Global apparel, footwear market expected to grow from US$ 1.7 trillion by 2022
KUALA LUMPUR: The global apparel and footwear market top US$1.7 trillion (RM6.58 trillion) in 2017 and is expected to grow by two per cent by 2022, a statement from market research company, Euromonitor International said.
It shows that the fast fashion trend has reshape the apparel industry in recent years, as frequent purchase of products that only last one season has led to the concept of disposable clothing whereby 350,000 tonnes of used clothing worth millions is disposed every year in the UK alone, according to WRAP charity.
The company’s 2017 Global Consumer Trends Survey found that 65 per cent of respondents try to have a positive impact on the environment through everyday actions and over 60 per cent are influenced by friends and peerto-peer opinions on social media, a statement said.
“In this hyper-transparency age, better informed consumers want to know how materials used in their garments and footwear are sourced and disposed of,” said senior research analyst at Euromonitor International, Marguerite LeRolland.
“They are becoming increasingly concerned about the impact of human activities on the planet which has led to companies being exposed to greater reputational risks if they are found to have unfair practices,” she added.
Meanwhile, executive editor at Women’s Wear Daily (WWD), Arthur Zaczkiewicz said the fashion industry is becoming extremely creative when working on several platforms to build a more eco-friendly and ethical brand image from the manufacturing phase to the post-sale treatment of unwanted clothes.
Further insights will be discussed in the webinar ‘Ethical Fashion: How to Meet Industry Needs and Demands’, hosted by Euromonitor and WWD on May 10, 2018.
Euromonitor International is the provider for global business intelligence and strategic market analysis with 40 years of experience publishing international market reports, business reference books and online databases on consumer markets.