According to the report analysis, ‘Clothing & Footwear Retailing In Singapore, Market Shares, Summary And Forecasts To 2022’ states that some of the major companies which are currently functioning in this sector more actively for enhancing the quality and demand of the product which includes UNIQLO, qoo10, Takashimaya, OG, Tangs, DFS, H&M, Isetan, Bhg, Zara and several others. The clothing and footwear retailing market is split in Singapore on the basis of demand and the utilization of the product which includes apparel, accessories, menswear, womenswear, children wear, footwear, men’s footwear, children’s footwear, and women’s footwear. Furthermore, the Singapore retail market is anticipated to grow at a CAGR of 3.0% during the period 2017-2022. Retail clothing sector to encounter growth by an increase in the tourism and rise in wages. The rise in tourists and improvement in economy operated the segment sales in the recent past years. Moreover, new innovations and development in the country and the wide transformation in the lifestyle with the significant increase in disposable income, the clothing and footwear retailing in Singapore is rising more positively. In the modern era, clothing and footwear are prevailing more significantly and make the Singapore retail market more profitable. Moreover, increase in disposable income and present scenario of retail industry represent the effective growth in the retailing of clothing and footwear in the recent year. Furthermore, new innovations in the technology and urbanization or modernization in the youth are the growth operators of this market as the present youth is becoming more conscious of their clothing and footwear. Meanwhile, the income elasticity of demand is not persistent with respect to income, it may change the sign at dissimilar levels of earnings. The key players are making more attractive clothes and footwear which drive this market and increase the demand of the product as in the modern trend the expensive and branded clothing and footwear always signify a status of a customer.
The key players have set up e-commerce platforms for increasing their supply and to become an efficient player in the market whereas, this platform totally eliminates the earlier way of doing shopping and retailing for respective products. The online channels sales undermine sales of specialist retailers and the increasing adoption of this channel set to drive sales through 2022. Moreover, the development in the economy is set to operate category sales through 2022. In the modern era, the development in the recent trend the customer can buy assured product while sitting at home or any other place on a reasonable price as the key players innovate the technology by which the consumer can share their personal experience with the purchased product which results from effective growth to the clothing and footwear retailing in the near future. Whereas, the Uniqlo, the fastest fashion retailer, leads the market with a 4.4% market share in the recent past year and Qoo10 submitted the highest growth during 2016-2017 according to the reported study. Therefore, in the coming years with the effective working of the key player, the Singapore clothing and footwear market will grow more significantly over the decades.
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Ankur Gupta, Head Marketing & Communications