Winter wear in the US: Key market research findings
- Rise in online spending drives market growth
- Retailers are investing in advertising to gain market shares
- Key vendors – GAP, Macy’s, TJX, VF, and Walmart
Technavio’s market research analysts predict the winter wear market in the US to grow at a CAGR of around 3% between 2016 and 2020. The growth of the market is fueled by the rise in online spending among consumers in the US. An increase in the number of Internet users and the “buy it now” attitude of these users are contributing to this market’s growth. In addition, the time-saving aspects and ease of online shopping, along with the availability of a wide range of products available, are encouraging consumers to buy things online rather than a physical store. Thanksgiving and Black Friday are days that see the highest amount of online shopping.
The new market research report from Technavio presents a breakdown and analysis of the winter wear segments based on the product.
“The launch of new products plays a vital role in the growth of this market. Retailers in the market are advertising their apparel and footwear to spur increased demand. Nike, one of the largest apparel makers at a global level, is a pioneer in introducing innovative offerings in the market. The company introduced a new workout gear called Therma-Sphere Max, which is designed to be used in cold temperatures,” says Brijesh Kumar Choubey, Lead Analyst, Consumer & Retail, Technavio Research.
By 2020, the apparel segment will account for more than 82% of the overall market’s revenue to become the dominance shareholder in the winter wear market in the US. In the apparel category, jackets and coats are the top selling products. Some of the bestselling winter apparels include The North Face‘s Regulate jacket and Dynafit‘s Seraks jacket. In 2015, some of the top winter wear products for women included Zara‘s hooded checked wool cape, Saint Laurent‘s hooded cape, Romwe’s knitted black check coat, Topshop‘s textured check throw on coat, Topshop‘s fluffy wool check duster jacket, Stella McCartney‘s fonny coat, and Stella Jean Antonella’s wool-blend coat.
The key vendors in the market include GAP, Macy’s, TJX, VF, and Walmart. The winter wear market in the US is highly fragmented due to the presence of both international and regional vendors, and a growing number of private players. Competition in the market is likely to intensify further over the next five years, with several product launches, which in turn leads to price wars. Large players will opt for inorganic growth strategies including mergers and acquisitions.
A more detailed analysis is available in the Technavio report, Winter Wear Market in the US 2016-2020.
We can customize reports by other regions and specific segments upon request.
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