According to new research released by IbisWorld, some Australian retailers are set to cash in on increased demand for specialty products. The report suggests that some niche clothing retail sectors have outperformed the wider retail industry over the last 5 years, with this trend set to continue into the short and medium term future.
Here’s some key findings from the report:
- Fast Fashion is the strongest growing niche market in Australia, with a 10.1% annualised growth in the last five years.
- The fast fashion industry is expected to hit $2.16 billion by 2019-20.
- Luxuries retailers grew by 9.8% in the last five years and are looking at 8.5% growth in the future to reach $2.35 billion by 2019-20.
- Other key growth sectors include fitness and athletic clothing (grown by 5.2% annually), maternity wear clothing (5.4%), plus-size clothing (3.7%) and bridal clothing and accessories (1.6%).
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Aaron Blackman is the CEO of Retail Express. Follow Aaron on Google+