“When it comes to children, nothing but the best will do!” Holding true to this saying, parents are increasingly spending more on dressing up their children than ever before, giving boost to the kidswear category even in a slow market. Analysts at TechNavio , a UK-based market research and consultancy company forecast that the children’s wear market will grow at a CAGR of 6.2 per cent from 2013-2018, taking the market to a value of US $ 291.5 billion by the end of 2018.
One of the key factors contributing to the market growth in kidswear is the increasing consumer spending on fashion clothing with demand for luxury children’s wear rising in developed economies. Factors such as a rapidly increasing birth rate, parents having children later in life, financially sound and a number of baby-boomer grandparents with more disposable incomes than any point in history have given impetus to rising demand for children’s wear and more at the designer-end of the spectrum. Looking at the growth of the fashion industry, and the children’s wear market in particular, it is apparent that kidswear is getting a designer boost as mini fashion labels continue to emerge from already established adult fashion brands.
Without a question, the internet with its fascination for images of celebrity kids seems to be fuelling demand for designer kidswear. From North West’s scaled-down Givenchy biker jacket and matching leather drainpipes to Harper Beckham cloning her mother Victoria in a pencil skirt, the rich and famous children are influencing children’s wear choices. Giving further impetus is Price George, as everything he has worn – the Start-Ride shoes, the Cath Kidston tank top, the Petit Bateau dungarees and the Rachel Riley shorts – have been sold out within 48 hours, prompting Forbes to name him ‘the world’s most influential toddler’. Since these young celebrities – North, Harper, Suri, Blue Ivy and Prince George are followed rigorously on Instagram, fashionable mothers are bee lining to dress up their kids similar to them. Estelle Lee, Editor-in-Chief of Smallish asserts, “It’s not a new phenomenon for women to want their kids to look well turned-out, but it’s the fresh attitude of the fashion industry that has adapted to make children a prime area for growth as society becomes more child-centric. Whether it’s clothes, parties, after-school activities or education, it’s vital for parents to invest in their kids.”
The UK children’s wear market is worth £ 5.6 billion, according to Euromonitor, with a retail value estimated to rise to £ 5.9 billion by 2017.
According to Verdic Sector Report, the rising population of tweenage children will drive children’s wear spend in the next five years, up 15.5 per cent between 2014 and 2019.
Global Industry Analysts Inc. (GIA), a US-based market research company projects the market for children’s wear to reach US $ 156.8 billion by the end of this year (2015).
Though Baby Dior was ahead of the curve in offering children’s wear, followed by Ralph Lauren but lately many other fashion designers have joined the club such as Little March Jacobs, Stella McCartney Kids, Lanvin, Marni, Gucci, Fendi Kids and Dolce & Gabanna. According to Joanne Oakes, a freelance children’s wear designer for over two decades, “Kidswear clothing is starting to be much more adult-looking, following the adult trends. However, for some of the independent brands, this may not be the case – well, the ones I design for anyway – as there are people who still want their kids to look like kids.” Significantly, many retailers are showcasing profits in this category. UK-based Caramel Baby & Child has seen sales increase by 20 per cent for the past three years, while luxury online retailers Alex and Alexa, which sells labels including Dior, Fendi, Burberry and Ralph Lauren, are thriving. Further, Net-a-Porter has registered the domain name Petite-a-Porter and Harrods has recently expanded its children’s wear department to 66,000 sq. ft. Still, the biggest player amongst them is Burberry, which reported £ 79 million in revenue from children’s wear for the fiscal year 2013-14, which is around 4 per cent of the company’s total revenue.
Today, the booming billion-dollar kidswear industry is attracting designers such as Preen, Isabel Marant, Kenzo and Roksanda Ilincic into its fold with profitable results. Many retailers have similar collections for both children and adults such as Preen. “We use the exact same prints for Preen Mini as we do for the adult’s Preen collection, but with smaller proportions! We strive for everything to have a relaxed feel, while making it stand alone with modern distinctive style,” claims Thornton and Bregazzi of Preen.
The growing market has created a platform for events such as Pitti Bimbo, the children’s wear trade show in Florence and the Global kids fashion week, which showcased collections by Paul Smith Junior, Little Marc Jacobs and Junior Gaultier. Though kids fashion tends to be cute, fun and colourful apart from being profitable, this burgeoning market has incredible scope for creativity but controversy continues to follow. Experts claim that children should have the right to live their age rather than be donned in expensive clothing and the fact that the kids grow up to know designer names before their school time tables is frightening. Nonetheless, the increasing influence of celebrity kids along with higher disposable incomes is boosting the designer children’s wear market.
