DUBLIN, Sept. 1, 2023 /PRNewswire/ — The “Europe Online Fashion Market (Apparel and Footwear): Insights & Forecast with Potential Impact of COVID-19 (2023-2027)” report has been added to ResearchAndMarkets.com’s offering.
The Europe online fashion market is projected to reach a value of US$180.70 billion by 2027, growing at a Compound Annual Growth Rate (CAGR) of 10% during the period from 2023 to 2027.
The growth of the market is fueled by factors such as the increasing number of internet users, rising urban population, growing mobile web traffic, high adoption of e-commerce over traditional retail outlets, and a surge in social media users. However, the market’s growth may face challenges related to customer retention difficulties and concerns about environmental impact and human rights violations.
Key Growth Drivers:
- Rising Internet Users: The increasing number of internet users in Europe is contributing to the growth of the online fashion market.
- Mounting Urban Population: The urban population is on the rise, leading to greater demand for online fashion products.
- Increasing Mobile Web Traffic: The growth of mobile web traffic is boosting the online fashion market.
- Adopting E-commerce: Consumers are increasingly adopting e-commerce platforms over traditional retail stores for their fashion needs.
- Increasing Social Media Users: The growing number of social media users is playing a significant role in driving online fashion sales.
Market Trends & Developments:
- Personalization: The trend of personalizing shopping experiences is becoming prominent in the online fashion market.
- Multi-Channel Demands Immersion through Social Media: The integration of social media platforms is enhancing the immersive shopping experience.
- Technological Innovations: Ongoing technological advancements are shaping the way online fashion is consumed.
- Involvement of Artificial Intelligence: The integration of AI is influencing various aspects of the online fashion shopping journey.
- Difficult to Retain Customers: Customer retention poses a challenge due to intense competition and changing customer preferences.
- Environmental Impact & Human Rights Violations: Concerns about environmental sustainability and ethical business practices are challenging the market’s growth.
The Europe online fashion market can be segmented by type into two categories: apparel and footwear. In 2022, the apparel segment held the dominant share of the market, followed by footwear.
The market can also be segmented by region into North and Western Europe, Southern Europe, Central Europe, and Eastern Europe. In 2022, the largest share of the market was held by North and Western Europe, followed by Southern Europe, Central Europe, and Eastern Europe.
Central Europe Market Segmentation:
Within Central Europe, the online fashion market can be further segmented by country: Poland, Romania, Czechia, and Hungary. In 2022, the dominant share of the Central Europe online fashion market was held by Poland, followed by Czechia, Romania, and Hungary.
The report profiles key players in the Europe online fashion market, including:
Scope of the Report:
The report provides a comprehensive analysis of the Europe online fashion market, including the potential impact of COVID-19. It covers major regional markets, analyzes growth drivers, market trends, and challenges in depth. The report also presents detailed company profiles of leading players, offering insights into their strategies and operations.
Key Target Audience:
- Apparel and Footwear Manufacturers
- Raw Material Providers
- End Users (Consumers)
- Investment Banks
- Government Bodies & Regulating Authorities
For more information about this report visit https://www.researchandmarkets.com/r/a8m2qx
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Originally published at https://www.prnewswire.com/news-releases/style-goes-digital-europes-online-fashion-market-set-for-remarkable-growth-to-2027-301915996.html
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