Technavio one of the leading market research company recently forecasted that the premium denim jeans market is forecast to grow at CAGR 8 per cent. The report gives an overview of the present market scenario along with a forecast on the prospect of premium denim jeans during 2016-2020. The study further calculated the market size considering the revenue generated from retail sales of premium denim jeans to individual customers globally. The report also gives insight to market segmentation as per end customers, various retail formats and geographical segmentation.
In a bid to promote sustainable clothing for better, secure future, manufacturers are striving hard to reduce the use of hazardous chemicals and also reduce greenhouse emissions. Elaborating on the effort by various brands Brijesh Kumar Choubey, lead analyst at Technavio for apparel and textile research points out , sustainable jeans are not only a concept for the developed nations but are also gaining prominence in developing countries, including India and China.The report primarily highlights three key factors that are contributing to the growth of global premium denim jeans market. Recycled jeans from plastic and other materials, rise in demand for stretch jeans and also increasing demand HNWI and a status symbol are the major factors that Technavio analysts discussed.
The Technavio report also delves into the market size and demand for stretch jeans. It suggests that manufacturers are replacing cotton with synthetic fibers for manufacturing denim jeans. Although the cost of product for stretch denim jean is 10-15 per cent higher than non-stretch denim, but consumer preference is in peak. The primary reasons behind growing demand for stretch jeans is that stretch fabric retains the shape and fit can be personalized even after frequent washes. Another benefit of stretch fibers is the apparel maintains its shape without bagging in the knee or other areas, which the consumers appreciate. While stretch was being used for women’s wear but today the trend is also evident in menswear.
The growing population of upper middle-class and high net worth individuals (HNWI) drives the luxury denim jeans market. According to Technavio, Asian countries exceeded North America as home to the largest HNWI population, with a rise to 4.69 million in 2014, an 8.5 per cent increase from a year earlier. China and Japan are the two emerging countries in global market, registering a double-digit growth in the HNWI population and ultra-HNWI wealth growth. These countries together accounted for nearly 60 per cent of the global HNWI population growth is fuelling growth of premium denim jeans market globally.