Top Trends in the Apparel Market for 2024

The Top Trends in the Apparel Market for 2024 report includes analysis of key factors impacting the global apparel market in 2024, including inflation, mergers and acquisitions and the outperformance of online.

With the apparel industry constantly evolving, it is crucial for players in the market to stay in tune with the latest trends to remain ahead of competition. Over the past few years, inflation has been the biggest factor impacting consumers' shopping habits and players' performances, and this will continue to have a big impact on shoppers' spend as they become more used to having a streamlined capsule wardrobe and continue to divert spend towards alternative segments such as secondhand.

Scope

Though inflation will continue to fall in 2024, the cumulative impact of higher prices for essential goods means that discretionary incomes will remain squeezed.

As companies’ revenues and profits are squeezed by reduced consumer spending and increased costs, many will fall into financial distress. Those that have done well over the past few years and have ample cash reserves will be able to snap up struggling rivals for low prices.

Inflation has led to a deprioritization of sustainability and ethics among apparel shoppers, with consumers citing these significantly less important to them than factors like value for money and price. This disparity will continue at least until consumers’ discretionary incomes rise.

The resale market is forecast to grow by 16.3% in 2024, only a marginal slowdown from 2023, as consumers seek out cheaper options to save money and more players enter the market.

Reasons to Buy

• Understand the preferences of consumers in different markets, to allow you to identify your priorities
• Identify the strategies retailers and brands are utilising to drive growth, to help your company remain competitive
• Find out how different segments of the apparel market are performing, to enable you to maximise customer acquisition