As per ReportLinker, the global market for kidswear will reach $252.2 billion by the end of 2020. The market is projected to reach a revised size of $325.9 billion by 2027, growing at a CAGR of 3.7 percent over the analysis period 2020-2027. The US market is estimated to grow to $68 billion. In the infants and toddlers category, the US, Canada, Japan, Chile and Europe markets are likely to reach $51.4 billion this year. These markets are expected to grow to $68 billion by 2027.
A report from the Brookings Institute suggests paired with an economic recession, the public policy organization predicts the U.S. will see births decline by 300,000-to-500,000 next year. According to Cotton Incorporated’s September 2020 US Coronavirus Response Sruvey, majority of the US consumers have seen a decrease in their personal finances since before the pandemic Additionally, 36 percent say their emotional well-being has suffered with anxiety and depression feeling worse due to COVID. Around 63 percent of shoppers said buying clothes was not a priority for the, right now.
According to Statista, retail sales of apparel and clothing accessories increased 11 percent from August to September. However, brick and mortar stores suffered due to lack of demand and the shutdown. The Children’s Place plans to 200 stores in 2020 and another 100 next year. Similarly, Carter’s will close at least 200 stores, including OshKoshB’gosh, in the next couple of years. And even though Gap’s baby and kid categories accounted for nearly $4 billion in sales last year, the company plans to shutter 225 locations by 2024.
Around 43 per cent report shopping online more compared to mid-summer, according to the September Coronavirus Response Survey. Most shoppers made their purchases online as they believed it to be safer option than going to a physical store.
