A shopping street in Wuhan, China. Shutterstock
Economic uncertainty in the wake of the Covid-19 pandemic is driving consumers to seek value for money, and a new report from GlobalData released today says the Asia-Pacific region is set to emerge as the epicentre of the “value” apparel market by 2024.
Within the next few years, the APAC region will account for nearly 50 percent of worldwide value apparel sales, compared with Europe’s 26 percent, the Americas’ 22 percent and the Middle East and Africa’s 3 percent. Between 2019 and 2024, value apparel sales are set to grow worldwide by $42.2 billion, according to GlobalData estimates.
China was the largest value apparel market in terms of sales in 2019, followed by the US and the UK. While China will retain its top spot through to 2024, India is expected to surpass the UK, becoming the third largest and the fastest growing value apparel market by 2024.