GlobalData's 'What will be important to apparel consumers in 2024' webinar will provide the latest data-backed analysis about top trends within the global apparel market, including apparel forecasts to 2028 with performance by channel and region.
The session, which takes place at 3pm BST/10am EST on Thursday 18 April, will explore how ongoing economic turbulence on a global scale will impact apparel spending.
The event will also examine consumer insights from GlobalData's exclusive survey across key global markets, including Germany, France, the UK, Italy, Spain, the US and China.
GlobalData's expert analysts will explain the key trends impacting the sector ranging from inflation, channel developments and purchase drivers to sportswear, ultra-fast fashion, sustainability and resale.
GlobalData's head of apparel Chloe Collins said: “The apparel industry is under huge pressure right now. Consumers are being choosier than ever as their finances continue to be hit by high inflation, affecting what styles they’re preferring, what product qualities are important to them and where they are shopping, both in terms of brands and channels.
"This webinar will help uncover some of these switches and help players in the industry better target shoppers and retain market share.”
A recent GlobalData consumer survey revealed concerns about sustainability and ethics within the fashion sector remain but affordability has become a greater focus for apparel consumers.
The survey, which was conducted across Germany, France, Spain, Italy, China and the US highlighted that apparel shoppers are prioritising sustainability and ethics far less than factors like price, quality and value for money, which is exacerbated by the ongoing economic crisis.
However, 60.2% of consumers still worry about the industry’s effect on the environment and 62.8% are avoiding buying fast fashion as a result, highlighting how brands and retailers must still focus on the environmental and ethical impact of their practises to maintain strong consumer perceptions.
The Resale Report, written for online fashion thrift store Thredup by GlobalData last month suggested the apparel's secondhand market could grow three times faster than the overall global fashion sector.
It explained the global secondhand apparel market will be worth $350bn by 2028 and will comprise 10% of the fashion market worldwide by 2025.
GlobalData retail analyst Neil Saunders told Just Style at the time: “One of the reasons secondhand is growing so rapidly is because the market is driven by a range of factors rather than one single factor.
“There is a value for money angle, which has become more important at a time of heavy inflation. There’s a sustainability angle, which makes many favourably predisposed to the circular economy, and there is an individuality angle where consumers value the uniqueness of the products available secondhand.”
