, women, kids and teens.
Based on the distribution channel, the market is divided into supermarkets and hypermarkets, convenience stores, speciality stores, online, and others.
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