28 Dazzling Fashion Industry Statistics [2022]
- The global fashion industry is valued at $1.5 trillion as of 2020
- The fashion market had a growth rate of 5.46% in 2017 and was projected to hit 6.2% by 2020
- The United States fashion industry is valued at approximately $369.39 billion
- The fashion market in the United States is forecasted to grow by 18.4% through 2021
What is the gross revenue of the fashion industry?
Value of the global fashion industry: 3,000 billion dollars (3 trillion dollars), 2 percent of the world’s Gross Domestic Product (GDP) Fashion Companies To cater to the large, 3,000 billion, textile and garment industry new companies are entering the market daily.
How to make it in the fashion industry?
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How many people are in the fashion industry?
In the United States an estimated 1.8 million people are in employed in the fashion industry, among whom 232,000 in manufacturing textiles for apparel and other fashion items. (JEC Democratic, Bureau of Labor)
How does the fashion industry contribute to society?
Fashion affects the social aspects of life. According to Luciana Zegheanu, fashion causes changes in social, economic and political landscapes. Thus fashion benefits and stimulates society, in the process promoting creativity. Fashion also has negative impacts.
What is the size of the fashion industry 2021?
Sales of apparel, footwear, and accessories catapulted in 2021, hitting $180.5 billion in the US alone. That's tipped to grow by 13% this year, with consumers set to spend $204.9 billion on fashion items online. Driving this growth are five notable opportunities: Expanding global markets outside the West.
How much is the fashion industry worth 2020?
The global apparel market was worth $1.46 trillion in 2020, and it's anticipated to increase to roughly $2.25 trillion by 2025. Meanwhile, the global fashion retail market industry hit $300 billion in 2020 and is projected to reach $360 billion after five years.
How big is the clothing industry?
The revenue of the global apparel market was calculated to amount to some 1.5 trillion U.S. dollars in 2021 and was predicted to increase to approximately 2 trillion dollars by 2026.
How much is the fashion industry 2021 worth?
The business of fashion is more than big; it's the biggest of the big. With a global market value of $759.5 billion in 2021, apparel, accessories, and footwear are the number one ecommerce sector in the world.
Is fashion the biggest industry?
The fashion industry statistics show that the apparel and textile sector is the 4th biggest in the world.
Is the fashion industry growing or declining 2022?
US Ecommerce Fashion Industry Growth Rate In terms of ecommerce sales, the US fashion industry growth rate in 2022 is expected at 12.4 percent, a marginal increase from the 12.2 percent recorded in 2021. With this increase, sales are expected to total $170.91 billion.
How much is the fashion industry worth 2022?
$1.7 trillionHowever, there are projections for higher rates of growth between 2020-2022. How much is the fashion industry worth? The global fashion market was valued at a massive $1.7 trillion in 2022. Likewise, the United States apparel industry accounts for $369.39 billion and is expected to reach $494.89 billion by 2023.
What will be the future of fashion?
And today, fashion technology is growing at a faster pace than ever. Robots that sew and cut fabric, AI algorithms that predict style trends, clothes to be worn in virtual reality — an array of innovations show how technology is automating, personalizing, and speeding up the fashion space.
How is the clothing industry doing in 2022?
Despite the initial situation, the report states that the fashion industry is set to recover during 2022. Although, this recovery is expected to evolve unevenly depending on the territory. Countries with strong and resilient economic systems will tend to better recover from the stresses caused by Covid-19.
Which country buys the most clothes?
ChinaQ: What country buys the most clothing? A: Although China as a country has the largest amount of purchases due to its large population, an average individual consumer in China spends just under a quarter of the amount than an average US consumer – and buys 23 fewer items per year.
Which country has the biggest fashion industry?
France is the leading country for the fashion industry in the world, according to the Brands Countries IPX by IFDAQ. With more than 2,300 index points, France was ahead of Italy (2,205 points) and the U.S. (1,866 points).
At what rate is fashion industry growing?
According to Statista, the ecommerce fashion industry's compound annual growth rate (CAGR) is tipped to reach 14.2% between 2017 and 2025, with the industry hitting a $672.71 billion valuation by 2023. Sales of apparel, footwear, and accessories catapulted in 2021, hitting $180.5 billion in the US alone.
How much is the fashion industry worth each year?
How much is the fashion industry worth worldwide? The value of the fashion industry in 2021 reached $1.55 trillion. In 2022, the global fashion industry worth is expected to reach $1.7 trillion.
How much is the global fashion industry worth 2022?
$1.7 trillionThe latest global apparel industry statistics show that revenue from the apparel market is expected to exceed $1.7 trillion in 2022. This marks significant growth over the past decade or so. In 2013, the global apparel market size was at just under $1.5 trillion.
How much is the fast fashion industry worth 2022?
Women's apparel revenue is projected to reach £622.96 billion in 2022. One of the core facts about fast fashion is that women's apparel still dominates the market over men's. After experiencing some recovery in 2021, both are expected to see growth in 2022.
How is the clothing industry doing in 2022?
Despite the initial situation, the report states that the fashion industry is set to recover during 2022. Although, this recovery is expected to evolve unevenly depending on the territory. Countries with strong and resilient economic systems will tend to better recover from the stresses caused by Covid-19.
How much does a fashion designer make?
Fashion designers are among the highest-paid workers in the industry. The creative force of the sector earns an average of $78,870 annually.
How many people work in the apparel industry?
The apparel manufacturing industry employs more than a hundred thousand workers in the United States. Employment in the industry still includes occupations traditionally associated with apparel manufacturing. They correspond to sewing machine operators, tailors and textile machine operators and patternmakers.
How much does the US spend on apparel?
The Joint Economic Committee of The United States released a survey in 2019 affirming that, only in the US, consumers spent nearly $380 billion on apparel and footwear. The industry, which encompasses everything from textile and apparel brands to wholesalers, importers and retailers, employs more than 1.8 million people in the country.
Which company has the most sales in 2019?
Meanwhile, the shoemaker Adidas also advanced, ranking among the top 400, with more than $25 billion in sales. Canada-based Lululemon, which ranked 1209th on the overall list, kept pace with last year to record nearly $4 billion in sales, up from $3.2 billion in 2019.
What is the fashion industry?
Fashion industry, multibillion-dol lar global enterprise devoted to the business of making and selling clothes. Some observers distinguish between the fashion industry (which makes “high fashion”) and the apparel industry (which makes ordinary clothes or “mass fashion”), but by the 1970s the boundaries between them had blurred.
Where was the fashion industry developed?
Although the fashion industry developed first in Europe and America, today it is an international and highly globalized industry, with clothing often designed in one country, manufactured in another, and sold in a third.
What are fashions made of?
Most fashions are made from textiles. The partial automation of the spinning and weaving of wool, cotton, and other natural fibres was one of the first accomplishments of the Industrial Revolution in the 18th century. In the 21st century those processes are highly automated and carried out by computer-controlled high-speed machinery. A large sector of the textile industry produces fabrics for use in apparel. Both natural fibres (such as wool, cotton, silk, and linen) and synthetic fibres (such as nylon, acrylic, and polyester) are used. A growing interest in sustainable fashion (or “eco-fashion”) led to greater use of environmentally friendly fibres, such as hemp. High-tech synthetic fabrics confer such properties as moisture wicking (e.g., Coolmax), stain resistance (e.g., 303 High Tech Fabric Guard), retention or dissipation of body heat, and protection against fire, weapons (e.g., Kevlar), cold (e.g., Thinsulate), ultraviolet radiation (Solarweave), and other hazards. Fabrics are produced with a wide range of effects through dyeing, weaving, printing, and other manufacturing and finishing processes. Together with fashion forecasters, textile manufacturers work well in advance of the apparel production cycle to create fabrics with colours, textures, and other qualities that anticipate consumer demand.
What are the natural fibers used in fashion?
Both natural fibres (such as wool, cotton, silk, and linen ) and synthetic fibres (such as nylon, acrylic, and polyester) are used. A growing interest in sustainable fashion (or “eco-fashion”) led to greater use of environmentally friendly fibres, such as hemp.
What are the four levels of the fashion industry?
The fashion industry consists of four levels: the production of raw materials, principally fibres and textiles but also leather and fur; the production of fashion goods by designers, manufacturers, contractors, and others; retail sales; and various forms of advertising and promotion.
Is the fashion industry a big employer?
The fashion industry has long been one of the largest employers in the United States, and it remains so in the 21st century. However, employment declined considerably as production increasingly moved overseas, especially to China.
What is the largest fashion company in the world?
LVMH, Louis Vuitton Moët Hennessy, a French luxury conglomerate is currently the largest fashion company worldwide. LVMH’ s annual revenues reached 42.6 billion euros in 2017 and the company is valued around 122 billion euros. The company operates a chain of independent stores and shops-in-shops for fashion brands such as Louis Vuitton, Fendi and Dior. LVMH does not only stand for high-end fashion, but provides for every aspect of a luxury lifestyle, from champagne (Moët) to sailing yachts (Royal Van Lent).
How much do fashion designers make?
Apart from the jobs listed before, the United States has room for around 18,000 fashion designers. Their average annual wage is 73,690 dollars, meaning that they receive over 30 dollars per hour.
How much does Nike make in 2017?
In 2017 Nike’s revenues amounted to 34.4.6 billion dollars and a market value of nearly a 105 billion dollars. Nike offers its products worldwide and its largest markets are the United States, 46 percent of the total revenues, and Western Europe (19 percent). Most of Nike’s income, nearly 90 percent, comes from the Nike brand.
What is the average salary of an apparel retailer?
About 79 percent of all US employees in fashion work for apparel retailers. The average annual wage at such companies is 26,650 dollars. However in certain occupations the average wages are a lot higher. Marketing and sales managers at apparel retailers have the highest average annual wage of 84,600 dollars. Accountants and auditors receive an average annual pay of 69,960 dollar and buyers and purchasing agents get paid 56,550 dollars, on average.
Which country exports the most shoes?
Also in footwear and headwear, China accounts for the largest share of all export with 71.1 billion dollars. Therefore it account for over 50 percent of the total world trade. Vietnam and Italy are the second and third largest exports of footwear and headwear, exporting respectively 13.6 billion dollars and 12 billion.
Which country imports the most fashion products?
The United States are the largest importer of fashion-related products in the world. It mostly imports manufactured apparel.
What percentage of Nike's income comes from Converse?
Most of Nike’s income, nearly 90 percent, comes from the Nike brand. The remaining 10 percent comes from Converse, which is a subsidiary of Nike. The brand’s best selling division is footwear, accounting for 63 percent of Nike’s income.
What is the growth rate of the fashion industry in 2020?
At 8.6 percent, it’s nearly half of 2019’s 15.9 percent growth rate. This is, also, due to recover in 2021.
How much will the fashion industry make in 2022?
The US fashion industry sales are, however, expected to rebound from 2021 onwards. Total sales for 2022 are forecast at $473.42 billion, an 8.3 percent annual increase, before rising 4.3 percent more to $494.89 billion in 2023. Don’t wait for someone else to do it. Hire yourself and start calling the shots.
What is the fashion industry forecast for 2021?
The sales figures for 2021 are forecast at $437.29 billion. This represents a strong fashion industry growth rate of 18.4 percent from 2020’s figures.
Why did the fashion industry drop?
This plunge is the result of the coronavirus pandemic, which has affected both the US fashion industry growth rate and sales figures. The closure of brick-and-mortar fashion retailers in compliance with local coronavirus regulations meant a fall in visitors and, subsequently, sales.
When will the ecommerce industry reach $200 billion?
This constant increase means that the US ecommerce fashion industry size is forecast to surpass the $200 billion mark in 2024.
How much carbon does the fashion industry emit?
By emitting between 4 and 5 billion tonnes per year, the fashion industry exceeds the carbon footprint of all international flights and maritime shipping combined. The fashion industry also accounts for 24% of all pesticide use and 11% of all insecticide use in the world.
How much will the fashion industry drop in 2020?
Earlier predictions stated that the total fashion industry revenue could drop between 27% and 30% year-on-year in 2020. However, it’s 2021 and the results for 2020 are in. Compared to 2010, global fashion industry profits fell by 93% in 2020.
How much is the fast fashion market worth in 2019?
In 2019, the global fast fashion market worth was estimated at around $35.8 billion. Its value was therefore expected to decline at a CAGR of -12.32%. These fast fashion statistics show the impact of both the pandemic and the restrictions meant to slow it down. However, in 2023, the fast fashion market is expected to bounce back and grow by 6.7%, reaching a figure of $38.21 billion.
What is the biggest fashion accessory market in 2021?
The largest fashion accessories market in 2021 is China, generating almost a quarter of this figure—$95.4 billion in 2021. The market is also expected to continue growing at a CAGR of 4.5% between 2020 and 2023.
What is the fastest growing segment of the luxury fashion industry?
Fashion jewellery has been the fastest-growing segment of the luxury fashion industry for a while. According to the same report, the fashion jewellery industry is expected to grow at a CAGR of 8.1% by 2025.
Why is it important to make fashion more sustainable?
The need to make fashion more sustainable, combined with the pandemic-caused changes in fashion choices, are forcing companies to produce year-round, multi-seasonal collections. Contrasting the fast fashion trend, the increasing number of consumers are opting for classical items that would last for several seasons. They are also planning their fashion choices more carefully, with capsule wardrobes being one popular example.
How much of the world's carbon budget will fashion spend in 2050?
One of the most concerning fashion industry facts is that the industry will spend a quarter of the world’s carbon budget by 2050 if nothing changes.
How much has formal wear increased in 2020?
Surprisingly, the formal/office wear category also grew in 2020. The conversation around office wear went up 67% when compared to the volume of mentions in 2019.
How can fashion retailers stay ahead of the game?
Pro tip: By keeping an eye on relevant consumers’ discussions online, fashion retailers can stay ahead of the game and beat their competition by accurately forecasting and addressing consumer demand. Using a tool like Brandwatch Consumer Research can help retailers keep a check on relevant conversations about the industry, specific product categories, and the competition .
What luxury brands are on the streetwear bandwagon?
Many luxury brands like Louis Vuitton jumped on the streetwear bandwagon by incorporating streetwear styles to appeal to the fashion-loving millennials with more disposable income. 2020 also became known for fashion collaborations with influencers. For example, LV collaborated with BTS, a major global influencer and the #1 K-Pop band in the world.
Why is power dress important in the WFH?
Consumers started embracing the new idea of power-dressing even in the WFH environment to elevate their mood and feel confident and motivated.
How much did sportswear mentions increase in 2020?
Sportswear saw a 123.5% increase in mention volume in 2020 when compared to the previous year.
Who is the CEO of Columbia Sportswear?
The top three most-engaged-with sportswear headlines in 2020 all mentioned the same company (Columbia Sportswear) and its CEO (Tim Boyle) who cut his salary to $10k in favor of continuing to pay the company’s retail employees while the brick-and-mortar locations were temporarily closed due to the pandemic.
How does fashion affect consumers?
Fashion brands can measure customer reaction to samples and ideas, then adjust their product accordingly. In this sense, consumers are literally taking part in the design process. Such a high level of consumer buy-in all but guarantees a product’s success.
How does big data benefit fashion?
Overall, we can expect big data to not just benefit the consumer, but fashion brands as well. Where customers can expect personalized products which meet their demands, companies will be able to streamline their processes, lowering production costs.
How does granular analysis help fashion?
This granular analysis of customer behavior will also lead to a more scientific approach to predicting — and capitalizing on — fashion trends. The fashion industry will be able to use big data to view popularity trends on a granular level, seeing who is buying what, and why. Armed with this information, labels can divert efforts towards focusing on products with nascent potential.
How can big data be used to analyze customer behavior?
It can be used to analyze customer behavior on a staggering variety of factors. Social media sentiment can be used to gauge consumer engagement, purchasing times can be used to see when people are most likely to buy, and touchpoints can be tested to see how customers engage with a brand.
Why is personalization important in marketing?
Gearing advertising efforts towards specific customer segments through targeted copy, product promotions and special offers lead to increased sales and better consumer engagement.
Why is segmentation important in fashion?
From refining email subject lines to selecting free product testers, customer segmentation is essential for fashion brands looking to improve brand equity and refine brand communications.
What is big data?
Big data can capture so much more than just basic customer information. A range of shopper behaviors can be recorded and measured, answering not just who a customer is, but what a customer is like.
What is the largest apparel market in the world?
The three world largest apparel markets are the United States, China, and Japan in descending order.
What is the global apparel market?
The global apparel market is projected to grow in value from 1.5 trillion U.S. dollars in 2020 to about 2.25 trillion dollars by 2025, showing that the demand for clothing and shoes is on the rise across the world. The regional distribution of the demand share of apparel is expected to stay mostly consistent between 2015 to 2020, although the Asia Pacific region had the highest level of growth at four percent. The three world largest apparel markets are the United States, China, and Japan in descending order.
What are the main categories of apparel and footwear?
There are four main product categories for the apparel and footwear market: womenswear, menswear, sportswear, and childrenswear. Womenswear was the bestselling apparel category in the world. The United States alone generated 187 billion U.S. dollars in womenswear sales, and about 86 billion dollars in menswear sales.
Is denim a staple?
Denim, a classic staple of a casual wardrobe, is only getting more popular across every type of clothing item . Although there are countless apparel retailers across the world, both big and small, the biggest companies control the majority of the market.
General Data
Trade Textiles & Clothing Worldwide: Export & Import
Fashion Companies
- To cater to the large, 3,000 billion, textile and garment industry new companies are entering the market every day. Most of these companies remain rather unknown to the consumer audience, better known are the individual brands that are part of these global fashion companies. In March 2022, The LVMH Group was by far the clothing company with the highest market capitalization, …
Labor Force
- The clothing, textile and footwear industries together are incredibly labour-intensive. Different sources name various numbers when estimating the amount of people that work in the garment industry. According to the International Labour Organisation, there are more than 60 million workers around the globe in the textiles, clothing, leather and footwear industries. This implies t…
Global Apparel Production & Consumption
- The global fashion industry produces more than 100 to 150 billion items of clothing per year. Sources: more than 100 billion according to McKinsey & the Ellen MacArthur Foundation. The World Economic Forum & ShareCloth state that 150 billion garments are produced in a year. The number of garments produced annually has doubled since 2000 and exceede...
E-Commerce
- Online shopping has been growing for years. People buy more and more via the internet. In 2020 e-commerce sales globally jumped to $4.2 trillion and the global trend continued in 2021, causing online sales to culminate in an estimated 2.14 billion online shoppers worldwide, and $4.9 trillion in revenue. Global ecommerce sales are expected to reach a total $5.5 trillion worldwide in 2022…
Country Facts and Figures
- How many pieces of clothing are sold world wide? How many people work in the international fashion industry? What is the total sales of clothing in the world? This is the FashionUnited page with Facts and Figures about the global and US fashion industry. For facts and figures of the fashion industry in other countries and regions, see below. The International fashion market is a …