Apparel is a consistently popular holiday gift, and global consultancy Deloitte expects that it will account for 50% of all presents exchanged this season. The firm’s 2016 Holiday Survey results also indicates that respondents expect to spend $96 each on non-gift clothing for themselves or their families. Since one of 2016’s favorite fashion stories has been the resurgence of premium denim, it’s not unreasonable to assume that a fair chunk of that spend will go towards jeanswear.
The worldwide denim market was worth $58 billion in 2014 according to research analysts at Technavio, and North Americans are denim’s most voracious consumers. That’s not particularly surprising, given that riveted jeans were born in California. What’s new is that premium denim is coming back: Technavio said it accounts for 26% of the market, with companies such as Gap, LVMH, Levi Strauss, Citizens of Humanity, VF, Differential Brands, and Naked and Famous Denim all spearheading upstart boutique lines to grab a piece of the market share. That market is growing, too. Technavio further predicted premium denim will see a compound annual growth rate (CAGR) of more than 8% between 2016 and 2020.
Read more at Retail Dive.