Streetwear Manufacturers USA – What we learned from our market research
Streetwear has emerged as a powerful and impactful trend in the fashion and retail industries in recent times. This trend encompasses the creation, marketing, purchase, and even reselling of casual clothing, utilizing methods that sidestep conventional retail avenues.
Background on the Market for Streetwear Manufacturers USA
Brands often leverage social media platforms to mobilize their customers to be among the first to purchase products, which are exclusively available either in-store or online. The limited-time opportunity to acquire these items fosters a strong and almost fanatical bond between the streetwear brands and their clientele.
Streetwear’s progression from a captivating fashion trend rooted in the counter-cultures of the ’80s and ’90s to a multi-billion dollar retail sector has been quite impressive. The global streetwear market is estimated to be valued at around $185 billion in sales, accounting for approximately 10% of the entire worldwide apparel and footwear market, according to some projections.
The influence of streetwear, both on retail culture and in terms of financial magnitude, has piqued the interest of some of the most renowned, long-established brands in the retail, luxury goods sectors, and broader fashion industry. Participants in the streetwear space hail from diverse corners of the fashion world. Some are true streetwear brands, while sportswear companies are expanding their traditional range of sports gear to include an increasingly large portfolio of cool, stylish sneakers and hoodies. Likewise, high-end luxury brands are also making strides to secure a substantial foothold in the streetwear marketplace.
Recently, Strategy& collaborated with Hypebeast, a leading digital platform dedicated to men’s contemporary fashion and streetwear, to conduct two surveys aimed at determining the best strategies for fashion brands to succeed in the streetwear industry. One survey included over 40,000 global consumers, and the other involved around 700 industry professionals. The findings revealed:
Streetwear’s primary consumer in the U.S.A.
base is youthful, with over 60% of surveyed consumers being under the age of 25.
– The demographic is not particularly affluent: roughly 70% of respondents claimed an annual income of $40,000 or less.
– However, they are willing to invest in their preferred brands: 56% reported spending between $100-$300 on a single item. Asian consumers tended to spend more, with 32% of Japanese participants spending an average of $500 or more on a single product.
– They establish direct connections with brands both offline and online: 53% are most likely to purchase streetwear products in the brand’s physical store; 42% from the brand’s website.
– Social media is their main source of influence (84%), followed by their young, urban peers.
– Successful brands have strong ties to the cultural origins of streetwear: in our survey, musicians had the most credibility among consumers (65%), significantly ahead of social-media influencers (32%).
– Streetwear’s young devotees perceive themselves as socially conscious, a sentiment that is becoming more widespread among consumers: 70% expressed that social awareness and brand activism were significant to them, while 29% of PwC’s GCIS participants responded they favor brands that support sustainable practices.
Our Unique Conclusion – Valuable inter for best clothing manufacturers
Despite potential uncertainties in the retail industry due to a worldwide economic downturn, data indicates that growth projections for streetwear remain strong. A significant 76% of industry respondents in our survey anticipate the market to substantially expand over the upcoming five years.