Global Clothing and Footwear Retail Market is Measuring at CAGR 5.9% for 2014-2019

By 2019, at CAGR 5.9% the Global Clothing and Footwear Retail will exceed US$2.2 trillion, led by the major developing countries and economies. With Indonesia and China increasing its clothes production and availing it online or department stores, these regions can overtake U.S in this industry and emerge in Top 10 markets in the next five years as per a recent market survey.

The largest suppliers are going to be the specialist stores along with internet store giving discounts and seasonal offers. What has fast paced the forecast is the high growth maintaining consistency and quicker communications with advanced technology between retailers and the consumers, according to the Retail Market Research.

Forces Speeding the Retail Market for Clothes and Footwear

Fashion trends are ever changing, and everyone wishes to be on par with the same. Thus, demand from people has risen ten-fold for fashionable attires and accessories, which is another reason to the expanding sales horizons of apparels and shoes, as revealed in market survey. The channeling force is essentiality of luxury goods in this domain and non-conventional attires.

The trend has helped many brands, serve the consumers with disposable incomes. Increase in urbanized lifestyle, clothing outlets, proximity of such stores, variety of choices, growth of middle classed population, and shopping malls are showing up a great future for the industry, as concluded by the Retail Market Research.

The Growth Projection across Major Continents

However, as per the Retail Market Research the sales of these items in Japan and the U.S may decline as consumers are preferring brands of low cost. With entry of small-scaled industries providing quality clothes and footwear, the competition has heightened. But, the major suppliers are still retailers like UNIQLO, Zara, Forever 21, JC penny, KOHL’s, Macy’s, The Gap, Benetton Group S.p.A, C&A, and H&M etc. The range of such products is also expanding with prices getting lower.

The market survey populated facts on expensive brands generating huge revenue as customers are ready to splurge for better lifestyle. In Europe, Germany is leading the Clothing and Footwear Retail followed by the U.K and Russia. Middle East and Africa will also have a significant share in the industry. The Asia-Pacific regions will also fuel the industry, growing at 10.4% CAGR.