“The global women’s clothing industry is expected to exceed $621 billion in 2014, marking a 12% increase in five years, reports MarketLine. Clothing retailers account for the largest share of the market at almost 65% in terms of value. The EU represents more than 35% of the global market, which encompasses formalwear, essentials, active wear, outerwear and casual wear.”
“Major drivers of the world womenswear market include fashion, with shoppers eager to keep up with the latest trends, consumer confidence and rising income levels. Compared with the lows of the economic recession, employment rates and per capital disposable income levels are rising, which leads to greater consumer confidence, allowing consumers to part with their cash more easily.”
“Though the global womenswear industry is recovering following the economic recession, the retailing landscape continues to witness changes. Consumer preference for specialty shops over department stores means growth in the latter is slowing.
Consumer confidence is rising after a period of high unemployment as disposable income continues to rise, driving the market. Pricing power is moderate, because of big-box retailers, apart from in the high-end section of the market. E-commerce will continue to attract increasing numbers of consumers.”
The rise in income levels resulting in consumer confidence and wanting on trend fashion. With e-commerce continuing to attract consumers, it proves that social shopping could improve the online experience.
Women’s Clothing Industry: Market Research Reports, Statistics and Analysis. 2013. Women’s Clothing Industry: Market Research Reports, Statistics and Analysis. [ONLINE] Available at:http://www.reportlinker.com/ci02124/Women-s-Clothing.html