Fashion Retailing Market Size, Share, Growth, and Industry Analysis, By Type (Haute-couture, RTW Designer, Fast Fashion, Mass-market Fashion and Others), By Application (Department Stores, Variety Stores, Independents, Supermarkets, Discount Stores, Online and Others), Regional Forecast By 2031

Updated On: 08 April 2024

Fashion Retailing Market Report Overview

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The global fashion retailing market size was USD 4718 million in 2021. as per our research, the market is projected to touch USD 16430 million in 2031, exhibiting a CAGR of 13.25% during the forecast period. 

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

The intermediary or a bridge between the producer of fashionable goods and the customer is fashion retailing. Fashion retailers can directly import goods from all across the nation under their own brands or purchase fashion stuff from a variety of manufacturers (Vendors). Customers' preferences must always be considered by fashion businesses. They must take note of shifts in people's lifestyles and preferences. Retailers must be present to put an outfit together and accessorise it.

Selling clothing and other fashion accessories to customers is known as fashion retailing. One of the most lucrative and rapidly expanding sectors in the world is fashion retail. For retailers, it has a variety of advantages, such as greater foot traffic, better sales volumes, and more devoted customers. It is significant because it enables people to purchase the clothing they require and want. The desire for upscale clothing and accessories is primarily to blame for the surge. Additionally, the industry is expanding as a result of the rising trend of online purchasing.

COVID-19 Impact: The COVID-19 Underlying Condition Downscaled the Market Growth

One of the industries most severely impacted by the ongoing coronavirus pandemic was the global textile and apparel business. Since the virus's outbreak in China in December 2019, we have witnessed retailers gradually shutter their doors as the virus's rate of worldwide propagation rises day by day. The majority of companies and merchants have been advising customers to shop online, but the response hasn't exactly been positive. Consumers all across the world are being forced to confine themselves to their homes, and given the urgent concerns about the economy and mounting debt, it is logical to expect that buying groceries, essentials, and medications will take precedence over buying clothes. Eventually, the pandemic's consequences on consumer purchasing, transportation problems, and supply chain difficulties caused even internet retail to collapse.

LATEST TRENDS

"The Virtual and Augmented Reality in the Fashion Market to Attract the Consumers"

Virtual and augmented reality are used by both online and offline retailers in the fast fashion industry. Virtual or augmented reality is utilised in the fast fashion industry to connect online and offline channels. Customers may try on clothing or makeup and see how it appears on them utilising virtual reality mirrors or cameras built into their cell phones thanks to these technologies. Customers can try on clothes on an avatar using augmented reality apps like Dressing Room, for instance. Virtual and augmented reality are enhancing the in-store experience, which is driving the fashion retailing market share.

Fashion Retailing Market Segmentation

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• By Type

Based on type the fashion retailing market is classified as haute-couture, rtw designer, fast fashion, mass-market fashion and others.

• By Application

Based on application the fashion retailing market is classified as department stores, variety stores, independents, supermarkets, discount stores, online and others.

DRIVING FACTORS

"The Burgeoning Youth Population for Affordable Clothing  to Boost Up the Market Growth"

The growing need for inexpensive apparel among young people propelled the fast fashion industry. The young market is drawn to clothing that is distinctive, fashionable, and affordable. The focus of clothing manufacturers is on bringing fashionable clothing based on the most recent fashion trends displayed at fashion week. The growing demand for inexpensive quick fashion clothing among young people fueled the fast fashion industry.

"Growing Working Population, Festivities and Parties to Witness Surplus Growth in Market"

In the near future, it is projected that the growing working population—particularly in emerging nations like China, India, and Brazil—will influence men's buying patterns. Additionally, a growing market for menswear among the younger generation around the world is anticipated to drive industry expansion in the ensuing years. because people are spending more on apparel for important occasions, like weddings and formal gatherings, which are commonly observed throughout many different locations worldwide. Hence the increasing utilization of apparels is characterized as the driving factor of the fashion retailing market growth.

RESTRAINING FACTORS

"The Counterfeit False Priced  Products to Restrain the Market "

Fast fashion's drawbacks include the duplication of authentic products and incorrect pricing assumptions. However, the growth of fast fashion is constrained by subpar living wages and unfavourable labour conditions. However the counterfeit false priced fashion products can act as a restraining factor of the fashion retailing market share.

Fashion Retailing Market Regional Insights

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"North American region to Lead the Market With Presence of Major Vendor in Fashion Sector"

During the projected period, North America is anticipated to hold the highest revenue share of the global fashion retailing market. High consumer expenditure on clothing and footwear, as well as advantageous demographics like a sizable number of young adults who are becoming more interested in fashion trends, should be credited for this. Over the next few years, however, it is anticipated that growing online retailer rivalry will lead to a decline in traditional brick-and-mortar store sales. Additionally, as a result of shifting consumer tastes and increased competition among department stores, they have been forced to broaden their product assortments beyond clothing to include accessories like handbags and shoes.

KEY INDUSTRY PLAYERS

"Prominent Manufacturers to Contribute Towards Expansion of Market"

The report is an extensive research which presents the historic and futuristic performance of industry with competitive landscape analysis which incorporates prominent key players ,and revenue trends of industry. The report provides substantial analysis of company profiling, growth insights, supply-demand chain, production and consumption demand, business expansion strategies adopted by top key players. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and other factors.

List of Market Players Profiled

• ASOS (U.K.)
• SEPTWOLVES (China)
• Primark (Ireland)
• New Look (U.K.)
• METERSBONWE (China)
• Fast Retailing (Japan)
• Carrefour (France)
• Kering (U.S.)
• PVH Corporation (U.S.)
• VF Corporation (U.S.)
• John Lewis (U.K.)
• Levi Strauss & Co. (U.S.)
• TJX Companies, Inc. (U.S.)
• Wal-Mart (U.S.)

INDUSTRY DEVELOPMENT

• April 2021: Mango debuted its first line of home goods to fit its clients' lifestyles and decorate both the home and the clothing. The Mediterranean way of life and culture serve as both the foundation of the company and the primary sources of inspiration for this project.
• March 2021: Mango introduced Active, a new line of clothing made for participating in different sports, during the Autumn/Winter '20 fashion season. Given that it fitted flawlessly to the growing demand for more comfortable clothing to wear while at home and participating in sports, the collection was a major hit.

REPORT COVERAGE

The report anticipates a detailed analysis of the global market size at the regional and national level, the segmentation market growth and market share. The prime objective of the report is to help user understand the market in terms of definition, market potential, influencing trends, and the challenges faced by the market. Analysis of sales, the impact of the market players, recent developments, opportunity analysis, strategic market growth analysis, territorial market expansion, and technological innovations are the subject matter explained in the report.