The Clothing Footwear Accessories Global Market Report 2024 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 Footwear Accessories Global Market Report 2024, The clothing footwear accessories market size has grown strongly in recent years. It will grow from $2,011.90 billion in 2023 to $2,128.13 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to increasing consumer spending on fashion, a rise in fast fashion brands, increasing disposable wealth, growth in demand for athletic wear, and a rise in demand for multifunctional accessories.
The clothing footwear accessories market size is expected to see strong growth in the next few years. It will grow to $2,678.89 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to increasing consumer demand for sustainable fashion, increasing popularity of online shopping, increasing investment in smart clothing technologies, rising demand for luxury and premium products, and rising awareness of climate change’s impact on fashion. Major trends in the forecast period include technological advancements, nostalgic fashion, smart clothing, the adoption of digital fashion, and athletic wear.
The growing demand for e-commerce is expected to propel the growth of the clothing, footwear, and accessories market. E-commerce, short for electronic commerce, refers to the buying and selling goods and services over the Internet. The demand for e-commerce is due to several factors, such as mobile technology, digital marketing, logistics, supply chain management advances, AI to personalize the buying experience and buy-now-pay-later services. Online shopping offers unparalleled convenience, allowing consumers to browse, compare, and purchase products anytime without leaving their homes. This convenience is particularly appealing to busy consumers and those who prefer to avoid crowded stores. For instance, in May 2024, according to the United States Census Bureau, a US-based government agency, in the first quarter of 2024, U.S. retail e-commerce sales totaled approximately $289.2 billion, marking a 2.1% increase (±0.7%) from the fourth quarter of 2023. Therefore, the growing demand for e-commerce drives the clothing, footwear, and accessories market.
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The clothing footwear accessories market covered in this report is segmented –
1) By Product Type: Footwear, Apparel, Wallets, Handbags, Watches, Other Products
2) By Distribution Channel: Offline Channel, Online Channel
3) By End User: Men, Women, Kids or Children, Unisex
Major companies operating in the clothing, footwear, and accessories market are focused on developing innovative products, such as smart shoes, to enhance performance, improve comfort, and integrate with digital lifestyles, meeting the evolving needs of tech-savvy consumers. Smart shoes are a type of footwear that incorporates various sensors, connectivity, and data analytics to provide enhanced functionality, performance tracking, and personalized insights to the wearer. For instance, in January 2023, Ajanta Shoes, an India-based company that manufactures technologically advanced footwear, launched NAVIGATOR, an AI-inspired smart shoe. The shoe offers features like accurate step tracking, workout tracking, fall detection, quick call dialing, access to music apps and websites, and other customizable controls through simple taps and gestures. The Navigator leverages gyroscopic technology and is manufactured predominantly using Indian resources, aiming to revolutionize the footwear industry. This development has been made possible by Ajanta’s dedication to utilizing cutting-edge technology, supported by the formidable research and development team at Impakto.
The clothing footwear accessories market report table of contents includes:
1. Executive Summary
2. Clothing Footwear Accessories Market Characteristics
3. Clothing Footwear Accessories Market Trends And Strategies
4. Clothing Footwear Accessories Market – Macro Economic Scenario
5. Global Clothing Footwear Accessories Market Size and Growth
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32. Global Clothing Footwear Accessories Market Competitive Benchmarking
33. Global Clothing Footwear Accessories Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Clothing Footwear Accessories Market
35. Clothing Footwear Accessories Market Future Outlook and Potential Analysis
36. Appendix
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