The latest Globaldata report says consumer spending in Germany has been hit by inflation and is expected to be slow in 2024, as consumers focus on sustainable fashion trends and opt for secondhand and capsule wardrobes.
According to ‘The Apparel Market in Germany to 2028‘ report, the German apparel market surpassed past pre-pandemic levels in 2023, growing 4.1% year-on-year to €77.6bn ($85.68bn).
However, persistently high inflation limited potential, as consumers cut back on non-essential spending. Growth was primarily price-driven, with volumes only growing 0.4%, remaining 3.5% below 2019 levels.
The report expects total growth to be slightly softer in 2024 compared to 2023, at 3.2%, though volumes will perform better, growing by 1.1%, as inflation softens.
Moreover, growth in the German market is forecasted to remain subdued until 2028, as consumers continue to move towards secondhand and consider their purchases more carefully, increasingly preferring long-lasting capsule wardrobe pieces.
Between 2023 and 2028, the market is forecast to grow at a CAGR of 2.4%, reaching €87.3bn by 2028. Volumes are expected to return to pre-pandemic levels by 2028.
Source from Just Style
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