Categories: Market Research

Clothing/Apparel Stores Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Clothing/Apparel Stores by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Clothing/Apparel Stores, The clothing/apparel stores market size has grown strongly in recent years. It will grow from $870.48 billion in 2023 to $946.6 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to fast fashion phenomenon, consumer demographics, social media influence, e-commerce growth, marketing and advertising, mall culture..

The clothing/apparel stores market size is expected to see strong growth in the next few years. It will grow to $1282.94 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to sustainability practices, health and wellness apparel, economic recovery, rise of athleisure, inclusive sizing, globalization of fashion.. Major trends in the forecast period include subscription and rental services, customization and personalization, fast fashion challenges, direct-to-consumer (dtc) brands, innovative retail technologies..

The increase in demand for textiles and clothing is expected to propel the growth of the clothing/apparel store market going forward. Textiles and clothing refer to any fabric or product, such as a fiber or yarn made by knitting, felting, or weaving, for a specific kind of clothing designed to shield the user against cold, heat, or water. Textiles and clothing are used for the manufacturing of new textiles or other production chains from raw materials such as summer or winter clothes, carpets, household textiles, non-woven textiles, and fabrics, where these products are displayed and sold by the clothing/apparel store to the customers using the online or offline mode of distribution. For instance, in November 2022, the Centre for the Promotion of Imports from developing countries (CBI), a Netherland-based federal agency for foreign affairs, the value of Europe’s garment import industry increased to €144.5 billion ($157.70 billion) in 2021 that equals to increase of 13.1%. Therefore, the increase in demand for textiles and clothing is driving the growth of the clothing/apparel store market.

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The clothing/apparel stores market covered in this report is segmented –

1) By Type: Clothing/Apparel Stores, Jewelry And Watch Stores, Optical Goods Stores, Footwear Stores

2) By Type of Store: Exclusive Showroom, Dealer Store

3) By Ownership: Retail Chain, Independent Retailer

4) By End-User: Men, Women, Kids Or Infants

Product innovations is the key trend gaining popularity in the clothing/apparel store market. Major companies operating in the clothing/apparel store market are introducing innovative stores to strengthen their position in the market. For instance, in July 2021, ZARA International, a Spain-based clothing retailer, introduced an innovative Store Mode feature that helps link its physical locations and digital platforms through its e-commerce and in-app offerings. Zara’s Store Mode reduces crowding in stores and needless trips by allowing customers to view the available inventory of goods from the closest store, which may be available for pickup within 30 minutes using wayfinding functionality. Once the item has been located, app users can utilize a QR code to reserve fitting rooms and bypass any waiting lineups. Additionally, the app also generates a special QR code that serves as a receipt and eliminates the need to print paper copies upon checkout.

The clothing/apparel stores market report table of contents includes: