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United States Apparel and Footwear Market to Grow at a CAGR of 6.25% in the Forecast Period

09-20-2021 07:31 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: TechSci Research

United States Apparel and Footwear Market to Grow at a CAGR

Rising number of E-commerce platforms and continuous innovative trends within the fashion industry are driving the United States apparel and footwear market.

According to TechSci Research report, “United States Apparel and Footwear Market By Type (Apparel & Footwear), By End-User (Women, Men & Kids), By Distribution Channel (Specialty Stores, Supermarket/Hypermarket, Online Channels, and Others (Counter Shops, Departmental Stores, etc.)), By Region, Competition, Forecast & Opportunities, 2026,” the United States apparel and footwear market had grown to approximately USD270 billion in the year 2020 and it is further anticipated to grow with the CAGR of 6.25% by 2026, on account of the enhanced economic conditions and rising employment opportunities within the country. Apparel and footwear demand was primarily seen within the women's wear segment, and this is mainly observed because the fashion trend is changing at a rapid pace. Even the strong demand for shoes within the footwear segment was observed post-COVID-19, which is primarily because of rising concern for fitness among the citizens of the United States.

Browse 18 market data Figures spread through 70 pages and an in-depth TOC on "United States Apparel and Footwear Market"

https://www.techsciresearch.com/report/united-states-apparel-and-footwear-market/7795.html

The COVID-19 pandemic has wreaked havoc on the footwear and apparel industries. Government mandates, while necessary for preventing the spread of COVID-19, have had a major impact on manufacturer sales. Due to widespread order cancellations, companies have shortened working hours and stores have closed due to poor sales in 2020. Moreover, the market has seen a rise in unemployment which further resulted in an increase in the number of Americans seeking unemployment benefits precipitously. Even the online sales, couldn’t compensate for the loss that occurred within the other distribution channels. Although most of the sales for the year 2020, arose from the online channel as the revenue generated from the e-commerce sales was incompatible to the revenue generated by offline channels. Retailers with a heavier concentration of in-store sales (such as fast-fashion retailers and mid-tier department stores) faced even greater pressure to drive consumers online and rapidly scale e-commerce operations.

The United States apparel and footwear market consists of the following segments- type, end-user, distribution channel, region, and company. In terms of type, the United States apparel and footwear market is categorized into apparel type and footwear type. The apparel industry is further categorized into casual wear, sports wear, night wear, and others (formal wear, innerwear, etc.). Among these, the casual wear market is the one which contributed to approx. 45% of the total apparel market share in the year 2020. The contribution is primarily due to the multiple usages of these clothes as compared to athletic or sportswear.

The footwear industry is further segmented into shoes, sandals, slippers, and others (boots, clogs, etc.). Among them, it is the shoes category that is highly contributing towards the growth of the footwear market. This is because the shoes segment is the largest segment that includes athletic shoes as well as non-athletic shoes. However, post COVID- 19 pandemic, the preference for good health has led to the increased demand for athletic shoes.

In terms of distribution channels, the United States apparel and footwear market is divided into specialty stores, supermarket/hypermarket, online channels, and others (counter shops, departmental stores, etc.). Among them, specialty stores have the largest market share while online sales are the fastest-growing due to the factors such as, the development of payment security gateways, convenience to access a virtual store which saves time and money involved in visiting the store in person and the doorstep delivery of the products ordered online.

In terms of region, the United States apparel and footwear market is segmented into South, West, North-East, and Mid-West. Among these, the North-East region of the United States is the fastest growing within the United States apparel and footwear market with the CAGR of 1.12% and is expected to maintain its dominance throughout the forecast period.

Some of the major players within the United States apparel and footwear market are Nike, Inc., VF Corporation (Vans, The North Face, Timberland, Dickies, etc.), adidas America, Inc., Under Armour, Inc., PVH CORP. (Includes Tommy Hilfiger, Calvin Klein, Arrow, Warner's, Olga, True & Co., etc.), LEVI STRAUSS & CO., H&M Hennes & Mauritz LP, Kering Americas, Inc., Zara USA, Inc., and Puma North America, Inc. To remain competitive in the Unites States apparel and footwear market companies are continuously launching new and fashionable products, with the use of upgraded technology, changing marketing strategies to capture the majority of the consumer base across the country.

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“The apparel and footwear market is the most unpredictable market, as the changes within this market are subject to changes in design, consumer demand, and shifting retail strategies such as discounts & coupons offered by the companies. Furthermore, post Covid scenario, the demand for apparel and shoes has jumped at a larger pace within the United States as people have started stepping out of their homes after a year of confinement in their homes. Thus, all these scenarios are depicting high growth within the apparel and footwear market in the upcoming years”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“United States Apparel and Footwear Market By Type (Apparel & Footwear), By End-User (Women, Men & Kids), By Distribution Channel (Specialty Stores, Supermarket/Hypermarket, Online Channels, and Others (Counter Shops, Departmental Stores, etc.)), By Region, Competition, Forecast & Opportunities, 2026” has evaluated the future growth potential of apparel and footwear market in the United States and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in the United States apparel and footwear market.

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About TechSci Research

TechSci Research is a leading global market research firm publishing premium market research reports. Serving 700 global clients with more than 600 premium market research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research-based consulting assignments in high growth and emerging markets, leading technologies and niche applications. Our workforce of more than 100 fulltime Analysts and Consultants employing innovative research solutions and tracking global and country specific high growth markets helps TechSci clients to lead rather than follow market trends.

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