Apparel - Singapore

Singapore

In 2024, the revenue in the Apparel market in Singapore amounted to US$2.68bn.
It is predicted that the market will experience an annual growth rate of 3.22% from 2024 to 2029 (CAGR 2024-2029).
The largest segment of the market is Women's Apparel, with a market volume of US$1.40bn in 2024.
When compared globally, in the United States generates the highest revenue in the Apparel market, reaching US$359bn in 2024.
Considering the total population figures, the per person revenue in Singapore's Apparel market is projected to be US$443.20 in 2024.
By 2029, the volume in the Apparel market is expected to reach 240.6m pieces units.
However, there is a slight decline of -1.5% in volume growth predicted for 2025.
The average volume per person in the Apparel market is estimated to be 42.9pieces units in 2024.
In 2024, 77% of sales in the Apparel market in Singapore will be attributed to Non-Luxury.
"Singapore's apparel market is witnessing a surge in demand for sustainable and eco-friendly clothing options, driven by the country's growing awareness of environmental issues."

Key regions: United States, Philippines, India, Europe, Germany

Definition:

The Apparel market includes clothing that is produced for private end customers and is broken down into the following product lines: Women’s Apparel, Men’s Apparel, and Children’s Apparel. Work clothes as well as other personal accessories, such as watches and jewelry, handbags, and similar items, that do not count as actual articles of clothing are not included.

Structure:

The market is divided into three main categories:

The Women’s Apparel market, which encompasses clothes for women and is further divided into the following categories: Coats & Jackets, Blazers, Suits & Ensembles, Dresses & Skirts, Trousers, Shirts & Blouses, Jerseys, Sweatshirts & Pullovers, Sports & Swimwear (Performance Apparel, Sports-Inspired Apparel, Swimwear), Night & Underwear, T-Shirts, Tights & Leggings, Socks, Clothing Accessories & Other Clothes (Gloves, Shawls & Scarves, Belts, Hats & Caps, Leather Clothes, Felt and Fur & Other Clothes).
The Men’s Apparel market, which encompasses clothes for men and is further divided into the following categories: Coats & Jackets, Blazers, Suits, Trousers, Shirts, Jerseys, Sweatshirts & Pullovers, Sports & Swimwear (Performance Apparel, Sports-Inspired Apparel, Swimwear), Night & Underwear, T-Shirts, Socks, Clothing Accessories & Other Clothes (Gloves, Shawls & Scarves, Belts, Hats & Caps, Ties & Bow Ties, Leather Clothes, Felt and Fur & Other Clothes).
The Children’s Apparel market, which encompasses clothes for boys and girls up to the age of 14 and is then further divided into the following categories: Coats & Jackets, Blazers, Suits & Ensembles, Dresses & Skirts, Trousers, Shirts & Blouses, Jerseys, Sweatshirts & Pullovers, Sports & Swimwear (Sportswear, Swimwear), Night & Underwear, T-Shirts, Tights & Leggings, Socks, Baby Clothes, Clothing Accessories & Other Clothes (Gloves, Shawls & Scarves, Belts, Hats & Caps, Ties & Bow Ties, Leather Clothes, Felt and Fur & Other Clothes).

Additional Information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit, luxury revenue share, secondhand apparel share, sustainable apparel share, and sales channels. The distribution channels can be divided into stationary suppliers of multi-label products (e.g., department stores and traditional specialist shops), vertically integrated textile chains (e.g., H&M and Primark), eCommerce, and ordering by catalog. Furthermore, some fashion brands seek direct contact with their customers through single-label stores.

There are numerous small, middle-sized, and big brands that operate successfully at a national or regional level. Key players in the market include Nike, ZARA, H&M, and Uniqlo.

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Market

Region

Region comparison

Currency

Analyst Opinion

While Greater China almost overtakes the U.S. as largest fashion market in the world, key economic indicators create a more cautious mood for the global fashion industry potentially slowing down by 2020. For companies it is crucial to prepare plans to address a possible transformation of global value chains emerging by new opportunities from global consumer spending shifting towards emerging economies as well as trade tensions and uncertainties. A leverage point could be to take a strong position on social and environmental issues, as this is very much demanded by the younger generation.

Methodology

Data coverage:

Data encompasses B2C enterprises. Figures are based on the consumer spending on clothing which comprises women, men, and children segments that are produced for private end customers for both offline retail (department stores, traditional specialist shops) and online retail (e-commerce, ordering by catalog).

Modeling approach / Market size:

Market sizes are determined by a combined Top-Down and Bottom-Up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use resources from the Statista platform, national statistics, industry research, market data from independent databases and third-party sources, historical developments, current trends, reported performance indicators from the key market players, and Statista interviews with market experts. Next we use relevant key market indicators and data from country-specific associations such as GDP, consumer spending, consumer price index and population. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, the exponential trend smoothing illustrates suited forecasting for the Apparel market with projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional Notes :

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level.