Global workwear market to reach US$29bn by 2015

The world market for workwear is expected to recover from the recent economic recession and gain momentum in the short to medium term period to reach US$29bn by the year 2015, according to new research.

Growth is likely to be driven by factors including a revival in end-use markets such as construction, healthcare and hospitality, increased acceptance of workwear rental services and product innovations.

According to ‘Workwear: A Global Strategic Business Report’ from Global Industry Analysts, the market faced difficult times over the last two years.

Recession induced cutback strategies in manufacturing units and corporate offices, such as reduction in existing number of employees, reduced intake of new employees, and clamp down on discretionary spends, meant several new orders for workwear were either cancelled or postponed.

A fall in employment levels had an especially severe impact on the demand for workwear.

And the decline in employee intake in construction, manufacturing, mining, and support industries was the most devastating trend for the industry, as use of workwear is almost a norm in such segments.

However, steady demand from hospitality sector and a revival in the construction industry are expected to boost future prospects of the workwear market in the coming years.

Although Europe and North America continue to be the largest regional markets for workwear, growth in the short to medium term period is at its robust best in emerging markets of Asia-Pacific, Middle East and Latin America, the research says.

Growth in the Asia-Pacific region mainly stems from developing nations such as China and India.

Related Posts

1. Global organic cotton sales defy recession
   Global retail sales of organic cotton apparel and home textile products defied...
2. Luxury market loses ‘aspirational’ consumer – research
   Despite a dramatic increase in consumer spending on luxury goods last year,...
3. Nike targets $27bn revenue by 2015
   World-leading sportswear company Nike is targeting revenues of $27bn by the end...
4. Luxury rebound cuts Q1 losses at Bluefly
     Online retailer Bluefly has been boosted by a revival in the...