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50+ Fashion Industry Statistics to Watch out In (2024)

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fashion industry statistics
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The fashion industry is not just about clothes; it’s a vibrant ecosystem of creativity, innovation, and ever-evolving consumer dynamics.

In this fast-paced realm of runway shows, Instagram influencers, and sustainable fashion movements, understanding the basics of the industry becomes necessary.

Whether you’re a fashion entrepreneur, a budding designer, or someone who simply loves to stay on trend, fashion industry statistics will be your guide in this stylish journey.

So, if you’re keen on knowing the market trends, consumer behaviors, or innovations driving sustainable fashion, then buckle up for exciting statistics.

Contents

After the fall in demand due to the pandemic, the fashion industry has been growing since. There is a shift towards digitalization worldwide, and the demand for athleisure is also increasing. Let’s explore what else is going on in the global apparel market:

  • The global fashion market generated $1.53 trillion in 2022, which was expected to reach $1.7 trillion in 2023. (source)
  • In 2021, China led the world in fashion exports, reaching about $176 billion, followed by the EU, which shipped approximately $151 billion worth of apparel. (source)
  • The total global per capita consumer spending on clothing and footwear is predicted to rise by $60.5 from 2024 to 2028. With this increase, per capita fashion spending is to reach $414.6 in 2028. (source)
  • France is a leading apparel market, scoring over 3,000 points in the Brands Countries IPX by IFDAQ. It outshines Italy at 2,800 points and the U.S. at 2,235 points. (source)
  • In 2020, the global luxury apparel market was valued at around $70 billion, which is projected to reach $278 billion by 2031. (source)
  • The global fast fashion sector was valued at over $106 billion in 2022, which is expected to reach $185 billion by 2027. (source)
  • By 2030, the global denim jeans market is projected to reach approximately $95 billion, surpassing its value of $64.5 billion in 2022. (source)
  • Fashion preferences are changing rapidly, with more consumers seeking gender-neutral options. Approximately 36% of U.S. consumers have already made purchases of fashion items outside of their gender identity. Additionally, 85% of Spanish consumers were likely to buy gender-neutral fashion items. (source)
  • The worldwide sports apparel market was to cross $200 billion in terms of revenue in 2023, which is expected to grow to $294 by 2030. (source)
  • In 2023, the global apparel manufacturing industry achieved a market size of $718.6 billion in revenue, marking a 0.6% increase compared to the previous year. (source)
  • Following declines in sales during the COVID-19 in 2020, the women’s clothing market experienced its most significant growth between May 2021 and 2022, marking a substantial increase of 28.9%. Overall, there was a growth of 18.8%. (source)

2. United States Apparel Industry Statistics

With the highest GDP and continuously changing trends, the USA is the center of everyone, including fashion designers. The United States not only tops in revenue from the fashion industry but is leading in many other aspects; let’s explore:

  • The United States tops the revenue ranking in the apparel market, registering $325.96 billion in 2022. (source)
  • The United States takes the top spot in revenue ranking for the ‘Women’s Apparel’ segment in the fashion and apparel industry, marking up $171.92. (source)
  • The United States leads the revenue ranking in the children’s apparel segment of the apparel worldwide with $49.6 billion. (source)
  • In 2022, the United States and China were the top revenue generators in the men’s apparel market, with the United States leading by over $100 billion. (source)
  • The total value of apparel product shipments in the United States reached around $10 billion in 2017. (source)

3. Fashion eCommerce

With the increase in the usage of phones and busy schedules, people, especially Gen Z, have started ordering online. Fashion is the mainstream of eCommerce now, let’s see how it is the most sought-after option nowadays:

  • The fashion industry worldwide dominates the B2C eCommerce market, with an estimated size of $768.7 billion in 2023, which is expected to grow at 9.4% CAGR. (source)
  • The fashion eCommerce is expected to achieve a total market size of $1,103.1 billion by the close of 2027 globally. (source)
  • The primary market for fashion e-commerce is situated in Asia, with North America following it. In Asia, online fashion revenue is anticipated to surpass $680 billion by 2027. (source)
  • Around 20% of global fashion retail sales constitute online sales. In regions like Europe, Oceania, and the United States, online sales contribute 30% of the total fashion retail sales. (source)

4. Second-Hand Apparel Market

As conscientious consumers embrace eco-friendly choices, the second-hand market has emerged as a beacon of fashion-conscious and environmentally responsible shopping. Let’s see what this market has to offer us:

  • Younger consumers, like Generation Z and Millennials, are boosting the second-hand apparel industry. These age groups prefer using apps for convenient and diverse second-hand clothing worldwide. In December 2022, Depop had 354,000 monthly downloads globally. Apart from that, traditional thrift shops remain popular for many buyers. (source)
  • The global secondhand and resale apparel market reached a value of around $177 billion. It is expected to nearly double by 2027, reaching $351 billion. (source)
  • Around 40% or more of millennials and Gen Z globally expressed their willingness and openness to purchasing second-hand apparel in 2021. (source)

5. Footwear market

After clothes, footwear is at the top in the fashion industry, in this section we will walk you through the footwear industry revenue and per-person spending.

  • The United States footwear market is expected to lead globally by generating $91.51 billion in revenue, and it is projected to grow at 3.25% CAGR by 2028. (source)
  • The biggest segment of the industry is textile & other footwear, with a market size of $28.32 billion. (source)
  • The expected per-person revenue in the Footwear market is projected to be $270.30 in 2024 for the United States. (source)
  • The market is estimated to hit 1.97 billion pairs by 2028, and the expected average volume per person in the footwear market is 5.45 pairs in 2024. (source)
  • Non-luxury footwear is projected to make up 92% of sales in the market by 2024. (source)

6. Fashion Accessories Market

The United States is witnessing a considerable increase in the demand for high-end luxurious handbags, showing the nation’s preference for lavish accessories. Let’s see what else is going on in the accessories segment:

  • The accessories market is projected to bring in around $100 billion in 2024 in the United States, with an expected CAGR of 1.02%. (source)
  • The Watches & Jewelry segment is the largest within the Accessories market, with a market volume of $74.00 billion in 2024 in the United States. (source)
  • China leads in revenue generation in the accessories market with $116 billion in 2024. (source)
  • After taking the population into account, the per capita revenue in the accessories market in the United States is around $300. (source)
  • The prediction is that online sales in the accessories market of the United States will reach around 31% in 2024. (source)

7. Fashion Brand Statistics

Fashion designers and fashion brands drive the brands in the fashion industry. So, what is going on, and who are the leaders; explore that with these statistics:

  • In 2022, Nike held the top position for brand value among mass apparel brands, reaching approximately $110 billion. (source)
  • OVS secured a position among the most transparent fashion companies based on the information disclosed about suppliers, supply chain policies, practices, and social & environmental impact. (source)
  • In 2023, Zara ranked as the third most valuable clothing brand globally, with a brand value of $18.4 billion. (source)
  • LVMH secured its position as the top apparel and accessory company globally, with total sales of $83.2 billion during the last year ending in May 2023. (source)
  • In contrast to traditional fashion, prominent clothing companies like Nike, Adidas, and Lululemon Athletica focus on sportswear, reflecting the growing trend of athletic apparel as both a fashion and everyday choice. The sportswear market is expected to reach 451 billion U.S. dollars by 2028. (source)
  • The primary source of revenue for TJX Companies, Nike, and The Gap is the U.S. retail market. (source)
  • In 2020, each Belk store in the United States generated sales of approximately $10.76 million. (source)

8. Employees In The Industry

The backbone of any business is the employees working for it. So, let us dive into the details of employees functioning in the fashion industry, and making it a blast altogether:

  • There are approximately 33,242 fashion designers in the clothing market of the United States as of 2023. (source)
  • The fashion designer market in the United States experienced an average employment increase of 2.7% from 2018 to 2023. (source)
  • On average, Fashion Designers businesses in the US have 1.2 employees. (source)
  • The average number of employees in the apparel manufacturing industry was around 93,000 in 2022. (source)
  • Women dominate the fashion industry—as women fashion designers make up 82.7% of all designers whereas men are only 17.3%. (source)
  • The global apparel market employs more than 75 million fashion workers. (source)
  • New York, California, Texas, Florida, and Oregon are the top five states with the highest employment of fashion designers, with 7130, 6320, 1440, 670, and 490 employment respectively, as of May 2022. (source)
  • The top-paying states for fashion designers in the United States are Massachusetts, New Hampshire, Washington, New York, and California. (source)

9. Consumer Behavior

Before entering any industry, you should know the preferences, purchasing habits, and evolving dynamics of customers of the industry. Explore which age group is the most active, or what platforms are they using:

  • A significant 84% of consumers express interest in customizing products and are willing to pay extra for this service. The demand for personalized colors and customized clothing is notably high, with 45% expressing interest. Additionally, there is a desire for customization in everyday clothing (41%), seasonal fashion items (31%), and high-fashion highlights (26%). (source)
  • Clothing and shoes account for the most frequent online impulse purchases among women. The majority of these buyers fall between 26-35 years as of 2022. (source)
  • The 45-54 age group spent the most on women’s and girls’ clothing in 2021, averaging $995. (source)
  • 36% of Gen Z buy new clothes at least once a month. (source)
  • The global fashion industry produces over 100-150 billion individual components annually, with approximately 80 billion parts being purchased yearly. (source)
  • The portion of sales attributed to sustainable apparel is projected to increase from 3.7% in 2022 to 5.3% in 2026. (source)

10 Leading Fashion Companies Worldwide

Companies Market Cap (in billion)
LVMH $327.17
Hermes $207.62
Nike $152.75
Inditex $130.55
Christian Dior $123.11
TJX $107.57
Luxottica Group $89.84
Kering $59.31
Chanel $57.46
Fast Retailing $55.37

Source: FashionUnited

11. Largest Apparel and Footwear Markets Worldwide

Countries Market Size (in billion)
China $427,153.9
USA $364,136.6
United Kingdom $70,734.8
Germany $69,957.3
Japan $65,764.0

Source: FashionUnited

12. Top 10 Most Valuable Brands

Brands Value (in billion)
Nike $33.2
Louis Vuitton $23.4
Gucci $18.1
Chanel $15.3
Adidas $14.6
Hermes $13.5
Zara $13
H&M $12.7
Cartier $12.4
Uniqlo $9.6

Source: Brand Finance

The Bottom Line

As a wrap-up, the fashion industry is rapidly growing and changing. The preferences, purchasing modes, and favorite brands are changing as per the trends.

Therefore, remember that knowledge is essential whether you’re considering investing, exploring, or starting a fashion business. Stay informed and get ready for the sustainable and bright future of the fashion industry.

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About the Author

Upmetrics                                                       
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Upmetrics Team

Upmetrics is the #1 business planning software that helps entrepreneurs and business owners create investment-ready business plans using AI. We regularly share business planning insights on our blog. Check out the Upmetrics blog for such interesting reads. Read more

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