The global ready to wear market is anticipated to grow at significant CAGR during the forecast period (2018 to 2025), according to a report available on Radiant Insights, Inc. Growing requirement for clothes that can be worn by consumers without any alteration is anticipated to propel demand for ready to wear clothing. Such product line in fashion clothes is likely to offer wide range of clothes being sold in standardized sizes. Manufacturers of these clothes are expected to use standard patterns, factory equipment, and fast stitching techniques to keep production cost low as compared to custom-sewn version of similar product.
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Rapidly changes consumer preferences in terms of fashion and clothes is anticipated to influence growth of market. High demand for clothes requiring minimum or no alteration can augment growth of market in the forthcoming years. Increasing numbers of cloth brands penetrating the market can further impel market growth during the forecast period (2018 to 2025).
To cater to rising demand for trendy ready-to-wear clothes and frequently changing preferences among consumers, most companies are likely to adopt strategies to gain traction among those consumers. For instance, Zara is likely to work according to four E’s of marketing, experience replaces product, exchange, is new price, evangelism is now promotion, and every place is new place. These four marketing strategies are expected to support this brand to put consumers at center around which the company and brand revolve.
The ready to wear market can be segregated on the basis of product, end-users, and region. Based on product, the market can be categorized into men’s clothing, women’s clothing, and children’s clothing.
Based on end-users, the market can be classified into online and in store. Online segment is expected to dominate the market and generate largest revenue during the forecast period. Increasing number of consumers purchasing ready to wear clothes from online stores attributed to heavy discounts and easy return policies being offered can fuel growth.
Regional segmentation includes Europe, North America, United States, Asia Pacific, South America, and Middle East and Africa. In Asia Pacific, the market is expected to witness significant growth attributed to growing adoption of new fashion trends in the region. Consumers are likely to be brand conscious when it comes to clothing owing to increasing consumable income. In addition, growing penetration of international clothing brands in the region owing to high prevalence of potential consumer in the region. Commercialization of virtual/augmented reality and artificial intelligence as marketing and consumer tools in market can allow these technologies to serve consumer in best possible manner.
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In South America, the market is expected to grow well during the forecast period attributed growing adoption of latest trends in fashion among consumers. In addition, rising penetration of international clothing brands in the region offering wide range of ready to wear clothes can fuel growth of market. Moreover, increasing disposable income coupled with growing awareness regarding latest fashion through media and internet can influence market growth in this region.
In United States, the market is anticipated to witness significant growth during the forecast period. Growing penetration of major international brands offering luxury ready to wear clothes for all sort of consumers can fuel growth. Evolution of market from eighteenth to twenty first century in positive terms is likely to fuel demand for ready to wear clothes during the forecast period.
In Europe, the market is likely to generate largest market share during the forecast period. High prevalence of major brands offering ready to wear clothes such as Gucci, Zara, H&M, and Louis Vuitton can augment growth of market in this region. Some of the leading companies offering ready to wear clothes are Gap, H&M, Louis Vuitton, Gucci, and Prada.
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