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Childrenswear – Industry Analysis
The performance of the childrenswear market has been considerably more resilient than that of both the womenswear and menswear markets during the difficult economic climate. Children quickly outgrow clothes and therefore the purchase of new children’s clothing is a necessity, whereas adults can delay the purchase of new clothes for themselves.
The global childrenswear market had total revenues of $216.2bn in 2013, representing a compound annual growth rate (CAGR) of 5.5% between 2009 and 2013.
The Asia-Pacific and Middle East and African markets showed particularly strong growth, in comparison to Europe over this period, with CAGRs of 9.9% and 9.4%, respectively.
Difficult economic conditions stemming from the European Debt Crisis have resulted in poor market growth in recent years in Europe. In 2013 the European childrenswear market was worth $64.7bn. The market growth over this period varied greatly from country to country. For example, while the Italian and Spanish markets declined by 1.8% and 5.7%, respectively between 2009 and 2013 the UK market grew over by 2.5%.
The Asia-Pacific region is likely to be the main driver of growth going forward, particularly given the strong industry growth seen in recent years in China and India.
Furthermore, one rising player in the market in recent years has been the supermarkets and hypermarkets, who, because of their bulk buying power are able to capture an increasingly large section of the market that requires more budget items. This can also be partially attributed to the increase in retail tactics, which allow a supermarket to be considered by the consumer for clothes where previously the company would be mainly synonymous with food. Part of this success is due to the reduced brand awareness/importance in this market.
For more information on the childrenswear industry, explore our range of Childrenswear Industry Profiles