28 October 2022, Mumbai:
In 2019, the global market for casual apparel/clothing was anticipated to be worth US$ XX.X million. For the projected year up to 2029, the report on the casual wear market offers qualitative and quantitative data on market dynamics, competition scenarios, opportunity analysis, market growth, etc. The segments that divide the global casual wear market are type, application, and geography.
Casual wear staples
Casual wear by description is construed to be more of a Western wear-dress code that is comfy/relaxed, occasional wear, and well suited to chill the day-to-day chores for any or daily use. Casual wear became a symbol of popular culture in the Western world.
If one were to deep dive into the casual wear segment broadly women's casual wear universe let us say would be product range typically spans from soft sweaters, hoodies, joggers, and cargo pants to relaxed shirts. Whereas for men casual wear entails products such as Jeans, a dress shirt, and a T-shirt or sleeveless shirt and so forth so that in the fashion world you are not 'One among many'.
The market in North America is predicted to reach US$ XX.X million and X.X% in 2029, with a CAGR of X.X% from 2020 to 2029. In 2019, the market in North America was valued at US$ XX.X million, and the market share was assessed at X.X%.
The market is divided into three types: shirts, coats, and pants. Specialty Stores, supermarkets & malls, and E-commerce are the three segments of the market according to application. The market is examined across North America, Europe, Asia-Pacific, etc., based on geography. H&M, ZARA, Uniqlo, Louis Vuitton, Hermes, Rolex, Coach, Tommy Hilfiger, GAP, Hanes, ESPRIT, JACK&JONES, LEE, Levi's, La Chapelle, Only, and Vero Moda are a few of the well-known brands highlighted in the research.
Over to India
Whilst as per industry estimates, "The India apparel market size was valued at INR4.2 trillion in 2020 & its given constitution is; Men's casual wear presently constitutes the biggest slice of the casual wear market pie & women's and kids' account for remainder definitive share".
Interestingly enough is the fact that the burgeoning fashion sector is well positioned and is eyeing hitting a staggering $106 billion industry size through the next five years.
One of the Indian fashion market's fastest-growing areas is the casual wear market, which has developed quite swiftly. The market has experienced fast growth in recent years, fueled by rising income levels, altering lifestyles, increasing degrees of casualization among MNC employees, creating start-ups, and entering foreign firms. Locally produced firms have also introduced fashionable casual wear products and changed their brand positioning to reflect current global fashion trends.
Growth drivers are the rising affordability of foreign fashion is driving the sales of casual clothing in India as simultaneously it is also gaining traction in more small municipalities in addition to Tier II and III cities. More often than not, trendier clothing lines, including casual attire, replace formal wear.
India's casual wear companies have demonstrated potential across all market segments, including premium, medium, and lower, and they are expanding outside the big metropolises' urban marketplaces.
Exploring Macro Trends
Power Business, General Business, and Business Casual are the three main subcategories of business attire. Despite being a more recent addition to formal business wear, business casual is no longer seen as a trend.
This category includes clothing for sports like tennis, racquetball, golf, rollerblading, running, and the gym. Most sports have specific attire that helps players perform well throughout that game. This category is more about a spectator's carefree expression than about participating in a sport.
