The disruption by the pandemic in the fashion & apparel sector is causing changes in consumer behavior and has prompted many companies to reconnect with their supply chains, namely changing store retail experience and ramping up omnichannel services.
The fashion industry is part of a larger social and cultural phenomenon in society. The fashion and apparel industry creates a fashion system that reflects language, culture, style, status, and identity. The trends in the fashion and apparel industry may be influenced by many factors: historical events, economic booms, social movements, individual trendsetters or influencers, changes in lifestyles, music, and art.
The fashion and apparel industry has several key sectors: design, raw material preparation, manufacturing, distribution, marketing, retail, advertising, and promotion. The global fashion and apparel market is expected to increase by 3.9% per year until 2025. Particularly during the COVID-19 pandemic, there has been an accelerating trend shift with consumers' preference for digital channels. The online market, which is in the e-commerce sector, will lead future growth in this industry. Online sales will increase more rapidly than physical transactions in the coming years and take up a bigger market share.
The apparel segment can be divided into several sub-industries, such as menswear, womenswear, childrenswear, and outerwear. The apparel industry is still dominated by the fast fashion sector even though there is a steady rise in sustainable, slow fashion, and second-hand fashion. The five major players in the industry are Japanese Fast Retailing Co. Uniqlo, Spanish company Inditex, Swedish company H&M, American Brand TJX, and Gap Inc.
The global apparel market is still expected to grow in value despite the anticipated downturn in the past year due to the COVID-19 pandemic. The world's three largest apparel markets are the United States, China, and Japan, with the largest growth in the Asia-Pacific region totaled to 38% demand share in 2020.
The footwear sector is a diverse industry encompassing a variety of materials, demographics, and functions. The competitive landscape of the footwear industry is considered a mature market with some challenges in increased competition and threats to intellectual property rights. The profitability of footwear companies depends on their capability to design attractive footwear lines and remain at the forefront of consumers’ minds. The global footwear market is anticipated to reach about $400 billion in 2025. The growth will be driven by new design trends and increased spending among the middle-class population. The major product category within the shoe industry is the athletic shoe segment, which is estimated to be 30% of footwear sales. The market is highly concentrated by two big players dominating the category, Nike and Adidas, and then followed by other companies such as Asics, Reebok, Puma, New Balance, Under Armour, and many more.
Luxury jewelry goods have a high proportion to income levels: as people become wealthier, they tend to buy more luxury items. The global market size is estimated to expand at a CAGR of 7.6% from 2019 to 2025. High demand for premium fashion products across the globe is anticipated to remain a favorable factor for market growth. The market is expected to see strong growth especially from developing countries of Asia-Pacific as a result of a booming urban class population with higher purchasing power.
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