The current year 2019 has seen world apparel players witnessing store downsizings and lesser retail growth but increase in sales due to digital market presence. This effect has fuelled changes in the approach of the market players and this will continue in 2020 too with more emphasis on the growth of e- commerce, mobile shopping and meeting ever rising expectations of personalisation among customers. World over physical stores are getting a face-lift to promote specific brands. In 2020 the manufacturing sector will see more technological upgrades with factors like labour cost, arrival of new industry players in the market posing more challenges in production and distribution.
Outlook for the market: The apparel market in global arena is expected to cross the magical figure of 850 billion in 2020 based on the performance of global apparel market players in previous years. The compound growth rate of this huge market is expected to be around 4 per cent in the coming years also attributed to increase in number of potential consumers and increase in working population world over. Asia Pacific is providing an impetus to this global growth by higher consumption. On a global scale, the major factors affecting the worldwide apparel market can be categorised into individual nation's policies, consumer trends,environment, inclination of consumers towards online purchase, introduction of better technology equipped with Artificial Intelligence (AI) etc. In addition to this, the manufacturing cost, investment capability for adopting newer technologies for manufacturing, bringing transparency in production chain to enhance customer base are also going to play important role in upcoming years. Apparel manufacturing and export segments are expected to grow in forth coming year 2020:
From 2020-2022, the global prediction is that online platforms, like Amazon, will experience at least 5 times more revenue compared to 2019. While consumers frequent websites to compare prices and products, global online platforms are expected to expand their fashion brand partnerships and develop additional engagement methods to stay competitive in the cut-throat digital shopping space. Now the challenge is to collaborate with online platforms and boost fashion brands with strong online presence to attract more consumers.