Global Fashion and Lifestyle Market (2020 to 2024) – Size & Forecasts with Impact Analysis of COVID-19
The “Global Fashion and Lifestyle Market: Size & Forecasts with Impact Analysis of COVID-19 (2020-2024)” report has been added to ResearchAndMarkets.com’s offering.
This report provides detailed analysis of the global fashion and lifestyle market in terms of value, growth and subsequent segments.
The report also provides a regional analysis of the fashion and lifestyle market with a focus on China. Under a competitive landscape, the online fashion and lifestyle companies (further split into generalist and specialist) have been compared on the basis of revenue and market capitalization.
Moreover, the report assesses the key opportunities in the market and outlines the factors that are and will be driving the growth of the industry. Growth of the overall fashion and lifestyle market has also been forecasted for the years 2020-2024, taking into consideration the previous growth patterns, the growth drivers and the current and future trends.
The global fashion and lifestyle market can be segmented on the basis of products, gender, distribution channel and price range. Apparels, footwear, beauty products and accessories such as jewelry, handbags, watches etc. are the subcategories of the market under its product segment. Menswear and womenswear are classifications under the gender category. On the basis of distribution channel, the market can be bifurcated into online (e-commerce and fashion retailer websites) and offline (such as physical stores and shopping malls).
The global fashion and lifestyle market is projected to grow at a healthy rate through the forecast period (2020-2024). Improving purchasing capacity due to hike in personal disposable income, hike in number of smartphone users, greater preference of customers to purchase fashion accessories through online channels are some of the crucial factors driving the growth of the market. The market is also confronted by some challenges such as rapidly changing consumer preferences, high risk of inventory write off and vulnerability to technological disruptions. Efforts by fashion retailers to provide a more personalized experience, Generation Z evolving as a lucrative customer segment, innovations through technology, revamping offline shopping experiences, spike in Mergers and Acquisitions (M&A) transaction activity and the emergence of athleisure are some of the latest trends existing in the market that have been captured in this report.
The ongoing COVID-19 pandemic is leading to massive unemployment and even those who are managing to keep their jobs intact have become victims of massive job insecurity. Due to this, the incomes of people has decreased significantly. As a result, they are forced to cut down their expenses on non-essential items such as fashion products and save money for future emergencies. Furthermore, with more and more people staying at homes the demand for apparels, footwear, and accessories has dipped significantly. This is because many of them are not feeling the need to spend on these products. The current dip in the market is not due to some fundamental weakness within the industry and is only because of the black swan event- Covid-19. And as such, the demand for fashion products is estimated to normalize by next