Emerging markets in the Asia Pacific will significantly contribute to the apparel market’s comeback, according to a leading data and analytics company in the UK.
GlobalData said AsPac emerging markets are set to play a crucial role in the revival of the global jeans market.
The global jeans market grew at an annual rate of 0.5 percent between 2014 and 2019 to hit 74 billion dollars.
However, global lockdowns due to the pandemic led to store closures, which dampened the overall apparel spend, including denim jeans, as lifestyles changed and people were stuck at home.
A GlobalData retail analyst said AsPac 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 AsPac, India is forecast to grow the fastest, driven by large investments by international and local retailers on online platforms.