Ø Online apparel sales are projected to grow at a CAGR of 14.4% between 2021-2027, showcasing the increasing preference for online shopping.
Ø Social media influencers have a significant impact on consumer behavior, with 75% of consumers admitting they are influenced by social media content when making a clothing purchase.
Ø Millennials and Gen Z consumers are driving the demand for sustainable and ethically produced clothing, leading to a rise in eco-friendly fashion brands.
Ø The income levels of individuals in emerging markets are on the rise, contributing to the growing disposable income available for clothing and apparel purchases.
Ø The Asia-Pacific region is the fastest-growing market for apparel and clothing, with countries like China and India leading the way in consumption and production.
Ø Global retail sales of clothing and apparel are expected to exceed USD 2.3 trillion by 2023, indicating a steady growth trajectory for the industry.
Ø In 2022, online apparel sales accounted for 29% of total clothing and apparel sales worldwide, with this figure expected to increase in the coming years.
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According to a new report by Univdatos, the Apparel and Clothing PLM Software Market is expected to reach USD 4.43 Billion in 2030 by growing at a CAGR of 12.08%. One of the primary drivers behind the increasing demand for fashion and apparel products is the rise of e-commerce. With the convenience of online shopping, consumers now have access to a vast array of fashion options from around the world at their fingertips. Furthermore, social media platforms have also played a crucial role in fuelling the demand for fashion and apparel products. Influencers and celebrities regularly showcase trendy outfits and styles to their followers, driving consumer interest and influencing purchasing decisions.
The report suggests that furthermore, growing demand for fashion and apparel products is one of the major factors driving the Fashion and Apparel PLM Software Market during the forthcoming years. Moreover, the growing demand for fashion and apparel products has also spurred an increased interest in fashion apparel Product Lifecycle Management (PLM) software in the markets. PLM software helps fashion companies streamline their product development processes, manage supply chains efficiently, and reduce time-to-market for new products. As companies strive to meet the demands of an ever-evolving fashion industry, the adoption of PLM software has become crucial for staying competitive.
The expanding demand for Reduction in Time to Market is Generating Maximum Traction for the Fashion and Apparel PLM Software in the Market.
The reduction in time to market application stands out as a critical factor for businesses in the fashion apparel industry. This is because the fashion industry is highly competitive, with trends changing rapidly and consumer preferences evolving constantly. As a result, companies need to innovate quickly and efficiently to stay ahead of the curve. Furthermore, the fashion industry operates on a seasonal basis, with companies releasing new collections multiple times a year. Quick turnaround times are crucial to ensure that products are available to consumers at the right time. Moreover, faster time to market can lead to cost savings for companies by reducing production lead times, minimizing inventory holding costs, and avoiding markdowns on out-of-season merchandise. By leveraging PLM software, businesses in the fashion apparel industry can streamline their design, development, and production processes, enabling them to bring new products to market more quickly and efficiently. PLM software provides a centralized platform for managing product data, collaboration, and workflow automation, helping companies reduce errors, improve communication, and accelerate time to market.
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Conclusion
In conclusion, the demand for fashion and apparel PLM software is on the rise, driven by the pressing need for automation, efficiency, and need for reduction in time to market for the product. As clothing and apparel demand continues to grow with the growing income and widespread adoption of e-commerce and social media usage, the market for Fashion and Apparel PLM Software is expected to grow further, catering to the evolving needs of the Textile and Garments Industry.
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