Top Trends in the Apparel Market for 2024 - The Resale Market is Forecast to Grow by 16.3% in 2024

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Mar 27, 2024, 17:30 ET

DUBLIN, March 27, 2024 /PRNewswire/ -- The "Top Trends in the Apparel Market for 2024" report has been added to ResearchAndMarkets.com's offering.

The report includes analysis of key factors impacting the global apparel market in 2024, including inflation, mergers and acquisitions and the outperformance of online.

With the apparel industry constantly evolving, it is crucial for players in the market to stay in tune with the latest trends to remain ahead of competition. Over the past few years, inflation has been the biggest factor impacting consumers' shopping habits and players' performances, and this will continue to have a big impact on shoppers' spend as they become more used to having a streamlined capsule wardrobe and continue to divert spend towards alternative segments such as secondhand.

Report Scope

Though inflation will continue to fall in 2024, the cumulative impact of higher prices for essential goods means that discretionary incomes will remain squeezed.

As companies' revenues and profits are squeezed by reduced consumer spending and increased costs, many will fall into financial distress. Those that have done well over the past few years and have ample cash reserves will be able to snap up struggling rivals for low prices.

Inflation has led to a deprioritization of sustainability and ethics among apparel shoppers, with consumers citing these significantly less important to them than factors like value for money and price. This disparity will continue at least until consumers' discretionary incomes rise.

The resale market is forecast to grow by 16.3% in 2024, only a marginal slowdown from 2023, as consumers seek out cheaper options to save money and more players enter the market.

Key Topics Covered:

Top Trend: Inflation pressures persist
Top Trend: Frequent mergers & acquisitions
Top Trend: Continued online outperformance
Top Trend: Strategies to bring down return rates
Top Trend: Importance of value for money
Top Trend: Market polarization
Top Trend: Luxury slowdown
Top Trend: Increased discounting
Top Trend: Deprioritization of sustainability and ethics
Top Trend: Resale continues to thrive
Top Trend: Rental gains further popularity
Top Trend: Repairs & Customization
Top Trend: Importance of stores
Top Trend: Investment in digital technologies
Top Trend: Supply chain challenges
Top Trend: Sportswear slowdown
Top Trend: Prioritization of experiences

List of Tables

Luxury Apparel Companies' Total Revenue Growths, Quarterly & Annually for 2023 (%)
Sportswear Companies' Total Revenue Growths, Quarterly & Annually for 2023 (%)

List of Figures

Average Consumer Price Inflation in North America and Europe (%)
How consumers in North America and Europe are changing their shopping habits for clothing & footwear due to rising costs
Global Online Apparel Market ($ bn), Annual Growth (%) and Online Penetration (%) 2018-2028(f)
Reason for returning clothing & footwear among UK consumers
Percentage of consumers across key markets that rated value for money as an important apparel purchase driver

2023 price positioning share within the global apparel market

Percentage of consumers across key markets that rated discounts/promotions an important apparel purchase driver
Percentage of consumers across key markets that rates product sustainability and retailer ethics as important apparel purchase drivers
Global Resale Market ($ bn) & Annual Growth (%) 2017-2027(f)
Global Rental Market ($ bn) & Annual Growth (%) 2017-2027(f)
Percentage of consumers across key markets that rate instore experiences as an important apparel purchase driver

A selection of companies mentioned in this report includes

Adidas
AEFFE
Alo Yoga
ASOS
Banana Republic
Bershka
Browns
Champion
Coach
Dr Martens
Farfetch
Fear of God
Hermes
Hugo Boss
John Lewis
Karen Millen
Kering
Kurt Geiger
Lululemon
LVMH
Macy's
Marks & Spencer
Matches
New Balance
New Look
Nike
Nordstrom
Pangaia
Prada
PrettyLittleThing
Puma
Richemont
Selfridges
Shein
SportScheck
Superdry
thredUP
Tommy Hilfiger
Topshop
Under Armour
Uniqlo
Vans
Vinted
Zalando
Zara

For more information about this report visit https://www.researchandmarkets.com/r/acy2tn

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SOURCE Research and Markets