Emerging markets in the Asia Pacific (AsPac) will significantly contribute to the apparel market’s comeback, according to a leading data and analytics company in the UK.
GlobalData said AsPac emerging markets are set to play a crucial role in the revival of the global jeans market.
EMs in the region include China, India, Indonesia, Korea, Malaysia, Pakistan, Philippines, Taiwan and Thailand.
The global jeans market grew at an annual rate of 0.5 percent between 2014 and 2019 to hit $74 billion.
However, global lockdowns due to the pandemic led to store closures, which dampened the overall apparel spend, including denim jeans, as lifestyles changed and people were stuck at home.
GlobalData retail analyst Ayan Gangopadhyay said AsPac registered a growth in demand for denim over the years, supported by rapid urbanisation, cheaper connectivity, growing investment in the digital space and a strong domestic demand.
Within AsPac, India is forecast to grow the fastest, driven by large investments by international and local retailers on online platforms.
“The men’s jeans market is larger than the women’s market and casualisation of the workplace will help to sustain the men’s jeans market,” Gangopadhyay said.
“Brands need to encourage women to buy more using strategies such as incorporating comfort in jeans by using softer fabrics, going beyond the conventional size ranges, as well as offering the opportunity to customise products based on personal preferences,” he said.
GlobalData noted that the shift in consumer preferences toward the online channel has led retailers to undertake significant omni channel initiatives.
Gangopadhyay said rising work-from-home initiated by several employers globally prompted demand for comfortable clothing to significantly increase.
“Thus, retailers must incorporate more stretch and comfort in jeans to cater to this requirement as well as look into sustainable sourcing as jeans have a higher water usage and overall environmental impact compared to other apparels,” he said.
This is not a CAPTIS article. Originally, it was published here.