Next year’s World Cup and the Olympics in 2016 are proving to be a boon for business in Brazil as demand for apparel and footwear in the South American nation has increased significantly.
According to a new report by Ken Research titled “Brazil Apparel and Footwear Market Outlook to 2017 – Women Apparel and Upcoming Sports Events to Drive Future Growth” analysts expect the apparel and footwear market to exceed $154,251.6 million USD by 2017.
The report also notes a trend toward adopting sports apparel and footwear as casual wear. “The interlinked designing methods and fashion trends in the country have been steadily dissolving the difference between sports apparel, fitness wear, casual and active wear, which has changed the buying behavior of the target audience, “ the report notes, adding that demand for apparel and footwear that provide strong performance and a stylish aesthetic is high.
The younger population has taken to the athletic gear as more and more sports celebrities take on product endorsements. Sales of football related apparel have been aggressive and revenue from the apparel and footwear sector are projected to see a “stupendous incline” during World Cup.
Sports aside, the apparel and footwear category has also gotten a boost from foreign brands becoming more prevalent, more product variety in the market and more women joining the work world. A general increase in personal disposable income and a rising population in Brazil have also added to the growth in this sector.
“While rising disposable incomes, soaring population and increase textile and cotton consumption will result in increased spending on apparel and footwear in Brazil, the growth of broadband will most likely change the distribution pattern of apparel and footwear in Brazil”, a Ken Research analyst said in a press release.
Internet sales are growing as access to broadband connections increases and are expected to continuously augment revenue in this market in the coming years.