Fashion 2020: China, India, ecommerce, and athleisure boost business up to 1.9 trillion dollars
Men’s fashion continues to grow with great velocity in comparison to women’s wear, according to the latest data gathered by Euromonitor International.
Mature, still with potential to grow. Despite the slowdown in the developed market, the risk increase in the global economy and the challenges faced by the sector itself, fashion continues to grow and will reach up to 1.88 billion dollars in sales, according to Euromonitor International.
The consultancy emphasizes that clothing and footwear make up the second-largest consumer goods industry in the world. Despite its maturity, its outlook is positive, although, its growth levers are not the same as ten years ago.
The progress of ecommerce, the enormous potential of China and India and the growth of men’s fashion will compensate for the flawed traditional channels and categories, which continue to representthe bulk of sales of the sector: developed markets, physical retail, and women.
Ecommerce is one of the main responsible for the progress that fashion sales will experience in the upcoming years: in 2019, a quarter of the sales of the sector were already made online.
On the other hand, men’s fashion has become, together with athleisure, the main category of growth: menswear clothing sales have been growing for several years more than womenswear, and sportswear sales will grow by 8% this year, compared to 4% of the sector as a whole. Last year, leggings was the category that progressed the most among apparel, amidst athleisure's growth and the increasing evolution of the practice of sports among women.
As a whole, the consultancy expects clothing sales to grow by 4%, up to 1.5 trillion dollars, while footwear will grow another 4%, up to 384 billion dollars, driven by children’s footwear.
China and India together with the United States, will be the world’s largest markets for the sector in 2024. Fashion sales in China will amount to 435 billion dollars within four years, surpassing the United States, with 384 billion dollars.
Each of them will generate more sales than the following three markets together: India, with 101 billion dollars; Germany, with 79 billion and the United Kingdom, where fashion will reach sales of 76 billion dollars in 2024.
Man and ecommerce remain the main growth levers in the sector. Euromonitor stresses that the growth of men’s fashion continues to outrank women’s and that a quarter of the sales in the sector are already made through the Network.
Sustainability, the key to the future of the sector
Another factor that will change consumption in the middle term is the growing role of sustainability, proven in recent years by agreements such as the Fashion Pact. “After living in the era of fast fashion, consumers are now re-evaluating their shopping habits and showing interest in adopting more sustainable practices,” says Ayako Homma, fashion and luxury consultant at Euromonitor.
60% of consumers are concerned about climate change and 64% try to have a positive impact on the environment through daily activities. “While consumers are becoming more environmentally-conscious, apparel and footwear companies are attempting to curb fashion’s environmental impact from various angles,” adds the expert.
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