The fashion market is divided into segments based on price, production method, and distribution. The cost of a garment influences the level of exclusivity and accessibility. Understanding which segment your product would fit best will help you target your customers more effectively. Below are the main segments of the global fashion market:
The activewear industry was one of the largest casualwear sectors during the COVID-19 shutdown, which caused significant damage to the fashion industry. People wear comfortable clothes while working from home, exercising, or just lounging around. While consumers buy fashion to look good, they do not necessarily buy it because of its practical benefits. As a result, when a shutdown occurs, consumers avoid making purchases of fashion products and leave the fashion companies with a surplus of out-of-style products.
Consumers are increasingly demanding a higher level of social responsibility from fashion brands. Performing market research will help fashion brands meet the needs of these woke consumers, as well as help them shape messaging that targets these groups. Lastly, the fashion industry is constantly in a competitive battle to stay relevant and trendy. The trend of second-hand clothing is big, affecting retail sales. The Gen Z generation isn’t buying skinny jeans, millennials are scared away.
The fashion industry is becoming increasingly specialized and crowded. To be successful, it is important to segment the market based on these factors. A segmented market can help your brand stay in its lane and satisfy its customers. The more focused your target audience is, the easier it is to determine how to segment your products. As a result, you can drive sales and build brand loyalty. If you know who your customer is, you’re on your way to success.