Global apparel and footwear post weakest growth since 2008
Euromonitor released a report on Friday revealing that the global footwear and apparel market value grew 4% to $1.7 trillion, marking as the industry’s weakest growth since the 2008 recession. According to the market research company, the growth would have been weaker if the sportswear segment had not increased 7%, the third year in a row for the segment.
Performance sportswear was valued at $78 billion in 2016, driven by increased demand for athleisure apparel and designer sportswear collaborations from Nike. Sports-inspired footwear and apparel grew 10% and 6%, respectively, and performance footwear and apparel increased just below 9% and just below 5%, respectively.
The report added that the menswear segment increased 4% in the year and outpaced womenswear for the second consecutive year, but both segments were outperformed by childrenswear, which has benefitted from “the rising middle class in emerging markets coupled with abolition of the one-child policy in China.”
The apparel and footwear market’s positive performance is expected to continue with a CAGR of 2% in constant value, but this does not take into account the current uncertain period.
Euromonitor noted that Trump’s presidency, Brexit, China’s slower growth, and consumers preferring experiences over goods could slow the market’s growth.
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