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Global apparel consumption pattern in for a change

Apparel consumption pattern is going through a drastic change worldwide. For instance, consumption is very high in the West. The per capita consumption in the US is 60-62 pieces a year, which includes everything from socks to suits. Achim Berg, McKinsey explains, “People are buying more pieces at lower prices. If apparel sourcing prices go up, big retailers are not able to mitigate that, we may see an increase in apparel prices and that may affect fast fashion and consumption patterns.”

There is proliferation in the market. In the luxury or upper mid market, it’s about quality and prices are not an issue. However, in Germany for example, the apparel discount segment that plays on price is very active. Elaborating on global sourcing trends, Berg says, “Europe and the US will continue to source the lion’s share from the Far East. We expect Africa and some points of Latin America to open up.” He further added, “In Germany, the apparel discount segment that plays on prices is very active. On the other hand, in the western world, cupboards are full. So when people buy something, it’s mainly for entertainment purpose. In countries like Africa, apparel still has a growing share of the wallet.”

 
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