The study, "Tomorrow’s apparel industry: products, markets, and processes – forecasts to 2016," calculates the total market value at retail prices has fallen to US$755bn this year, from $769bn in 2007.
North America comprises around 21% of the current value, with Western Europe 24%, according to the research.
However, both market shares were diminished by 2008's banking crisis and the resultant downturn.
The report also found that women’s outerwear was the category with highest global market value, followed by men's wear, women’s underwear, children's wear and sportswear respectively.
The 'Tomorrow’s apparel industry' report also includes information on future merchandise trends; market and distribution evolution; the supply chain; future sourcing and production; political and government influences; ethics, Fairtrade and CSR, and technology and systems.
According to just-style, this report is a think piece about the future of the apparel industry. It is intended to encourage apparel industry executives to consider what is going to shape future products, markets and processes in the apparel industry.
MEANWHILE, experts at Verdict Retail Research has announced that the global department store market shrank by 4% in 2009 (to $343.0bn), pulled down by falls of over 6% in two of the three core regions – North America and Europe. However, department stores in China, India, Indonesia and Vietnam remain in a strong position. In its latest report on Global Department Store Retailing, Verdict reported that while consumers in North America and Europe are reducing non-essential expenditure, they are switching to more value-orientated retailers in reaction to the rising tide of unemployment, smaller bonus payments and falling asset prices. North America's global turnover has slipped from 40.8 per cent to 35.9 per cent as stores have lost ground to superstores, secialist retailers and online only players.