The global winter wear market is always a lucrative one because as temperatures start to drop, sale of most apparel brands through its retail and online channels keeps rising. Not only the climate change needs a whole new wardrobe, but the festive season of Christmas in Europe, Thanksgiving in America and the wedding season in India among others also makes people splurge on occasion-specific garments during the winter months. c As per latest Future Market Insight study, the global winter wear market is projected to grow at a CAGR of around 5 per cent through 2031, surpassing a valuation of $280 billionin 2020. To reduce the volatility of raw material prices, restrain the rise of the market’s volume and satisfy rising demand for premium brands, manufacturers are limiting their efforts on premiumizing their winter wear brands.
When the temperatures start to drop, sales through retail and online channels are projected to grow. Gap, for example, introduced the ‘Hill City’ menswear brand in 2018 to meet increased demand for premium men’s gear that combines highly technical fabrications, style, and high performance throughout the winter months.
Focus on innovation for sports brands
Winter sports as a cold-weather recreation sector is a huge profit-making segment for many brands as the younger generation in their fitness journey and more disposable incomes expect trendy high branded winter wear. The European and the US economy earns billions of dollars each year from winter recreational sports such as hiking, fishing, snow skating, ice fishing and outdoor ice hockey which continue through the long months of low temperatures, and plenty of snowfall. Some of these sports are now catching on in some states of North India as well which has high mountains, although even the general winter clothing industry of thermals and sweaters does extremely well.
To cash in on the winter sports segment, some brands such as Oros Apparel in November 2018, had released Solarcore insulation, a space-based insulation material that makes one of the warmest winter jackets in the market. The company cleverly utilized aerogel material technology, which was originally designed for spacesuits for NASA astronauts into making smart winter wear gear for young people.
Wellness is the key focus this winter
With wellness being the main focus after Covid years, almost all age-groups are now participating in winter activities that includes games and fun in the snow which has increased the demand for a winter portfolio of woollies, jackets, shoes, gloves, socks and many other products. Just like long walks, trekking and picnics in the sun were the highlight in summer, bracing the cold with appropriate clothing while being active is the focus for all age-groups.
The study reveals, stakeholders are focusing on a variety of marketing methods, including celebrity endorsement, product premiumization, marketing campaigns, events, and developing digital presence to engage with customers directly. The market for winter clothing will probably expand faster in the near future as a result of these factors.
The study estimates, the market for winter wear’s jackets and coats accounts for a rather high value share. And throughout the projection period, the category is anticipated to maintain its dominance. In North America, the US is expected to have a significant share of 83 per cent of the market.
The two Covid years made consumer purchasing behavior of winter clothes more thoughtful rather than impulsive and made them suffer losses. However, there is always light at the end of the tunnel as this same pandemic has now increased the profits of winter wear brands as there has been a greater shift to the ease of online shopping along with a greater urge to be out in the snow this winter of 2022.
