Off-price retail shops offer value shopping by providing brand name and designer products at significantly discounted prices compared to typical department and specialty retail stores. Customers can find a wide variety of fashion apparel, home decor items, toys, and other general merchandise at low prices through off-price retailers. The ongoing economic uncertainty has compelled consumers to focus more on value and savings, increasing the popularity of off-price shopping at outlets like TJMaxx, Ross Stores, and Burlington. The global Off Price Retail Market is estimated to be valued at US$ 315.78 billion in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing trend of value shopping has accelerated the adoption of off-price retail business models. Customers prefer to shop at off-price stores that offer potential savings of 20-60% on brand name and designer products. Off-price retailers procure surplus inventory directly from manufacturers and brands, and pass on the savings to customers. Their unique sourcing approach has allowed them to attract more budget-conscious customers during the current high inflation environment. This increased popularity of value-focused shopping is a major driver propelling the off-price retail market growth over the forecast period.
Segment Analysis
The global off price retail market is dominated by apparel and footwear segment which holds more than 40% market share. Apparel and footwear is dominating the segment as off price retail channels provide wider variety of branded apparel and footwear at significant discounts compared to MSRP. Consumers get access to top brands at affordable prices which fuels the growth of this segment. Home decor segment is expected to witness fastest growth during the forecast period due to rising home furnishings and accessories spending coupled with availability of wide range of home decorative items at discounted prices through off price retail channels.
Key Takeaways
The global Off Price Retail Market Share is expected to witness high growth during the forecast period.
North America currently holds largest share in the off price retail market and is expected to maintain dominance during the forecast period due to well established off price retail channels and trends of frequent store visits by consumers to avail deals. Moreover, retailers are expanding presence through new store openings to cater growing demand in the region.
Key players operating in the off price retail market are Amphenol Sine Systems, Easter Company, Questex, and Stratacache. Amphenol Sine Systems provides digital experience solutions to enhance customer journey. Stratacache offers digital signage, omni-channel customer experience and loyalty solutions to transform retail operations. Key players are focusing on product portfolio expansion and partnerships with retailers to strengthen market presence.
For more insights, read- https://www.ukwebwire.com/off-price-retail-market-trends-size-and-share-analysis-2/
For more details on the report, Read- https://dailynewsmotion.weebly.com/report-blog/plant-based-meat-market-is-estimated-to-witness-high-growth-owing-to-opportunity
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