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Winter Wear Market is Anticipated to Exceed CAGR of around 5.0% by 2031 | FMI

Winter Wear Market

The global winter wear market is anticipated to achieve a valuation of US$ 280.0 Bn in 2020 and expand at a CAGR of about 5.0% through 2031. Manufacturers are focusing their efforts on premiumizing their present winter wear brands to reduce the volatility of raw material costs, control the growth of the market’s volume, and fulfill the growing demand for premium brands.

The growth of the winter apparel market is mostly due to climate change. In front of warmer winters and record-breaking winter temperatures, many firms are looking to cutting-edge technologies to improve the quality and efficiency of their goods.

Sales through retail and online platforms are anticipated to rise as the weather cools. To address the rising demand for high-end men’s clothing that combines highly technical fabrications, style, and high performance throughout the winter, Gap Inc., for instance, launched the “Hill City” menswear brand in 2018.

Today’s youth are becoming more interested in outdoor pursuits including hiking, fishing, snowmobiling, and other winter sports. Consumers anticipate high-end, branded winter apparel to play or participate in winter sports.

According to Climate Central, America’s cold-weather leisure industry stands to gain significantly from milder winters. Low temperatures, a lot of snowfall, or both are necessary for sports like downhill skiing, ice fishing, and outdoor ice hockey. Wintertime leisure activities bring in billions of dollars for the US economy every year. Winter sports are also notable in terms of the cultural heritage of the nation.

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