Clothing Footwear Accessories Market Report 2024

The clothing footwear accessories market size has grown strongly in recent years. It will grow from $2.01 trillion in 2023 to $2.12 trillion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth observed in the historical period can be ascribed to factors such as heightened consumer expenditure on fashion, the expansion of fast fashion brands, increased disposable income, a surge in demand for athletic apparel, and a growing interest in multifunctional accessories.

The clothing footwear accessories market size is expected to see strong growth in the next few years. It will grow to $2.67 trillion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The anticipated growth is driven by a rising consumer preference for sustainable fashion, the growing trend of online shopping, increased investment in smart clothing technology, a heightened demand for luxury and premium items, and greater awareness of the impact of climate change on fashion. Key trends expected during this forecast period include technological innovations, nostalgic fashion, smart clothing, the rise of digital fashion, and the continued popularity of athletic wear.

The rise in e-commerce is projected to drive growth in the market for clothing footwear and accessories. E-commerce, or online buying and selling, is fueled by factors such as mobile technology, digital marketing, logistics improvements, advancements in supply chain management, AI for personalized shopping experiences, and deferred payment services. This enables consumers to shop conveniently anytime from home, avoiding crowded stores, appealing especially to busy individuals. For instance, according to the United States Census Bureau in May 2024, first-quarter retail e-commerce sales in the U.S. reached approximately $289.2 billion, up 2.1% (±0.7%) from the previous quarter. Thus, the increasing demand for e-commerce is a key driver of growth in the clothing, footwear, and accessories market.

Leading companies in the clothing footwear and accessories market are concentrating on innovation, such as smart shoes, to cater to tech-savvy consumers' evolving preferences. Smart shoes incorporate sensors, connectivity, and data analytics to enhance functionality, track performance, and provide personalized insights. For instance, in January 2023, Ajanta Shoes launched NAVIGATOR, an AI-inspired smart shoe featuring step and workout tracking, fall detection, quick call dialing, music app access, and customizable controls through simple taps and gestures. This gyroscopic technology-driven shoe predominantly utilizes Indian resources, marking a significant advancement in the footwear industry through Ajanta's commitment to cutting-edge technology and supported by Impakto's robust R&D capabilities.

In March 2022, Authentic Brands Group LLC acquired Reebok International Limited, expanding its portfolio into athletic footwear and apparel segments. This strategic acquisition aims to capitalize on Reebok's well-established brand presence and market share in sports and lifestyle segments, further strengthening Authentic Brands Group's market position in the footwear retail industry.

Major companies operating in the clothing footwear accessories market are Nike Inc., Industria de Diseño Textil S.A., EssilorLuxottica Group, Adidas AG, Hennes & Mauritz AB, Kering, Fast Retailing Co. Ltd., The Gap Inc., Hermès International S.A., VF Corporation, PVH Corp., Lululemon Athletica Inc., Skechers USA Inc., Tapestry Inc., Ralph Lauren Corporation, Hanesbrands Inc., Under Armour, Capri Holdings Limited, Prada SpA, Burberry Group, Tommy Hilfiger B.V., Columbia Sportswear Company, Deckers Outdoor Corporation, Wolverine World Wide Inc., Kate Spade.

Asia-Pacific was the largest region in the clothing footwear accessories market in 2023. The regions covered in the clothing footwear accessories market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the clothing footwear accessories market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Clothing footwear and accessories (CFA) are categories of consumer goods that include apparel items, footwear, and accessories intended to enhance or complement a person’s outfit. These products address individual style, functionality, and seasonal trends, reflecting a vibrant industry shaped by fashion advancements and consumer tastes.

The primary categories within clothing footwear and accessories are footwear, apparel, wallets, handbags, watches, and others. Footwear includes all types of shoes designed for different purposes, such as athletic, casual, formal, and everyday wear, but excludes work and safety shoes. It is crafted from materials such as leather, textiles, plastic, rubber, and wood. Distribution occurs through both offline and online channels, catering to various users including men, women, children, and unisex consumers.

The clothing footwear accessories market research report is one of a series of new reports that provides clothing footwear accessories market statistics, including clothing footwear accessories industry global market size, regional shares, competitors with a clothing footwear accessories market share, detailed clothing footwear accessories market segments, market trends, and opportunities, and any further data you may need to thrive in the clothing footwear accessories industry. This clothing footwear accessories research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The clothing footwear and accessories market consists of sales of dresses and jumpsuits, outerwear, athletic footwear, accessories jewelry, bags, belts, sunglasses, and watches. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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