The global retail market is experiencing a heightened demand for consumable products, according to a new study released by Grand View Research Inc. That means personal care product sales, such as cosmetics, are expected to be key factors driving growth.
In addition, the growing demand for luxury products such as footwear, apparel and watches is expected to augment market growth further. “Major retail companies have been customizing consumer experiences in these areas to maximize product penetration,” the study found.
Here are growth predictions from some select merchandise categories detailed in the report:
The global athleisure market size was $358.07 billion in 2023 and is projected to grow at an annual rate of 9.3% from 2024 to 2030. “The growing enthusiasm for sports and outdoor recreational activities among the young population is expected to drive demand for such goods,” the report notes. “A key factor contributing to this trend is the increasing awareness of fitness and health, boosting the need for comfortable and stylish clothing.
The cashmere clothing market size was $2.8 billion last year globally and is expected to grow at an annual rate of 6.2% from 2024 to 2030. “Cashmere clothing has gained significant traction globally, becoming synonymous with luxury, comfort and style.”
The global cosmetics market size was $295.95 billion in 2023 and is expected to grow at an annual rate of 6.1% from 2024 to 2030. “One of the primary factors driving market expansion is the increasing awareness among consumers about enhancing their personal appearance.”
The luxury watch market size was $42.21 billion in 2022 globally and is expected to grow at a compound annual growth rate of 5.0% from 2023 to 2030. “The growing inclination to use luxury watches as a status sign amongst adults is an important factor driving the industry. New product launches by key players, such as Titan, Sonata and Rolex, are anticipated to have a positive impact on the industry’s growth.”
Click here for more from the Grand View Research study.