US Winter Wear Market to witness staggering revenue growth of USD 14.31 Bn through 2023-2027
US Winter Wear Market is a billion-dollar market in making with a humongous revenue growth of USD 14.31 Bn. It is estimated the market will witness growth at a CAGR of 2.85% from 2023 to 2027. Rising usage of Retail Channels by consumers followed by the increasing popularity of digital payment systems, demand for premium-quality winter wear, and an increase in online spending and sales has worked as the catalyst in the ballooning of the Winter Wear Market in the region.
The market can be segmented by product (apparel and footwear) and retail channel (specialty stores, mass merchandisers, and online retailing). Technavio has been monitoring the growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking.
US Winter Wear Market Analysis
Navigating through the growth drivers of the US Winter Wear Market: Rising popularity of digital payment systems to propel market advancement during the forecast period.
The ease of access to a wide range of merchandise, online payment options, online tracking of shipments, 24/7 customer support, larger internet reach, and cost-effectiveness of the products have increased the demand for online shopping among consumers. Therefore growing penetration of the digital payment system in the apparel retail sector, including outdoor apparel, is estimated to drive the market growth.
Quick Info: Digital payment services allow consumers to make payments at the point of sale through a mobile device where transactions can be completed in a few steps on the phone. Digital payment applications are being used innovatively to improve the consumer experience.
Core Companies of the US Winter Wear Market: When it comes to the core companies retailers themselves advertise their winter apparel to generate demand followed by new product launches as per market trends.
Brands like Nike, one of the largest apparel makers at a global level, is also a pioneer in introducing innovative offerings in the market. It introduced a new workout gear called Therma-Sphere Max that is designed to be used in cold temperatures.
Some of the leading names in the market sphere are American Eagle Outfitters Inc.,Backcountry.com LLC, Best Buy Co. Inc., Boohoo Group Plc, CustomInk LLC, Dillards Inc., Gap Inc., Groupon Inc., H & M Hennes & Mauritz GBC AB, Industria de Diseno Textil SA, Kohls Corp., Macy's Inc., Nordstrom Inc., etc which come with wide range of offerings for the consumers.
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