According to the latest estimates from the Euromonitor International, the global apparel and footwear market grew by 5% in value terms in 2013 and will further increase by an incremental US$58 billion to 2018. Several highlighted findings:
- China will account for 50% of absolute growth over 2013-2018. It will overtake the US to become the world’s largest apparel and footwear market in 2017.
- The Middle East and Africa region has also become a new frontier for growth. The region’s apparel and footwear sales are set to rise by US$17.9 billion over 2013-2018.
- Outlook for the developed markets are mixed. The United States is forecast to be the second largest contributor to global value growth of apparel & footwear sales after China over 2013-2018, ahead of the other BRIC markets. The German market is forecast to contract by US$2.2 billion over 2013-2018. Market growth in Japan will remain static.
- Menswear mania continues to grip the global fashion arena. The category grew by 4.8% in 2013, marginally outperforming womenswear’s 4.5%. The trend was evident in major markets including the US, the UK and Germany.
- The womenswear category was valued at US$684 billion in 2013, accounting for 48% of total global apparel sales. The category is set to expand by a further US$91.8 billion to 2018, with 58% of this increase coming from China alone. International labels Uniqlo, Gap and H&M were the most dynamic womenswear brands in China in 2013.
- While still a quarter the size of the apparel market, value growth of footwear outpaced that of apparel in 2013, registering a 6.1% yearly gain compared to apparel’s 4.8%.