Asia-Pacific to lead global jeans market growth
The emerging markets across the Asia-Pacific (APAC) region are set to play a crucial role in the revival of the global jeans market to its pre-COVID-19-pandemic level growth by 2022, says GlobalData, a leading data and analytics company.
GlobalData’s research reveals that the global jeans market grew at a compound annual growth rate (CAGR) of 0.5% between 2014-2019 to reach US$74bn.
However, the COVID-19 induced lockdowns led to store closures, which dampened the overall apparel spend, including denim jeans, as people’s lifestyles changed to prefer comfortable clothing to be worn at home.
Ayan Gangopadhyay, Retail Analyst at GlobalData, comments: “APAC registered a growth in demand for denim over the years supported by rapid urbanization, cheaper connectivity, growing investment in the digital space and a strong domestic demand.”
Within APAC, India is forecast to grow the fastest, driven by large investments by international and local retailers on online platforms.
Mr Gangopadhyay continues: “The men’s jeans market is larger than the women’s market and casualization of the workplace will help to sustain the men’s jeans market. Brands need to encourage women to buy more using strategies such as incorporating comfort in jeans by using softer fabrics, going beyond the conventional size ranges, as well as offering the opportunity to customize products based on personal preferences.”
The shift in consumer preferences towards the online channel during the pandemic has led the retailers to undertake significant omnichannel initiatives.
Mr Gangopadhyay concludes: “With the rising work- from-home initiated by several employers globally, the demand for comfortable clothing has significantly increased. This comes along with consumers preferring athleisure more to wear casually as well as while working out. In addition, younger generations are more concerned about the environment and the impact that brands have in their production process. Thus, retailers must incorporate more stretch and comfort in jeans to cater to this requirement as well as look into sustainable sourcing as jeans have a higher water usage and overall environmental impact compared to other apparels.”