Sink or swim: the swimwear market to 2014
What is the likely impact of the slowdown in consumer spending on sales of discretionary products like swimwear? This is one of the issues covered in a new report on the global swimwear and beachwear market, which also looks at technology, fit and styling, and competition between private-label retailers and brands.
The fall-out from the global credit crunch is likely to have an adverse effect on the clothing industry for some time.
Overall, it could lower world swimwear growth between 2008 and 2014 from 5.32% to 1.69% and leave the world market at retail worth US$13.25bn rather than US13.85bn, according to a new report from just-style.
This worst-case scenario, the report says, is likely to lead to a "considerable reduction in the exceptionally large number" of swimwear brands that exist today.
Retail market in 2008
In its 'Global market review of swimwear and beachwear - forecasts to 2014' (2009 edition), just-style estimates the retail market for swimwear and beachwear in 2008 is worth US$13.15bn - a 2.1% rise on the market's value of US$12.88bn in 2006.
Within this, women's swimwear represents 70% of the world total value, followed by men's swimwear (17%), girls' swimwear (10%), and boys' swimwear (4%).
Unit sales for 2008 are up 1.4% to 1,058m pieces. Europe and Japan/Korea have seen volume declines, while volume growth in the rest of the world averages a modest 2.8%.
Overall, just-style estimates that the average world retail price for swimwear and beachwear in 2008 is US$12.43. This is only marginally up from the 2006 figure of US$12.35.
While the swimwear market in total continues to face a world of no overall price inflation, the clothing industry is facing unprecedentedly high fuel costs and transport charges; volatile exchange rates; and labour shortages in low-cost economies such as China and India.
The future market
Following the Beijing Olympics last year, the next major event for swimwear will be the London Olympics in 2012.
By then, the retail market for swimwear and beachwear is forecast by just-style at US$13.51bn - representing growth of 2.7% over a four-year period.
Unit sales for 2012 will be 1,099m pieces, a growth of 41m units from 2008. New demand will be outside Europe, Japan and Korea.
just-style estimates that the average world retail price for swimwear and beachwear in 2012 will be US$12.29. The most expensive parts of the developed world will continue to be Japan and Western Europe.
This sluggish growth forecast is blamed on the current uncertain economic situation, long-term population stagnation, and the shift in branded manufacturing to lower-cost countries.
In the developed world, brands account for between 60% and 70% of the value of the market, and between 38% and 43% of the units.
Although, own-label and anonymous units account for three quarters of the pieces sold in the world, it is the variety of brands that exist, especially in Western Europe that contribute to the continuing diversity of the swimwear market.
Sales through private-label retailers are dominated by a relatively few generalist or lingerie/swimwear specialist businesses, such as Victoria's Secret in the US and Marks & Spencer in the UK.
The market and product future
The report also notes that:
• Swimwear fashion in the Western world will be driven by the acceptance of swimming as a relaxing pastime for an ageing population;
• Among the younger age group, swimwear will be worn away from the sea and the pool;
• Figure supporting and enhancing fabrics will encourage older women to wear swimwear;
• Western swimwear habits will take hold in the developing world;
• Internet sales growth will outstrip that of traditional retailing;
• The London Olympics will create a swimwear market 'splash' in 2012, as an antidote to the gloom and doom forecast for 2009-2010.
Global market review of swimwear and beachwear – forecasts to 2014
just-style believes that this report provides the most-up-to-date and rounded information available on the swimwear and beachwear markets worldwide. This latest global market review fully quantifies t...read more
Value fashion retailer New Look has taken the opportunity to cash in on affordable fashion during the recession. The company's chairman and former CEO Phil Wrigley explains how in the second part of h...
What is the likely impact of the slowdown in consumer spending on sales of discretionary products like swimwear? This is one of the issues covered in a new report on the global swimwear and beachwear ...
The news of a shareholder revolt against M&S CEO and chairman Stuart Rose at yesterday's AGM has garnered an extraordinary amount of press coverage here in the UK. That it did reflects both the exalte...
Discount clothing retailer Primark, has hired Julian Kilmartin, a former director at Marks & Spencer, as the new buying and merchandising director for its UK, Ireland and international operations....
Stuart Rose's authority as Marks & Spencer's executive chairman is diminishing fast....
Marks and Spencer has come under fresh attack over its continued insistence that the powers of chief executive and chairman are combined under Sir Stuart Rose as executive chairman....
Retailer Marks & Spencer is cutting the price of clothing in its stores across the Republic of Ireland by around 10% in a bid to lure more shoppers into its stores....
- Why should brands care about China cotton?
- New Gap CEO set to tackle “aesthetic issue”
- Low labour cost countries linked to highest risks
- China cotton: implications and opportunities
- Falling euro adds to Bangladesh production woes
- M&S Asia head quits as China stores to close
- Gap names new design head amid mixed Q4
- JC Penney share price falls on Q4 loss
- Pay rise mulled for Sri Lanka garment workers
- Delta Galil open to M&A as profit grows
- Myanmar's Garment Sector - Opportunities & Challenges in 2015
- Apparel Retail: Top 5 Emerging Markets Industry Guide
- Outdoor performance apparel: peaks, valleys, and green fields
- Management briefing: Outlook 2015: Apparel industry issues in the year ahead
- Global market review of swimwear - forecasts to 2019