26-29 June 2024

"Niche Market" and their Role in Transforming Garment and Textile Industries in Thailand

"Niche Market" and their Role in Transforming Garment and Textile Industries in Thailand

   

 

 

        Nowadays, the market direction of garment and textile industries in Thailand has shifted dramatically. In the past, niche marketing did not receive much attention, unlike today where diversity and inclusion is the norm around the world. This has encouraged the rise of niche marketing like never before. Let’s find out why niche market has become such an upcoming trend we can’t ignore if you aim to succeed in this business.

 

        Niche marketing is the type of marketing that focuses on meeting specific consumer needs and preferences. More specifically, it is about custom made or made to order service that can reach the target group more directly. Niche marketing has become very popular as an opportunity for entrepreneurs to access their target groups while encountering less competitors. These markets include plus size consumers, silver and alpha generations, vegan consumers, or environmentally conscious consumers among others.

        According to Coresight Research, the global market value of apparel in 2022 had increased to US$325.8 billion, and one segment of this market was a niche market which included the plus size, the physically disabled and the silver generation. Many businesses have therefore taken a dip into these niche markets. For example, Stick Chicks, a brand of female lingerie which has made their products available for every body type as well as for disabled women. Another example is Universal Standard, an apparel brand that targets their consumers by using the Fashion Freedom concept. This means they produce garment for those in the mini size group which is approximately 10% of the total consumers in the USA, so it is a good-sized market for their business.

 

          In the case of Thailand, there are many leading Thai fashion brands serving the niche markets that have been recognized around the world. For example, the apparel brand Dry Clean Only is very popular among overseas buyers and has made impressive revenue. Their concept is to turn old clothes into new clothes by modifying ready-made clothes, use raw materials that have not gone through chemical processes or been dyed with industrial chemicals that pollute the environment, hence earning the brand the position of sustainability advocate. Another brand is Rubber Killer, an eco-friendly bag and accessory maker that focuses on using materials from used automotive tires. Their mission is to use raw materials in a cost-effective manner and create no waste, and the resulting products are both durable and of high quality. Evidently, these brands advocate the concept of environment consciousness which resonate well with modern consumers. 

 

 

Niche marketing has the advantage of fewer competitors with higher profits without the need for excessive price cuts or giveaways to achieve brand awareness. Therefore, businesses can devote their resources to developing products and services that are specific for their target groups and only need minimal marketing. This is more effective in strengthening customer loyalty because the targets are clearly defined. On the other hand, consumers would expect product quality that match what they pay for, so brands need to incorporate modern technologies, machinery and software to create products that would match those expectation. 

If you are interested in creating your own brands for niche markets, or are looking for comprehensive textile and garment innovations and technologies, then come explore multitude of ideas and inspirational concepts at GFT 2024 where you will find every machinery for embroidery, sewing, and digital fabric printing among many others as well as functional textile, accessories, software, and OEM subcontractors that could be the right match for you during 26-29 June 2024 at BITEC, Bangkok.

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