Introduction of New Designs in Denim Market Keeping Customers Interested
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The global denim market is predicted to generate a revenue of $79.2 billion in 2023, increasing from $56.1 billion in 2017, progressing at a 5.8% CAGR during the forecast period (2018–2023), as per a research conducted by P&S Intelligence. The worldwide growth in the e-commerce industry and transformation of the Asian retail clothing industry are the major driving factors of the market. In terms of segment, the market is divided into premium, standard, and mass market.
Among all these, the premium division is expected to register the highest CAGR during the forecast period, owing to rapid westernization, increasing number of high-net-worth individuals, and growing upper-middle-class population around the world. On the basis of consumer type, the market is classified into children, men, and women, out of which, the men classification dominated the market in 2017. Men are creating increasing demand for casual and rugged-material clothing. They wear denim clothing for several purposes, including everyday life, parties, and work.