United States Apparel and Footwear Market to Grow at a CAGR of 6.25% in the Forecast Period
Rising number of E-commerce platforms and continuous
innovative trends within the fashion industry are driving the United States
apparel and footwear market.
According to
TechSci Research report, “United
States Apparel and Footwear Market By Type (Apparel & Footwear), By
End-User (Women, Men & Kids), By Distribution Channel (Specialty Stores,
Supermarket/Hypermarket, Online Channels, and Others (Counter Shops, Departmental
Stores, etc.)), By Region, Competition, Forecast & Opportunities, 2026,” the United States apparel and footwear
market had grown to approximately USD270
billion in the year 2020 and it is further anticipated to grow with the
CAGR of 6.25% by 2026, on account of the enhanced economic conditions and
rising employment opportunities within the country. Apparel and footwear demand
was primarily seen within the women's wear segment, and this is mainly observed
because the fashion trend is changing at a rapid pace. Even the strong demand
for shoes within the footwear segment was observed post-COVID-19, which is primarily
because of rising concern for fitness among the citizens of the United States.
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The COVID-19 pandemic has wreaked havoc
on the footwear and apparel industries. Government mandates, while necessary
for preventing the spread of COVID-19, have had a major impact on manufacturer
sales. Due to widespread order cancellations, companies have shortened working
hours and stores have closed due to poor sales in 2020. Moreover, the market
has seen a rise in unemployment which further resulted in an increase in the
number of Americans seeking unemployment benefits precipitously. Even the online
sales, couldn’t compensate for the loss that occurred within the other
distribution channels. Although most of the sales for the year 2020, arose from
the online channel as the revenue generated from the e-commerce sales was
incompatible to the revenue generated by offline channels. Retailers with a
heavier concentration of in-store sales (such as fast-fashion retailers and
mid-tier department stores) faced even greater pressure to drive consumers
online and rapidly scale e-commerce operations.
The United States apparel and footwear
market consists of the following segments- type, end-user, distribution
channel, region, and company. In terms of type, the United States apparel and
footwear market is categorized into apparel type and footwear type. The apparel
industry is further categorized into casual wear, sports wear, night wear, and
others (formal wear, innerwear, etc.). Among these, the casual wear market is
the one which contributed to approx. 45% of the total apparel market share in
the year 2020. The contribution is primarily due to the multiple usages of
these clothes as compared to athletic or sportswear.
The footwear industry is further
segmented into shoes, sandals, slippers, and others (boots, clogs, etc.). Among
them, it is the shoes category that is highly contributing towards the growth
of the footwear market. This is because the shoes segment is the largest
segment that includes athletic shoes as well as non-athletic shoes. However, post
COVID- 19 pandemic, the preference for good health has led to the increased
demand for athletic shoes.
In terms of distribution channels, the
United States apparel and footwear market is divided into specialty stores,
supermarket/hypermarket, online channels, and others (counter shops,
departmental stores, etc.). Among them, specialty stores have the largest
market share while online sales are the fastest-growing due to the factors such
as, the development of payment security gateways, convenience to access a
virtual store which saves time and money involved in visiting the store in
person and the doorstep delivery of the products ordered online.
In terms of region, the United States apparel
and footwear market is segmented into South, West, North-East, and Mid-West.
Among these, the North-East region of the United States is the fastest growing
within the United States apparel and footwear market with the CAGR of 1.12% and
is expected to maintain its dominance throughout the forecast period.
Some of the major players within the
United States apparel and footwear market are Nike,
Inc., VF Corporation (Vans, The North Face, Timberland, Dickies, etc.), adidas America, Inc., Under Armour,
Inc., PVH CORP. (Includes Tommy Hilfiger, Calvin Klein, Arrow, Warner's,
Olga, True & Co., etc.), LEVI STRAUSS & CO., H&M Hennes &
Mauritz LP, Kering Americas, Inc., Zara USA, Inc., and Puma North America, Inc.
To remain competitive in the Unites States apparel and footwear market
companies are continuously launching new and fashionable products, with the use
of upgraded technology, changing marketing strategies to capture the majority
of the consumer base across the country.
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“The apparel and
footwear market is the most unpredictable market, as the changes within this
market are subject to changes in design, consumer demand, and shifting retail
strategies such as discounts & coupons offered by the companies. Furthermore,
post Covid scenario, the demand for apparel and shoes has jumped at a larger
pace within the United States as people have started stepping out of their
homes after a year of confinement in their homes. Thus, all these scenarios are
depicting high growth within the apparel and footwear market in the upcoming
years”, said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“United States Apparel and Footwear Market By Type (Apparel &
Footwear), By End-User (Women, Men & Kids), By Distribution Channel
(Specialty Stores, Supermarket/Hypermarket, Online Channels, and Others
(Counter Shops, Departmental Stores, etc.)), By Region, Competition, Forecast
& Opportunities, 2026” has evaluated the future growth potential of apparel
and footwear market in the United States and provides statistics and
information on market structure, size, share and future growth. The report is
intended to provide cutting-edge market intelligence and help decision makers
take sound investment decision. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges and
opportunities present in the United States apparel and footwear market.
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