Market Trends of Asia-Pacific Jeans Industry
This section covers the major market trends shaping the APAC Jeans Market according to our research experts:
Rising Inclination of Customers Towards Fashionable Clothing
Customers, especially millennials and Generation Z, are increasingly open to fashionable clothing and are willing to experiment with varied apparel owing to evolving fashion perceptions accompanied by increased disposable income and rising exposure to global fashion trends. According to a survey by UN Comtrade in 2021, China was the leading exporter of denim in the Asia-Pacific, with exports totaling a value of over 2174.21 million U.S. dollars.
The increase in socialization and growing exposure to branded apparel across various retail channels have influenced consumers buying decisions, and they are tempted to spend more on branded clothing, including jeans. In developing economies, the lifestyle of the customers substantially changed over the last decade with the impact of urbanization and digitalization. The middle-class population is now more open to spending on fashion wear and personal grooming. This trend is anticipated to drive the market's growth across key regions such as the Asia Pacific. Jeans are widely accepted casual wear, especially in combination with T-shirts among young adults and working professionals across major parts of the world. In response to consumer demand, major fashion brands are expanding their product offerings via differentiation in terms of the aesthetic features of jeans, such as color, size, fabric, and design.
Value-conscious customers seek quality and designs at economical prices, driving the development of new products in the market. Moreover, the constant increase in the working women population and redefinition of styling preferences to suit the evolving lifestyles are fostering the adoption of stretchable and comfortable fit jeans designs among working women. For instance, Levi Strauss & Co. reported that Levi's had major share in company's net sales which was 85.3% in 2021.
Online Retail Stores Holds A Prominent Share in the Market
With increasing digital adoption, e-commerce platforms and company websites have become the essential means of shopping. These online retail channels pave the way for new customer interactions while providing new growth opportunities for both single brand as well as multi-brand stores across the globe via the use of the internet.
The presence of numerous brand options, along with the convenience of purchase, is driving the growth of online retail stores in the global jeans market. Moreover, the benefit of the trial at home, followed by return and refund for apparel, including jeans, has enhanced the growth of this channel further, owing to the improved convenience associated with it. In addition, special offers and discounts like the Black Friday sale on Amazon, End of Reason Sale on Myntra, and other discounts offered by specific e-commerce websites of the brands increase the demand from customers, thereby driving the market further.
Some of the prominent players in the market include Marks & Spencer, Pepe Jeans, Van Heusen, and Rare Rabbit, among others. These players have their online platform, offering different varieties of jeans. These companies also have their product offerings listed on different e-commerce platforms like Amazon, Myntra, Shoppers Stop, Next Retail Ltd, Etsy Inc., and many others. The market witnesses different players partnering with third-party e-commerce platforms to expand their reach in the market. For instance, in March 2020, Flipkart's multi-brand online fashion retailer Myntra launched Italian motorbike manufacturer Ducati's clothing line on its e-commerce store. This strategy helped the company expand its menswear offering in India. The collection comprised of casual wear, denim, and eyewear for men.
