A new report from GlobalData says the economic uncertainty risen in the wake of the pandemic is driving consumers to seek value for money with Asia emerging as the new epicenter of the value apparel market by 2024. As per Business of Fashion, the APAC region will account for nearly 50 per cent of worldwide value apparel sales within the next years. Against this, Europe will account for 26 per cent, the Americas’ 22 per cent and the Middle East and Africa’s 3 per cent. Between 2019 and 2024, value apparel sales are set to grow worldwide by $42.2 billion.

While China will continue to be the largest apparel market in terms of sales by 2024 India will become the third largest and fastest growing value apparel market surpassing UK. In 2019, China was the largest value apparel market in terms of sales followed by the US and the UK.