Market Navigator: US Apparel and Footwear Retailing—After the Bounce, What’s Next?

Published – March 2023

Each Market Navigator report offers an in-depth, data-rich view of a retail, consumer or technology sector and is packed with data on sectors, segments, companies and consumers. Our analysts discuss at greater length the sector themes they are observing and the insights they are forming on their markets. We intend these definitive guides to serve as points of reference to those in the retail ecosystem, guiding readers’ strategic decision-making and assisting them in tapping opportunities and navigating disruption in retail and adjacent industries.

We launch our Market Navigator series with this report on US apparel and footwear retailing, covering physical retail and e-commerce, with analysis of the menswear, womenswear and childrenswear segments.

We explore market growth factors, the competitive landscape, consumer survey analysis, themes we are watching, retail innovators in the space, and more. Key topics include inflation, sustainability, private label, M&A, the metaverse and retail media.

Data in this report include:

• US apparel and footwear market size and year-over-year change, 2018–2027E—plus growth and penetration of specialty retailers’ sales and the online sector
• Breakdown of apparel and footwear sales by segment, 2018–2022
• Estimated distribution of apparel and footwear sales by channel, 2018–2022
• Market sizes and growth for the menswear, womenswear and childrenswear segments, 2018–2027E
• Store numbers and store traffic metrics for leading retailers in the market
• Proprietary US consumer survey analysis—retailers, brands and categories that apparel and footwear shoppers have shopped in the past three months

Introduction

What We Think

• Value-Focused Consumers
• Shifts in Fashion Trends
• Altering Landscape of Apparel Sales Channels
• Outperformance in Luxury
• Elevated Inventories
• Driving Long-Term Loyalty
• Call for Retailers To Be Responsive, Engaging, Socially Responsible, Expansive and Tech-Enabled (RESET)

The US Apparel and Footwear Sector

• Market Scale and Opportunity
• Segment Breakdown
• Distribution Channels
• US Specialty Apparel Retail Sector: 2023 and Beyond
• Growth Analysis: Specialty Retailers’ Sales Versus Total Consumer Spending on Apparel and Footwear
• Online Market
• Market Factors
• Key Segments

Competitive Landscape

• All Retailers
• Specialty Retailers
• Brands and Brand Owners
• Store Numbers and Changes
• Store Traffic
• Private Label

Survey Analysis: Where Consumers Are Shopping Clothing or Apparel Accessories in the US and What Are They Buying

• By Retailer
• By Brand
• By Category

Survey Analysis: Where Consumers Are Shopping Footwear in the US and What Are They Buying

• By Retailer
• By Brand

Themes We Are Watching

• Responsive
• Engaging
• Socially Responsible
• Expansive
• Tech-Enabled

Macro Context

Retail Innovators

• Nillio
• Obsess
• Savitude

Blue-Sky Thinking

• Pet Apparel and Accessories
• Vegan Fashion
• Smart Apparel
• Apparel Customization

Notes

Methodology

Appendix

• About the Coresight Research RESET Framework
• Ranking Retailers by Store Numbers
• Company Profiles

123-page PDF report

Amazon, American Eagle Outfitters, Dick’s Sporting Goods, Foot Locker, Gap Inc., Macy’s, NIKE, Nillio, Obsess, Poshmark, Ralph Lauren, Savitude, Shein, Target, T.J. Maxx, Victoria’s Secret, Walmart, Zegna

1. US Apparel and Footwear Market Size (Left Axis; USD Bil.) and YoY Change (Right Axis; %)
2. US Apparel and Footwear: Nominal and Real Personal Consumption Expenditures (YoY % Change)
3. Breakdown of Apparel and Footwear Sales by Segment (USD Bil.)
4. US Estimated Distribution of Apparel and Footwear Sales (%)
5. US Specialty Apparel and Footwear Retailers’ Sales (Left Axis; USD Bil.) and YoY Change (Right Axis; %)
6. US: Specialty Apparel and Footwear Retailers’ Sales Versus Total Apparel and Footwear Consumer Spending (YoY % Change)
7. US Apparel and Footwear Online Sector Sales (Left Axis; USD Bil.) and YoY Change (Right Axis; %)
8. US Apparel and Footwear E-Commerce Penetration (Online Sector Sales as % of Total Sales)
9. Consumer Price Index in Apparel and Footwear, Food and Gasoline for All Urban Consumers (YoY % Change, Not Seasonally Adjusted)
10. Cotton Prices (Left Axis; USD per Pound) and YoY Change (Right Axis; %)
11. YoY Changes in Import Price Index by Commodity: Textile and Textile Articles (%, Not Seasonally Adjusted)
12. YoY Changes in Producer Price Index by Commodity: Textile Products and Apparel—Finished Cotton Broadwoven Fabrics (%, Not Seasonally Adjusted)
13. US Womenswear Market Size (Left Axis; USD Bil.) and YoY Change (Right Axis; %)
14. US Menswear Market Size (Left Axis; USD Bil.) and YoY Change (Right Axis; %)
15. US Childrenswear Market Size (Left Axis; USD Bil.) and YoY Change (Right Axis; %)
16. US Major Apparel and Footwear Sector Retailers’ Revenues, Ranked by 2021 Apparel and Footwear Revenue (USD Bil.)
17. US: Leading Specialty Apparel and Footwear Retailers, Ranked by Revenue (USD Bil.)
18. Leading US Specialty Apparel and Footwear Retailers: Total Global Operating Margins* (%)
19. Key Comparable Metrics of Selected US Apparel Specialty Retailers (Ordered by 2022 TM Revenue)
20. Major Apparel and Footwear Market Brands’ and Brand Owners’ US Revenues (USD Bil.)
21. Key Comparable Metrics of Selected US Apparel and Footwear Brands and Brand Owners (Ordered Alphabetically)
22. US: Major Apparel and Footwear Retailers’ Store Numbers, Ranked by Number of Stores in 2023
23. US Major Apparel and Footwear Retailers’ Store Traffic, 2022: YoY % Change (Ordered by 2022 Estimated Revenues)
24. Selected US Apparel and Footwear Retailers’ Private Labels
25. US Apparel Shoppers: Retailers from Which They Have Purchased Clothing or Apparel Accessories in the Past Three Months (% of Respondents)
26. US Apparel Shoppers: Brands from Which They Have Purchased Clothing or Apparel Accessories in the Past Three Months (% of Respondents)
27. US Apparel Shoppers: Clothing or Apparel Accessories Categories They Have Purchased in the Past Three Months (% of Respondents)
28. US Footwear Shoppers: Retailers from Which They Have Purchased Footwear in the Past Three Months (% of Respondents)
29. US Footwear Shoppers: Brands from Which They Have Purchased Footwear in the Past Three Months (% of Respondents)
30. US Footwear Shoppers: Footwear Categories They Have Purchased in the Past Three Months (% of Respondents)
31. Selected US Apparel Companies’ Latest-Quarter Inventory Values (YoY % Change) and Commentaries on Supply Chain
32. Completed M&A Transactions in the US Apparel, Footwear and Accessories Sector: Value (Left Axis; USD Bil.) and Total Number of Deals (Right Axis)
33. Completed M&A Transactions in the US Apparel, Footwear and Accessories Sector, 2022*
34. The EnCORE Framework
35. Selected Apparel and Footwear Brand Owners That Are Offering Engaging Customer Experience Through Metaverse
36. US: Key Macro Parameters Related to Retail
37. US Unemployment Rate: Monthly Basis and Yearly Average (%)
38. US Savings Rate (%)
39. US Real Personal Disposable Income Growth (YoY and MoM, %)
40. US Real and Nominal Consumer Spending Growth (YoY % Change)
41. US Gasoline Prices (USD per Gallon)