Press release
Impact of the Growing Working Population on the Fashion Retailing Market Driver: Leading Transformation in the Fashion Retailing Market in 2025
Fashion Retailing Market Outlook
The size of the fashion retail market has seen robust growth in recent years. The market, currently valued at $92.58 billion in 2024, is projected to escalate to $99.81 billion in 2025, with a compound annual growth rate (CAGR) of 7.8%. Factors contributing to this growth over the historic period include rising disposable income, affordable and accessible fast fashion items, consumer inclination towards online shopping and eCommerce platforms, a surge in the creation and purchasing of business wear, and the transition of prominent fashion brands to online retailing.
The market size for fashion retailing is projected to experience substantial growth in the near future, ballooning to $133.02 billion by 2029 with a compound annual growth rate (CAGR) of 7.4%. This predicted escalation during the forecast span can be linked to a surge in demand for trendy items, increasing online sales, a heightened emphasis on product innovation, growing appeal for eco-friendly fashion commodities, and a broad acceptance of digital payment methods. Noteworthy trends for the forecast duration involve technological progression, an increase in both global and local online fashion sellers, evolution of retail experience, application of AR and VR technologies in fashion shopping, alongside eco-conscious and ethically-produced clothing.
What Is Driving the Growth Trajectory of the Fashion Retailing Market?
The surging numbers in the working populace are anticipated to fuel the expansion of the fashion retailing market. The surge can be attributed to changes in population demographics, urban growth, economic progress, higher education levels, an increasing female workforce and immigration. Fashion retailing benefits the working populace by offering easy access to fashionable and professional clothing that boosts their self-esteem and is appropriate for office settings. As an example, the Office for National Statistics, a government entity based in the UK, projected in June 2024 that there was an increase in Workforce Jobs (WFJ) in the UK by 431,000 in March 2024 from the previous year, totaling 37.2 million. Consequently, the escalating working populace is propelling the fashion retailing market.
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Which Leading Companies Are Shaping the Growth of the Fashion Retailing Market?
Major companies operating in the fashion retailing market are Christian Dior SE, LVMH Moët Hennessy Louis Vuitton S.E., Nike Inc., Industria de Diseño Textil S.A., Adidas AG, H & M Hennes & Mauritz AB, Kering S.A., Uniqlo Co. Ltd., Chanel Inc., Gap Inc., John Lewis Partnership plc, Hermès International S.A., PVH Corp., The Swatch Group Ltd., Hanesbrands Inc., Ralph Lauren Corporation, Levi Strauss & Co., Prada S.p.A., ASOS plc, Burberry Group plc, Gildan Activewear Inc., Boohoo Group Plc, VF Corporation, Jockey International Inc., Golden Lady Company S.p.A.
What Are the Major Trends Shaping the Fashion Retailing Market?
The leading entities in the fashion retail market are capitalizing on artificial intelligence (AI) to secure a competitive edge. The deployment of AI in fashion retail uses algorithmic technology to tailor personalized shopping encounters, augment inventory management, and boost customer service. For example, in May 2023, Zyler, an enterprise based in the UK specializing in virtual fashion try-ons, introduced an AI-based tool to develop bespoke shopping experiences. This tool uses progressive AI to scrutinize customer tastes and body dimensions, offering features like tailor-made outfit suggestions and virtual try-ons. These contribute to a genuine and captivating shopping experience. This technological breakthrough enhances customer satisfaction by providing customized fashion advice and equips retailers in optimizing their inventory through insights about prevalent trends and sizes, therefore minimizing overstock and stockouts.
What Are the Key Segments of the Fashion Retailing Market?
The fashion retailing market covered in this report is segmented -
1) By Product: Bag And Accessories, Clothing And Apparel, Footwear
2) By Price Range: Luxury, Mid Range, Budget
3) By Application: Department Stores, Variety Stores, Independents, Supermarkets, Discount Stores, Online, Other Applications
4) By End-User: Children, Men, Women
Subsegments
1) By Bag and Accessories: Handbags, Backpacks, Wallets, Belts, Sunglasses, Jewelry, Watches, Scarves and Gloves, Hats and Caps
2) By Clothing and Apparel: Men's Apparel, Women's Apparel, Children's Apparel, Casual Wear, Formal Wear, Sportswear, Outerwear, Lingerie and Sleepwear, Activewear
3) By Footwear: Men's Footwear, Women's Footwear, Children's Footwear, Casual Footwear, Formal Footwear, Sports Footwear, Boots, Sandals and Flip-Flops
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Which Region Dominates the Fashion Retailing Market?
North America was the largest region in the fashion retailing market in 2023. The regions covered in the fashion retailing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Fashion Retailing Global Market Report?
- Market Size Analysis: Analyze the Fashion Retailing Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Fashion Retailing Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Fashion Retailing Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Fashion Retailing Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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