APPAREL MARKET - GROWTH, TRENDS, AND FORECASTS (2023 - 2028)

 Over the forecast period, the global apparel market is anticipated to grow at a CAGR of 5.8%.

 Despite the negative consequences COVID-19 had on the garment sector, the market is now recovering as a result of the removal of market restrictions. Growth in the garment manufacturing market is anticipated to benefit from more people shopping online. Manufacturers can now geographically increase their consumer base because they can sell their goods on a much bigger platform than in the past. This will accelerate the expansion of the garment manufacturing sector. For instance, e-commerce platforms have increased sales of traditional clothing in nations like India by giving makers who were previously confined to a single region more exposure.

Over the forecast period, the global apparel market is anticipated to grow at a CAGR of 5.8%.

For the benefit of the apparel sector, innovative designs, desirable fashion options, and effective marketing techniques are advantages. The availability of high-end brands and limited edition goods has improved with customers' increased exposure to the internet and e-commerce. Utilising influencers has changed how beauty businesses sell their goods and attempt to boost sales. It is evident that marketers appreciate influencers because 71% of social media marketers say they have a budget for influencer marketing. Global clients are becoming interested in local firms with sustainable business models.

China and India are the two largest markets for garments in the Asia-Pacific region. The country's garment business generates money in part thanks to a number of government initiatives for the textile industry. For instance, the CNTAC, which oversees the Chinese textile and apparel industry, recently unveiled its 14th five-year plan, which outlines the sector's development goals, growth plans, and top priorities for the years 2021 to 2025. China is also one of the main nations that exports clothing, which boosts the industry's earnings. For instance, the General Administration of Customs, China (GACC) reported that in 2021, China exported USD 170.26 billion worth of clothing and accessories.

Major Players:  PVH Corp., Kering SA, LVMH, and Inditex

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