Off Price Retail Market is projected to reach USD 450540 Million by 2027 | Valuates Reports

Off Price Retail Market

The global Off Price Retail market size is projected to reach USD 450540 Million by 2027, from USD 236080 Million in 2020, at a CAGR of 8.7% during 2021-2027. Key drivers of the off-price retail market include the advent of online shopping and booming Gen Z consumers.

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Trends Influencing the Global Off-Price Retail Market

Online shopping trends

The widescale penetration of the internet has changed shopping formats and consumer preferences. Cost-effective shopping categories, second-hand marketplaces, and brands dealing with discounted clothing are giving a variety of choices to end users. Key players like the Saks of 5th are actively investing in digital-first models to grab the attention of new age shoppers like the Gen Zers who are way more digitally fluent than previous generations. This will drive the expansion of the off-price retail market during the forecast period. Apart from heavy discounts, several companies are evaluating other options to grab bigger market penetration. The booming eCommerce industry is also contributing to the growth. The services that are being offered are manifold such as omnichannel experience, branding, and a meticulous assortment of clothing at any price point. Off pice has a certain appeal attached to it. Luxury brands are offloading their excess inventory to off retailers. Since the items are new and sourced directly from big companies the quality and overall condition of the clothes are effectively high. Off-price does not allow the overstock of clothes to go to waste.

Covid 19 impact

The sudden onset of the pandemic led to the closure of several big retail stores and departments. The increasing number of bankruptcies and closures have helped off-price retail stores overhaul a significant volume of inventory. After the reopening of strict lockdown measures across the globe consumers went in a rush to search for cheaper alternative products than expensive online brands. Many retailers reshuffled their assortments and introduced quarantine-friendly merchandise in the store such as home decor, athleisure, etc. Users went ahead to look for better deals during times of economic uncertainty. This will continue to drive the growth of the off-price retail market. The focus on convenience and value is high.

The benefits of off-price retailing

Off-price retail stores are seeing a massive jump in sales owing to several factors. Retailers sell brand names and designer products at half of the original price. Consumers are able to get bargain deals whenever they want thereby removing the need to wait for annual sales. It is like a treasure hunt as the customer is not aware of what they are going to buy. This will bolster the growth of the off-price retail market in the forthcoming years. Users are always excited about the best deal, price, or item. The entire industry relies on excess inventory. The ever-changing stock allows them to serve the customers better than non-essential retailers. Brands are able to extend the product lifecycle and sell the unused stock thereby helping them to maintain a healthy cash flow statement. The supply chain does not go to waste.

Off-Price Retail Market Share

Based on type, the segmentations include retail apparel, and footwear, home fashions, Jewelry and Accessories, and others.

Based on sales channels, online sales, and offline sales.

Based on region, North America is expected to dominate in the off-price retail market share due to the presence of key players and booming online shopping.

By Type
• Retail Apparel and Footwear
• Home Fashions
• Jewelry and Accessories
• Other

By Sales Channel
• Online Sales
• Offline Sales

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