Winter Wear Sales to Soar Through 2027; Men Demographics a Key Target Segment for Manufacturers
Global Winter Wear Market: From an estimated market size of US$ 403,158.1 Mnin 2018, the winter wear value sales is expected to reach US$ 670,392.4 Mn by 2027 expanding at a CAGR of 5.8%
Apparel is one of the oldest and dynamic industry in the world. Most of the countries manufactures textile and apparel for global market. Thus, over the last few years, the geographical distribution of production in the apparel and textile industries have changed dramatically.
More than 60% of the global clothing exports are manufactured in developing countries. Moreover, due to increasing global warming consumers are leaping on high quality winter wear than ever before and companies are also developing winter wear with high quality to meet consumers demand. Consumers are demanding for branded winter wear products as they are influencing by commercial advertisements, entertainment channels, movies, and considering it as a higher quality products.
Companies are also focuses on adopting various marketing strategies such as celebrity endorsement, product premiumization, marketing campaign, events, expanding digital presence to connect direct to customers. These factors are likely to accelerate the growth of global winter wear market in the near future.
For instance, in 2018, Eddie Bauer, LLC expanded its footprint in Austria to increasing market penetration in winter wear market. Company now also offers online services, free returns, and low shipping cost on all of its products offering in the country. Also, in 2016, the company launched its limited edition Eddie Bauer Originals Collection. The collection includes, jackets, sweaters and flight suits. These products were designed for both men and women, and were made available at online stores as well as some of the selected stores
Global Winter Wear Market: Rising Customer Engagement over e-Commerce Activities
Increasing internet penetration and rising adoption of e-Commerce, globally are factors anticipated to fuel revenue growth of the winter wear market, owing to growing number of customers using digital technology for mobile transactions and purchasing of various products online such as consumer goods, electronic devices, and others.
In order to capitalize on millennial that are tech-savvy, companies are engaged with their consumers through the use of social media and other digital avenues to advertise their winter wear products and increase market share via online sales revenue. This is one of the driving factor accelerating the growth of winter wear market during the forecast period.
According to Assocham India, India e-Commerce market was valued at US$ 23 Bn in 2015 and is expected to exceed in the near future, owing to rising internet and mobile penetration, increasing online transactions among customers, and favourable demographics factors in the country.
Global Winter Wear Market: Jackets/Coats Segment is Primarily Driven by Increasing Demand for Warm and Dry Jackets that can be Used in Freezing Temperatures
By product type segment the global winter wear market is segmented into jackets/coats, sweaters/cardigans, scarves, shawls, and wraps, thermals, suits, and others. Among all these product type segment jackets/coats segment is estimated to account for relatively highest value share in the winter wear market.The segment is expected to remain dominant during the forecast period. In global winter wear market, jackets/ coats segment estimated to account for 48.2% value share in 2018 and is expected to attain a CAGR of 5.9% during the forecast period.
In global winter wear market, sweaters/cardigans segment is expected to be closely follow by scarves, shawls & wraps segment in terms of share and growth. The sweaters/cardigans segment estimated to account for 24.1% value share in 2018.In the global, winter wear market, the sweaters/cardigans segment is expected to register relatively highest CAGR of 5.7% during the forecast period. Manufacturers are continuously introducing fashionable winter wear brands which keeps consumer warm, waterproof, which is expected to drive the winter wear market growth over the forecast period.
Various companies using aggressive marketing technique to expanding its consumer inflow in the retail stores and to increase their market share globally. For instance, NIKE Inc. that develops, manufactures apparels and footwear products, sponsors various big teams such as FC Barcelona, Paris Saint German, and Manchester City.
The global winter wear market is further segmented on the basis of price range. Among all these price range segment, low price range segment is expected account for largest share in terms of value. The low segment estimated to account for 56.0% value share in 2018 and is expected to register a CAGR of 5.6% during the forecast period. However, high price range segment is expected to register comparatively fastest growth during the forecast period. The segment is expected to lose 94 BPS in its market share by 2027 over 2018.
Key Segments
On the basis of product type the global winter wear market is segmented jackets/coats, sweaters/cardigans, scarves, shawls, and wraps, thermals, suits, and others. The global winter wear market is further segmented on the basis of price range.
The price range segment includes high price, medium price, and low price. The global winter wear market is also segmented by demographic which includes men, women, and kids. The winter wear market segment is further segmented on the basis of hypermarkets/supermarkets, specialty stores, multi-brand stores, independent small retailers, online retailers, and others.
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by - Sudip Saha, Managing Director and Co-Founder of Future Market Insights
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