Global jeans market set to grow to $60 billion by 2023
A new report predicts that the world jeans retail market will hit $60.09 billion by the year 2023, with particularly strong growth expected in developing markets.
According to the report, produced by apparel sourcing publisher just-style.com, this increase is equal to over 2 billion pairs of jeans sold. The publisher anticipates that the jeans retail market will grow by 4.9 percent in the next five years, building from this year's appraisal of $57.30 billion.
The USA is predicted to maintain its position as the largest jeans market globally, with China following in second place. Of marked importance to the latter's growth, the report found that nearly half of China's jeans production stays inside the country, marking a significant increase from data collected five years prior. The research site further estimated that around 22 percent of the jeans manufactured in China are traded outside of traditional retail markets "in exchange for goods or services rather than currency."
Despite heavy-hitting numbers from the US and China, the report found that the fastest growing markets are to be found elsewhere. Just-style.com data showed that South America is in the lead with a 12.1 percent growth rate, while "the rest of the world (all markets excluding North America, Europe, Turkey, Asia and South America)" is set to increase in value by 19.7 percent during the period.
In a press release, the report's author said that the global jeans market benefits from its unique position as a category that has surpassed trends, allowing consumers to buy any jean style they prefer without "being out of step with fashion."
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