Retail business is now restrained worldwide due to the change of purchase habit of the customer. In such a difficult time, everyone is trying to save money from their daily spending.
Even then, one segment within the retail business is thriving. It is that part of your budget, where you will never be a cheapskate – expenditure for your children. As per the prediction of Global Industry Analysts (GIA), by 2024, children wear business will reach up to 339 billion USD. In 2017 it was, around 240 billion USD, according to Statista, the International Statistics portal. The growth everyone expecting here is enormous and robust for the coming years. On the other hand, the total garment export of Bangladesh is around 28 billion USD every year. So, the children wear market has enough space to ensure sustainable growth.
Presuming through the recent trends of the market, we can notice several traits that indicate the future. Scrape Hero, a famous data Company, reports that babies have the highest number of products in the market, followed by girls and boys. And the customers are never tired. According to the Cotton Council International (CCI), 56% of American parents, who has children of 1 to 5 years of age, enjoy shopping on their babies.
New comic characters and new Superhero movies are becoming more popular than ever before and influencing children to buy more licensed outfits and costumes. Most retail brands now have licensed line-ups, and garments of Bangladesh need to adapt themselves to their terms.
Mini-me series is going towards its peak in coming years. Parents want their living dolls to dress the same as themselves. They are more interested in sets that offer mom and her babies a similar outlook. More brands are now joining this trend. They are searching for manufacturers, who have the expertise to produce both – adult wear and children wear.
Grandparents also play a significant role in the Children wear market. For any grownup, only they buy their clothes. But for a child, not only their parents but at the same time, grandparents also buy dresses for them.
One of the main challenges for Bangladesh, to flourish in this range is the fashion accessory development. Children wear generally consists of especial tassels, customized zipper pullers, different kinds of patches, various types of metal buttons, especial sequins, highest quality printing materials etc. Most of them are imported items for Bangladesh. Proper sourcing in terms of third-party compliance, minimum order quantity and delivery lead time is a challenge.
Children wear also requires the highest level of product guarantees and some additional hazard-free certifications. These related to the chemicals and the health condition of the workers.
However, recent developments in big companies are bringing great expectations. Big brands are emphasizing to explore new ways to overcome these limitations. Within five years, Children wear specialists will be the most demanding advisers for the garment industry of Bangladesh.
Next Sourcing Services Ltd.