According to Cognitive Market Research, The Global Fast Fashion market size is USD 99.6 billion in 2023 and will grow and expand at a growth rate or compound annual growth rate (CAGR) of 8.2% from 2023 to 2030.

The demand for Fast Fashion is rising due to the higher media innovations, higher quick fashion expenditure, a growing young population, and the expansion of developing countries.
Demand for adult wear remains higher in the Fast Fashion market.
The Women category held the highest Fast Fashion market revenue share in 2023.
North America will continue to lead, whereas the Asia Pacific Fast Fashion market will experience the strongest growth until 2030.

Increased Social Media Adoption to Provide Viable Market Output

Increasing social media usage will likely fuel the fast fashion industry throughout the forecast period. Around the world, social media usage is continuously expanding. Through their social feed, social media outlets link influencers & fashion icons to people, and people learn about fashion trends and other aspects. These individuals then utilize social media to make transactions as well.

By April 2022, ads on any existing platform will be virtually 100% inescapable. While apps were first designed as a social network for connecting with friends, they have since evolved into a more curated, ad-targeted approach. Instagram, for example, rearranged its familiar user experience to replace creator portals with algorithm-based commerce. Similar approaches are possible.

(Source:www.searchenginejournal.com/10-new-social-media-platforms-apps-to-have-on-your-radar/457629/)

Social media is always pushing downloadable stuff to its users. Zara, Urban Outfitters, and SHEIN, among the most popular fashion retailers, replicate new pieces from big fashion designers produced inexpensively for the public, manufacturing whole new stock for their stores virtually every week. Growth in social media and new integrated product offers will favorably impact the quick fashion sector.

Technological Advancements in VR And AR to Propel Market Growth

Fashion garment manufacturers are investing in Virtual Reality (VR) and Augmented Reality (AR) technologies to merge the real and online selling worlds.

For example, in June 2019, the US retail giant Amazon released a virtual fitting room app, allowing customers to try on garments before purchasing them. In addition, online fashion store ASOS developed a 'Virtual Catwalk,' a video service that allows customers to see apparel products on moving models using augmented reality.

(Source:press.aboutamazon.com/2022/6/amazon-fashion-introduces-a-more-convenient-way-to-shop-with-virtual-try-on-for-shoes)

Customers may virtually test on clothes thanks to a customized measuring feature that uses AR technology. This makes online purchasing more engaging, dynamic, and enjoyable. It also assists in attracting more traditional customers to online shopping sites. Buyers may view the product themselves before purchasing it using these technologies.

Market Dynamics of Fast Fashion

Inadequate Compensation To Workers Hinders Market Growth

Employees in the fashion industry, especially women (who constitute about 80% of all garment workers worldwide), are underpaid. Women are also susceptible to workplace harassment. In addition, female garment workers in Asia's main fast fashion firms face abuse and harassment, including poor working conditions, inadequate compensation, and overtime, all leading to inefficiency. As a result, most individuals will not want to work in the fashion industry. As a result, inadequate compensation and working conditions impede the expansion of the Fast Fashion Market.

Impacted By Impact of COVID-19 on the Fast Fashion Market

Growth in the historical era was driven by increased foreign direct investments, growth in developing markets, expansion in media development, technological advancements, and urbanization. The influence of COVID-19, counterfeit products, reductions in free trade, severe competition, and increased inventory levels had a detrimental impact on growth throughout the historical era. Introduction of Fast Fashion

Higher media innovations, higher quick fashion expenditure, a growing young population, and the expansion of developing countries are expected to drive growth in the Global quick Fashion Market. The expanding young population'...

At least 82 percent of shoppers worldwide between 26 and 35 years old had purchased fashion online in the previous 12 months, according to an August 2022 survey. This was the age range showing the highest fashion e-commerce usage rate. A relatively lower share of consumers aged 65 or older shopped for clothes via the internet, at 73 percent.

According to a recent consumer survey conducted in the United Kingdom (UK) on sustainable fashion purchase behavior, British men preferred shopping with sustainable fashion brands more than women did, with 53 percent versus 47 percent, respectively. The survey results revealed that male respondents from the age groups 25-34 and 35-44 were more likely to only buy clothes from sustainable brands compared to respondents in the other age groups and gender. Among women polled for this survey, those aged 35-44 and over 55 showed higher preference for sustainable fashion brands.

The Global Fast Fashion Market Size Was Worth USD 60.50 Billion in 2022 and Is Expected To Reach USD 179.50 Billion by 2030, CAGR of 14.56%.

In 2021, 23.7 percent of the e-commerce users in the United Kingdom's fashion market were between 25 and 34 years of age, making it the biggest age group. While people aged between 25 and 34 were the biggest purchasers in the apparel and bags & accessories market segments, people between 35 and 44 of age bought more shoes than any other age group. The bags & accessories market segment in the United Kingdom had a comparably big share of users between the ages of 18 and 24.

For the launch of the #Wearthechange campaign by the C&A retail chain, promoting sustainable fashion for all, the source examined the relationship between French people and committed fashion. As consumer awareness is driving the apparel and textile sector to take sustainable initiatives, the results of the study provide an insight into the practices already integrated into people's daily lives. Thus, in 2019, nearly half of the French (49 percent) had already brought clothes back to stores or dropped them off at a collection point, and the same proportion had already given clothes instead of throwing them away.

Growing awareness of climate issues among the French

In recent years, issues related to sustainable development and climate crisis have gained increased awareness among the French, particularly regarding the textile industry. In 2018, one out of three people in France took these environmental issues into account when buying clothes. And in 2019, more than a quarter of the French population said they had a guilty conscience when purchasing new clothing. This environmental awareness, although more relevant among the wealthy classes, could in part explain the development of markets such as the second-hand market.

Fast fashion and textile waste

This general awareness of the climate crisis also comes with considerations related to the fast fashion industry. In the eyes of European consumers, large fast fashion companies are not exactly associated with sustainable supply chains. Indeed, the fact that the fashion industry is "fast" implies an overproduction of clothing, which contributes to major environmental problems, such as textile waste, carbon emissions, or water and electricity over consumption. In France, the quantity of textile waste generated per capita was higher than three kilograms in 2016.

According to Cognitive Market Research, The Global Affordable Luxury Fashion market size is USD XX billion in 2023 and will expand at a compound annual growth rate (CAGR) of 5.0% from 2023 to 2030.

The demand for affordable luxury fashion is rising due to the numerous strategies adopted by key participants.
Demand for garments remains higher in the affordable luxury fashion market.
The retail category held the highest affordable luxury fashion market revenue share in 2023.
North American affordable luxury fashion will continue to lead, whereas the Asia Pacific affordable luxury fashion market will experience the most substantial growth until 2030.

Internationalisation and Globalisation to Provide Viable Market Output

As the world becomes more connected, there is a growing demand for affordable luxury fashion products in emerging markets. Brands are expanding their reach and developing products that appeal to consumers in different regions. This trend is driven by factors such as rising incomes, changing consumer values, and increased access to information about fashion trends and styles.

For instance, in November 2019, LVMH announced its acquisition of Tiffany & Co. for $16.2 billion. The acquisition is expected to strengthen LVMH's position in the global luxury market and expand its portfolio of luxury brands.

(Source: www.lvmh.com/news-documents/press-releases/lvmh-completes-the-acquisition-of-tiffany-and-co/)

Demographic Changes and Increasing Demand for Affordable Luxury Products to Propel Market Growth

As the population ages, there is a growing demand for affordable luxury fashion products among older consumers. These consumers are looking for products that offer both style and comfort, and they are willing to pay more for high-quality items. At the same time, younger consumers are also becoming interested in affordable luxury fashion products, driven by factors such as social media influencers and a desire to stand out from the crowd. Additionally, consumers are increasingly looking for high-quality, fashionable products that are affordable. This demand is driven by factors such as rising disposable incomes, changing consumer values, and a desire for products that offer both quality and affordability. Consumers are willing to pay more for products that are well-made, stylish, and durable, and they are looking for brands that offer these qualities at a reasonable price point.

For instance, in 2020, PVH Corp., the parent company of Calvin Klein and Tommy Hilfiger, acquired the remaining 25% stake in the Tommy Hilfiger brand for $446 million. The acquisition is expected to give PVH Corp. greater control over the Tommy Hilfiger brand and strengthen its position in the global luxury market.

(Source: www.businesswire.com/news/home/20160413006154/en/PVH-Corp.-Completes-Acquisition-of-Its-Tommy-Hilfiger-China-Joint-Venture)

Market Dynamics of the Affordable Luxury Fashion

Economic Downturns and Competition from Fast Fashion Brands to Restrict Market Growth

The Affordable Luxury Fashion market is a growing segment of the fashion industry, but it faces several key restraints. One of the most significant restraints is economic downturns, such as recessions or financial crises, which can significantly impact consumer spending on luxury goods. During these times, consumers are more likely to prioritise essential items over luxury purchases, leading to a decrease in sales for many brands. Another restraint is competition from fast fashion brands, which offer trendy clothing at a very low price point. This can make it difficult for Affordable Luxury Fashion brands to compete on price, as consumers who are looking for the latest fashion trends at an affordable price may choose fast fashion brands over affordable luxury fashion brands.

Impact of COVID-19 on the Affordable Luxury Fashion Market

COVID-19 had a significant impact on the affordable luxury fashion market, as it did on many other industries. With many consumers facing financial uncertainty during the pandemic, the demand for Affordable Luxury Fashion products decreased significantly. Consumers were more likely to prioritise essential items over luxury purchases, leading to a decline in sales for many brands. COVID-19 led to disruptions in global supply chains, making it difficult for Affordable Luxury Fashion brands to source materials and manufacture products. This ...

The global fashion apparel market is projected to reach USD 1.5 trillion by 2033, exhibiting a CAGR of 5.1% during the forecast period (2025-2033). Rapid urbanization, rising disposable incomes, and the growing influence of social media are key drivers of market growth. The increasing popularity of online shopping and the adoption of sustainable fashion practices are further fueling market expansion. The Asia Pacific region is expected to dominate the fashion apparel market, driven by the rising affluence and growing population in countries like China and India. North America and Europe are other major markets, with significant contributions from established fashion brands like Nike, Adidas, and H&M. Key industry trends include the growth of athleisure wear, the emergence of fast fashion, and the increasing use of technology in fashion design and marketing. However, factors such as rising raw material costs, supply chain disruptions, and intense competition may pose challenges to industry growth.

In 2021, slightly more than half 55.3 percent of e-commerce fashion sales in the United Kingdom were made by women. Across segment women were more likely to purchase fashion products like apparel, footwear, and bags & accessories online. Only in the bags & accessories market segment do women make up more than 60 percent of sales, accounting for over 68 percent of all purchases.

Department store revenue is expected to drop at a compound annual rate of 5.7% over the five years through 2024. Department stores were once hailed as a one-stop shop and a shopper's favourite, but the retail landscape has changed. Department stores have been slow to keep up with what's in vogue and shoppers' need for instant gratification, losing sales to e-tailers and fast-fashion brands. Some department stores have successfully adopted new strategies to fend off competition, like by rolling out in-house bars, cafes and restaurants for shoppers to rest and refuel or by introducing beauty bars for a quick pick-me-up. Nonetheless, price competition remains intense as income pressures remain evident. In 2024, revenue is slated to fall by 5.1% to €181.9 billion, while the average profit margin is set to be 6.6%. Department store revenue is forecast to inch downwards at a compound annual rate of 0.9% over the five years through 2029 to €174 billion. Competition will remain fierce and department stores will need to adapt to survive. The outdated retail-only business model no longer resonates with mindful consumers, who crave experiences and community. Social media continues to become ever-more prevalent and the power influencers will only grow, making social commerce a top priority. Sustainability has become more than just a buzzword, particularly in light of the European Parliament’s fight against fast fashion, so department stores will need to improve their green credentials to stay in demand. Meanwhile, demographic trends will push digitisation in department stores.

According to Cognitive Market Research, The global clothing sewing threads market size will expand at a compound annual growth rate (CAGR) of 6.00% from 2023 to 2030.

The demand for Clothing Sewing Threads is rising due to the rising population, disposable income, and demand for Fast Fashion items like dresses, jeans, and T-shirts.
Demand for synthetic remains higher in the Clothing Sewing Threads market.
The apparel category held the highest Clothing Sewing Threads market revenue share in 2023.
Asia Pacific Clothing Sewing Threads will continue to lead, whereas the North American Clothing Sewing Threads market will experience the most substantial growth until 2030.

Growing Fashion Industry Demands to Provide Viable Market Output

The clothing sewing threads market is primarily driven by the expanding fashion industry. As consumers seek the latest trends and styles, manufacturers in the apparel sector demand high-quality sewing threads to ensure durability and aesthetic appeal. The constant evolution of fashion trends, coupled with the increasing purchasing power of consumers, propels the demand for diverse and innovative threads. This trend-driven market dynamic emphasizes the necessity for clothing sewing threads that offer a combination of strength, flexibility, and a wide range of colors to meet the varied requirements of garment producers.

In August 2017, Glen Raven, Inc. acquired the Sanbury textile mills to produce Sunbrella fabric.

(Source:wwd.com/business-news/technology/glen-raven-acquisition-sunbury-textile-mills-10958066/)

Rising Emphasis on Sustainable Textile Practices to Propel Market Growth

A key driver in the clothing sewing threads market is the growing emphasis on sustainability within the textile and apparel industry. As environmental consciousness rises, manufacturers are increasingly adopting eco-friendly practices, including the use of sustainable sewing threads. Consumers are becoming more aware of the environmental impact of their clothing choices, prompting a shift toward products that align with eco-friendly values. This shift has driven the demand for sewing threads made from recycled materials or those with reduced ecological footprints, reflecting a broader industry commitment to sustainable and responsible production practices.

In November 2022, Modi Thread launched an innovative anti-microbial sewing thread that helps to protect garments from the growth of bacteria and odor-causing microorganisms. This product was specifically targeted at the healthcare and hospitality sectors, where hygiene is of paramount importance.

(Source:apparelresources.com/technology-news/manufacturing-tech/coats-introduces-coats-protect-worlds-first-anti-microbial-sewing-thread/)

Market Dynamics of Clothing Sewing Threads

Raw Material Price Volatility to Restrict Market Growth

One significant restraint in the clothing sewing threads market is the volatility in raw material prices. The production of sewing threads relies heavily on materials such as cotton, polyester, and other synthetic fibers. Fluctuations in the prices of these raw materials can directly influence the overall production cost of sewing threads. Manufacturers may find it challenging to maintain stable pricing in the face of unpredictable raw material costs, potentially impacting profit margins and hindering market growth.

Impact of COVID–19 on the Clothing Sewing Threads Market

The clothing sewing threads market experienced significant disruptions due to the COVID-19 pandemic. The global lockdowns, supply chain interruptions, and decreased consumer spending led to a downturn in the textile and apparel industry. With manufacturing and retail operations temporarily halted, there was a decline in demand for clothing sewing threads. The closure of factories, restrictions on movement, and overall economic uncertainty contributed to a slowdown in production and consumption. However, as the world gradually adapted to the new normal, the market exhibited resilience with the resurgence of the apparel sector. Introduction of Clothing Sewing Threads

The sewing threads market encompasses threads employed to connect fabric pieces, available in various materials like cotton, silk, wool, rayon, polyester, nylon, and other fibers. It presents a chance for users to improve their products, with growth driven by rising population, disposable income, and demand for fast fashi...

Department store revenue is expected to drop at a compound annual rate of 5.7% over the five years through 2024. Department stores were once hailed as a one-stop shop and a shopper's favourite, but the retail landscape has changed. Department stores have been slow to keep up with what's in vogue and shoppers' need for instant gratification, losing sales to e-tailers and fast-fashion brands. Some department stores have successfully adopted new strategies to fend off competition, like by rolling out in-house bars, cafes and restaurants for shoppers to rest and refuel or by introducing beauty bars for a quick pick-me-up. Nonetheless, price competition remains intense as income pressures remain evident. In 2024, revenue is slated to fall by 5.1% to €181.9 billion, while the average profit margin is set to be 6.6%. Department store revenue is forecast to inch downwards at a compound annual rate of 0.9% over the five years through 2029 to €174 billion. Competition will remain fierce and department stores will need to adapt to survive. The outdated retail-only business model no longer resonates with mindful consumers, who crave experiences and community. Social media continues to become ever-more prevalent and the power influencers will only grow, making social commerce a top priority. Sustainability has become more than just a buzzword, particularly in light of the European Parliament’s fight against fast fashion, so department stores will need to improve their green credentials to stay in demand. Meanwhile, demographic trends will push digitisation in department stores.

Department store revenue is expected to drop at a compound annual rate of 5.7% over the five years through 2024. Department stores were once hailed as a one-stop shop and a shopper's favourite, but the retail landscape has changed. Department stores have been slow to keep up with what's in vogue and shoppers' need for instant gratification, losing sales to e-tailers and fast-fashion brands. Some department stores have successfully adopted new strategies to fend off competition, like by rolling out in-house bars, cafes and restaurants for shoppers to rest and refuel or by introducing beauty bars for a quick pick-me-up. Nonetheless, price competition remains intense as income pressures remain evident. In 2024, revenue is slated to fall by 5.1% to €181.9 billion, while the average profit margin is set to be 6.6%. Department store revenue is forecast to inch downwards at a compound annual rate of 0.9% over the five years through 2029 to €174 billion. Competition will remain fierce and department stores will need to adapt to survive. The outdated retail-only business model no longer resonates with mindful consumers, who crave experiences and community. Social media continues to become ever-more prevalent and the power influencers will only grow, making social commerce a top priority. Sustainability has become more than just a buzzword, particularly in light of the European Parliament’s fight against fast fashion, so department stores will need to improve their green credentials to stay in demand. Meanwhile, demographic trends will push digitisation in department stores.

According to a survey conducted in Japan in February 2023, about one-third of all respondents stated their interest to buy from the Chinese fast fashion online retailer SHEIN. The demographic with the highest desire to use the store were female teenagers, of whom almost 46 percent reported a strong intent. In general, female consumers were more inclined to use SHEIN. The private company headquartered in Guangzhou specializes in low priced clothes that are produced domestically, primarily for an international market.

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Secondhand Apparel Market Size 2025-2029

The secondhand apparel market size is forecast to increase by USD 212.1 billion at a CAGR of 14.9% between 2024 and 2029.

The market is experiencing significant growth, driven by the increasing emphasis on sustainability and ethical practices In the textile industry. The rise of resale platforms for used clothes has become a key trend, as consumers look for more affordable and eco-friendly alternatives to fast fashion. However, the complexity of the supply chain, particularly in relation to logistics and labeling, presents challenges for this market. In the US and North America, the market for secondhand apparel, including cotton, wool, pumps, jewelry, and homeware, is expected to continue its expansion. Sustainability-conscious consumers are increasingly turning to e-commerce platforms for their secondhand apparel needs, seeking out items with LED-certified labels and minimal carbon footprint.The challenge for businesses in this sector will be to navigate the intricacies of the supply chain and provide a seamless shopping experience for their customers.

What will be the Size of the Secondhand Apparel Market during the forecast period?

Request Free SampleThe market, also known as the used clothing market or digital resale, experiences continuous growth as consumers' perceptions towards sustainability and affordability shift. Online sales platforms, such as Tradesy and Poshmark, lead the market's digital transformation, enabling consumers to buy and sell secondhand clothing with ease. Start-ups and established market players invest in research and development to expand product lines and enhance the shopping experience. Key market drivers include the increasing awareness of environmental issues and the desire to reduce waste. Wholesalers, distributors, hypermarkets/supermarkets, multi-brand stores, independent small stores, departmental stores, and online retailers are among the various sales channels contributing to the market's growth.The market's size is forecasted to expand significantly, with consumers in diverse regions showing interest. Factors like policy support, greenhouse gas emissions reduction, and the adoption of smart equipment, such as heat pumps and cooling systems, contribute to the market's direction. Automation and the use of technologies like air ventilators, air cleaners, and airflows optimize operations and improve the overall shopping experience. The global supply chain's efficiency is crucial in addressing raw material availability and delivery time concerns. Market players focus on reducing their carbon footprint by implementing energy-efficient practices, such as sleep mode and the use of natural gas or electricity, to minimize emissions.

How is this Secondhand Apparel Industry segmented?

The secondhand apparel industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments. End-userWomenMenKidsTypeTTSDResaleGeographyAPACChinaIndiaJapanSouth KoreaNorth AmericaCanadaUSEuropeGermanyUKFranceItalySouth AmericaMiddle East and Africa

By End-user Insights

The women segment is estimated to witness significant growth during the forecast period.The market is experiencing significant growth, with women being the primary consumer base. This trend is driven by the increasing emphasis on sustainable fashion and the circular economy, as well as the desire for unique fashion statements and affordability. Women shoppers can find a wide selection of pre-owned clothing on online platforms and in dedicated thrift stores. The acceptance and normalization of secondhand clothing withIn the fashion industry have solidified the significant role of women in this market, contributing to its positive trajectory and promoting a more sustainable approach to global fashion consumption. The market encompasses various product types, including dresses and tops, shirts and T-shirts, sweaters, coats and jackets, jeans and pants, and active and beachwear, among others.The use of recycled materials, such as organic cotton, regenerated cashmere, wool, and recycled components, is becoming increasingly popular In the production of secondhand apparel. The industry analysis also includes rental platforms, marketplaces, and fashion brands that offer digital resale services, authorized luxury consignment, and direct partnerships and business alliances. The secondhand bag market is also gaining traction, with men, kids, and other demographics contributing to the market's growth. The market players are investing in research and development to expand their product lines and offer high-quality used apparel at reasonably priced. The market is projected to continue growing during the forecast period, with online marketplaces playing a significant role in

Department store revenue is expected to drop at a compound annual rate of 5.7% over the five years through 2024. Department stores were once hailed as a one-stop shop and a shopper's favourite, but the retail landscape has changed. Department stores have been slow to keep up with what's in vogue and shoppers' need for instant gratification, losing sales to e-tailers and fast-fashion brands. Some department stores have successfully adopted new strategies to fend off competition, like by rolling out in-house bars, cafes and restaurants for shoppers to rest and refuel or by introducing beauty bars for a quick pick-me-up. Nonetheless, price competition remains intense as income pressures remain evident. In 2024, revenue is slated to fall by 5.1% to €181.9 billion, while the average profit margin is set to be 6.6%. Department store revenue is forecast to inch downwards at a compound annual rate of 0.9% over the five years through 2029 to €174 billion. Competition will remain fierce and department stores will need to adapt to survive. The outdated retail-only business model no longer resonates with mindful consumers, who crave experiences and community. Social media continues to become ever-more prevalent and the power influencers will only grow, making social commerce a top priority. Sustainability has become more than just a buzzword, particularly in light of the European Parliament’s fight against fast fashion, so department stores will need to improve their green credentials to stay in demand. Meanwhile, demographic trends will push digitisation in department stores.

Knitwear Market size is growing at a moderate pace with substantial growth rates over the last few years and is estimated that the market will grow significantly in the forecasted period i.e. 2024 to 2031.

Global Knitwear Market Drivers

The market drivers for the Knitwear Market can be influenced by various factors. These may include:

Increasing Fashion Consciousness: The growing emphasis on fashion among consumers is a significant driver for the Knitwear Market. With the rise of social media and influencer culture, individuals are increasingly aware of fashion trends and brands. This heightened fashion consciousness leads to a demand for trendy, stylish knitwear that offers both comfort and aesthetic appeal. Consumers are willing to invest in fashionable pieces that enhance their wardrobe, driving brands to innovate and introduce diverse designs. Consequently, knitwear manufacturers are appealing to this demographic by focusing on unique patterns, colors, and cuts, increasing the overall market share of knitwear.
Seasonal Demand Variability: Knitwear experiences significant seasonal demand, particularly during the fall and winter months when temperatures drop. This seasonality encourages consumers to seek warm and cozy clothing options. Brands often capitalize on this trend by launching seasonal collections that appeal to consumers’ needs for warmth, layering, and style. Retailers frequently promote knitwear around holidays and during back-to-school seasons, further boosting sales. Additionally, the development of lightweight knitwear enables year-round consumption, thus mitigating seasonal challenges. As a result, the fluctuation in demand plays a pivotal role in driving the overall growth and profitability of the Knitwear Market.

Global Knitwear Market Restraints

Several factors can act as restraints or challenges for the Knitwear Market. These may include:

Fluctuating Raw Material Prices: The Knitwear Market is significantly affected by the volatility in the prices of raw materials such as cotton, wool, and synthetic fibers. These fluctuations can stem from various factors, including weather conditions, supply chain disruptions, and market demand. High raw material costs directly impact production budgets, often leading to increased retail prices. Consequently, manufacturers may experience reduced profit margins, while consumers may opt for cheaper alternatives. This price sensitivity can result in decreased demand for higher-end knitwear products, adversely affecting overall market growth and profitability for companies operating in this domain.
Intense Competition: The Knitwear Market faces fierce competition from both established brands and new entrants. With numerous players vying for market share, companies must constantly innovate, enhance product quality, and offer competitive pricing to attract consumers. This competition can lead to price wars, negatively impacting profit margins. Additionally, the proliferation of fast fashion brands has increased consumer expectations for rapid product availability and lower prices. Consequently, traditional knitwear brands may struggle to differentiate themselves in a crowded marketplace, making sustained growth challenging amidst so much competition and an evolving retail landscape.

Textile waste is one of the most pressing, but perhaps not frequently talked about environmental problems faced globally. It is a direct result of the increasingly larger and short-lived consumption of textiles and clothing articles. More often than not, at the receiving end of criticism is the fast fashion industry, which relies heavily on imports, usually sourced from developing countries, and in high volumes due to even higher demands. Joint estimates from Euratex and Eurostat showed that in the EU, household consumption of textiles and clothing was as high as nearly 520 billion euros in 2018.

Europe’s textile waste producers
One tragic result of such high levels of production and by extension consumption is the textile waste generated when they are discarded. According to data published by Eurostat, Italy was the leading textile polluter among the EU countries, having accumulated approximately 466 thousand tonnes of textile waste in 2016. Italy was followed by Germany, France, and the UK, where over 200 thousand tonnes of textiles were discarded in the same year. When divided by population, this amount varied between just over two kilograms and nearly 15 kilograms of annual textile waste.

The afterlife of discarded textiles

So what happens to textiles when they get thrown away? Potential scenarios for the fate of textile waste are reusing, recycling, incinerating, and sending the textiles to landfill. Unfortunately, the quantity of landfilled textile surpasses that of reused, recycled or incinerated, averaging at about 3.1 kilograms per person in the EU. The reuse of textiles includes exporting them to destinations both in and outside the EU. When textile waste is recovered by recycling; it can be reprocessed as raw material, and the dissolved fiber can later be downcycled to make products such as rags or polishing cloths, or used in insulation.

Department store revenue is expected to drop at a compound annual rate of 5.7% over the five years through 2024. Department stores were once hailed as a one-stop shop and a shopper's favourite, but the retail landscape has changed. Department stores have been slow to keep up with what's in vogue and shoppers' need for instant gratification, losing sales to e-tailers and fast-fashion brands. Some department stores have successfully adopted new strategies to fend off competition, like by rolling out in-house bars, cafes and restaurants for shoppers to rest and refuel or by introducing beauty bars for a quick pick-me-up. Nonetheless, price competition remains intense as income pressures remain evident. In 2024, revenue is slated to fall by 5.1% to €181.9 billion, while the average profit margin is set to be 6.6%. Department store revenue is forecast to inch downwards at a compound annual rate of 0.9% over the five years through 2029 to €174 billion. Competition will remain fierce and department stores will need to adapt to survive. The outdated retail-only business model no longer resonates with mindful consumers, who crave experiences and community. Social media continues to become ever-more prevalent and the power influencers will only grow, making social commerce a top priority. Sustainability has become more than just a buzzword, particularly in light of the European Parliament’s fight against fast fashion, so department stores will need to improve their green credentials to stay in demand. Meanwhile, demographic trends will push digitisation in department stores.

Clothes (Garment) Steamers Market Outlook

The global clothes (garment) steamers market size was valued at approximately USD 2.5 billion in 2023 and is projected to reach USD 4.9 billion by 2032, growing at a compound annual growth rate (CAGR) of 7.3% over the forecast period. The significant growth factor driving this market includes the increasing consumer preference for easy-to-use and efficient garment care solutions over traditional ironing methods.

One of the primary factors contributing to the growth of the clothes steamers market is the rising disposable income across various regions, leading to a higher demand for modern and convenient household appliances. As consumers become more affluent, they seek products that not only save time but also offer superior performance. This shift is especially noticeable in urban areas where the fast-paced lifestyle necessitates quick and efficient solutions for garment care, making steamers an attractive option.

Another critical growth factor is the increasing awareness regarding fabric care. Unlike traditional irons, garment steamers are known to be gentler on fabrics, reducing the risk of burns and other damages. This attribute is particularly appealing to consumers who own delicate fabrics that require special care. Additionally, the emergence of steamers with advanced features such as variable steam settings and rapid heat-up times has further fueled their popularity. These innovations have made steamers versatile for a wide range of fabrics, from heavy drapes to light silk garments.

The growing trend of online shopping has also significantly impacted the market for garment steamers. E-commerce platforms provide consumers with access to a wide variety of products, competitive pricing, and the convenience of home delivery. Online reviews and detailed product descriptions help consumers make informed decisions, thereby boosting sales. The proliferation of internet penetration and smartphone usage has made it easier for consumers to browse and purchase garment steamers, contributing to market growth.

The introduction of the Steam Hanging Ironing Machine has revolutionized how consumers approach garment care. Unlike traditional steamers, these machines offer the convenience of vertical steaming, allowing users to effortlessly remove wrinkles from hanging clothes. This feature is particularly beneficial for delicate fabrics and garments that require gentle handling. The Steam Hanging Ironing Machine is designed to provide consistent steam output, ensuring that even the most stubborn creases are smoothed out efficiently. As more consumers seek hassle-free solutions for maintaining their wardrobe, the demand for such innovative machines continues to rise. Their user-friendly design and effectiveness make them a popular choice among those who prioritize both convenience and garment care.

From a regional outlook, Asia Pacific is expected to dominate the clothes steamers market during the forecast period, driven by rapid urbanization, rising middle-class population, and increasing disposable income. North America and Europe also hold significant market shares due to the high adoption of advanced household appliances. In contrast, regions like Latin America and the Middle East & Africa are anticipated to exhibit moderate growth, primarily due to emerging economies and increasing awareness about garment care solutions.

Product Type Analysis

In terms of product types, the garment steamers market is segmented into handheld steamers, upright steamers, travel steamers, and others. Handheld steamers are gaining significant traction due to their portability and ease of use. These devices are particularly popular among urban dwellers who need quick garment touch-ups without the hassle of setting up an ironing board. The compact design of handheld steamers makes them ideal for small living spaces, further driving their adoption.

Upright steamers, on the other hand, are preferred for heavy-duty tasks and are commonly used in commercial settings such as clothing stores and laundry services. These steamers are equipped with larger water tanks and more powerful steam outputs, making them suitable for continuous and extensive use. The growing retail clothing industry and the increasing number of dry cleaning services are key factors propelling the demand for upright steamers.

Travel steamers are designed for portability a