A sustained desire to purchase apparel online following the closure of physical stores during the pandemic will continue to boost online spending in the years ahead, a new study shows.
According to Global Data, the global apparel market grew 18.7% to $456.8 billion in 2020 as the pandemic forced retailers to shut stores in an attempt to stem the spread of the virus, and the trend is set to continue.
The report titled ‘Global Online Apparel Market & Forecasts to 2025’ states that the global apparel market is forecast to grow by 59.2% between 2021 and 2025 to $821.4 billion in 2025.
The report explores the key drivers and hot issues that savvy apparel brands and retailers should tap into as a means of succeeding in the space both now and in the near future.
According to the report, long-term hybrid working, desire for a convenient way to shop, the influx of older consumers shopping online, and widespread use of apps could be the key drivers of the online apparel stores.
The report also explores the key trends, influencing the global online apparel market, including the metaverse which has become a buzzword in the industry as more brands realize its potential.