Let’s explore the global fashion industry statistics, a formidable economic powerhouse, boasting a staggering valuation of $1.7 trillion as of 2023.
Within this expansive landscape, the United States plays a pivotal role, with its fashion industry commanding a noteworthy valuation of approximately $343.70 billion.
Reflecting its pervasive influence, the fashion sector contributes a significant 2% to the global Gross Domestic Product (GDP). Exploring fashion industry statistics unveils its global economic impact and cultural importance.
Table of Contents
2.1. US Fashion Industry Statistics
3.1. Effect of COVID-19 Pandemic
4.1. Fashion Industry Average Revenue Per User
4.2. Sales Channel: Online vs Offline
4.3. Sales Channel: Mobile vs Desktop
5.1. Fashion Industry Revenue Yearly Growth
6.1. Top 5 Largest Fashion Markets
6.2. Top 5 Textile Exporters (2023)
6.3. Top 5 Textile Importers (2023)
6.4. Top 5 Exporters of Clothing (2020)
6.5. Top 5 Importers of Clothing (2020)
7.1. Fashion Industry Statistics by Gender
7.2. Purchasing Habits of Customers Across the Globe
7.3. Fashion Industry: Number of Users
7.4. Which country is the biggest consumer of Fashion?
8.1. Fashion Industry Statistics by Sectors
8.2. Fashion Industry Statistics by Segments
8.3. Top Global Companies by Market Cap
1. Fashion Industry Key Statistics
- The fashion industry employs about 75 million individuals worldwide.
- E-commerce has become integral to the fashion sector, with approximately 29% of global fashion sales occurring online in 2020.
- Projections indicate that the global apparel and footwear market is set to reach a staggering $3.3 trillion by the year 2030.
- The global fashion industry holds a valuation of $1.7 trillion as of 2023.
- Fashion, contributing significantly, constitutes 2% of the global Gross Domestic Product (GDP).
2. Global Fashion Industry Statistics
- In 2019, global retail sales of apparel and footwear amounted to a staggering $1.9 trillion annually.
- Fashion retail sales are projected to soar, reaching $3 trillion by 2030 with an expected annual growth rate of 5.8%.
- About 430 million people, constituting 12.6% of the global workforce of 3.4 billion, are involved in fashion, clothing, and textile production, with a notable concentration in Asia.
- LVMH Moët Hennessy Louis Vuitton secures the top position as the world’s leading fashion company by revenue, reporting a global revenue of €44.2 billion ($51.1 billion) in the first nine months of 2021.
- Nike, the renowned shoe brand, follows closely behind, boasting a remarkable total worldwide revenue of $44.5 billion, signaling a notable growth of 19%.
- The United States leads in per capita fashion spending, with individuals spending an average of $819 on clothing and shoes.
- In 2019, the United States acquired around 17 billion apparel units, while China, another substantial fashion consumer, purchased approximately 40 billion apparel units in 2017.
2.1. US Fashion Industry Statistics
- The United States fashion industry holds a valuation of around $343.70 billion.
- In 2019, clothing store sales in the United States reached a substantial $195.85 billion.
- Anticipated growth suggests that the U.S. fashion industry is poised to achieve retail sales of $494.89 billion by the close of 2023.
- As of 2022, the apparel manufacturing industry in the United States employs approximately 93.22 thousand individuals.
- Projections indicate an annual growth rate of 2.82% for the apparel market in the United States.
3. Fashion Industry Statistics: Spending Trends
Exploring clothing industry statistics reveals that fashion industry businesses contribute significantly to the global economy, generating billions in annual revenue.
3.1. Effect of COVID-19 Pandemic
- Research reports by Euromonitor and McKinsey estimated the fashion industry’s global revenue to range between $1.7 trillion and $2.5 trillion before the onset of the COVID-19 pandemic. (Source)
- Euromonitor reports an –18.1% contraction in the global apparel and footwear market in 2020, resulting in a value of $1.45 trillion.
- McKinsey notes a 20% reduction in fashion and apparel industry revenues for the fiscal year 2019-2020.
3.2. Post-lockdown:
- The global apparel and footwear industry experienced an 18.1% growth in 2021, reaching a market size of $1.71 billion (retail value in USD million).
- Expected 7.5% growth in the retail apparel market in 2021-2022, reaching $1.84 billion in 2022.
- Anticipated a 6.1% increase in 2022-2023, with a projected market size of $1.95 billion in 2023.
4. Fashion Industry Revenue
In 2020, global e-commerce sales hit $4.2 trillion, with 2.14 billion online shoppers and $4.9 trillion in revenue. Forecasts expect e-commerce sales to reach $5.5 trillion in 2022, projecting a surpassing of $7 trillion by 2025.
Year | Total Revenue | Accessories (Share from Total revenue) | Apparel (Share from Total revenue) | Footwear (Share from Total revenue) |
2017 | $324.59B | $65.60B | $192.70B | $66.29B |
2018 | $390.01B | $82.28B | $232.50B | $75.23B |
2019 | $440.76B | $94.46B | $265.50B | $80.80B |
2020 | $545.53B | $114.70B | $334.50B | $96.33B |
2021 | $655.40B | $137.90B | $403.80B | $113.70B |
2022 | $608.90B | $133.10B | $372.50B | $103.30B |
2023 | $661.60B | $143.80B | $407.50B | $110.30B |
2024 | $746.80B | $163.10B | $461.30B | $122.40B |
2025 | $842.80B | $184.90B | $521.80B | $136.10B |
2026 | $889.60B | $196.70B | $551.40B | $141.50B |
2027 | $945.30B | $210.40B | $586.50B | $148.40B |
2028 | $999.40B | $223.80B | $620.60B | $155B |
Source: Statista
4.1. Fashion Industry Average Revenue Per User
Year | Accessories | Apparel | Footwear |
2017 | $136.90 | $572.20 | $99.59 |
2018 | $146.20 | $620 | $97.39 |
2019 | $143.60 | $640.10 | $90.92 |
2020 | $151.70 | $735.80 | $96.89 |
2021 | $160.60 | $810.70 | $101.60 |
2022 | $138.20 | $686.40 | $83.22 |
2023 | $136.30 | $708.20 | $81.52 |
2024 | $143.30 | $762.90 | $84.72 |
2025 | $150.80 | $821.60 | $88.64 |
2026 | $149.80 | $826.70 | $86.90 |
2027 | $150.60 | $843 | $86.89 |
2028 | $153.90 | $860.80 | $86.36 |
Source: Statista
4.2. Sales Channel: Online vs Offline
Year | Offline channels | Online channels |
2017 | 88.6% | 11.4% |
2018 | 87% | 13.1% |
2019 | 85.1% | 14.9% |
2020 | 78.8% | 21.2% |
2021 | 77% | 23% |
2022 | 78.9% | 21.1% |
2023 | 79.1% | 20.9% |
2024 | 77.1% | 22.9% |
2025 | 75.3% | 24.3% |
2026 | 74.5% | 25.5% |
2027 | 73.5% | 26.5% |
2028 | 72.6% | 27.4% |
Source: Statista
4.3. Sales Channel: Mobile vs Desktop
Year | Desktop | Mobile |
2017 | 55.5% | 44.5% |
2018 | 51.1% | 48.9% |
2019 | 47.5% | 52.5% |
2020 | 47.1% | 52.9% |
2021 | 44% | 56% |
2022 | 41.4% | 58.6% |
2023 | 39.1% | 60.9% |
2024 | 37.3% | 62.8% |
2025 | 35.5% | 64.6% |
2026 | 34% | 66% |
2027 | 32.7% | 67.3% |
2028 | 31.5% | 68.5% |
Source: Statista
5. Fashion Industry Statistics: Retail Value per Million (USD)
In 2018, women’s apparel market revenue surpassed that of men’s and children’s clothing, constituting 53% of global fashion retail spending, compared to 31% for menswear and 16% for childrenswear.
Year | RSP |
2019 | $1,773,406.9 |
2020 | $1,453,277.5 |
2021 | $1,716,952.2 |
2022 | $1,846,222.0 |
2023 | $1,959,592.1 |
Source: MarketSplash
5.1. Fashion Industry Revenue Yearly Growth
Most of the worldwide demand for apparel is attributed to the United States and China.
Year | RSP per million (USD) | Percentage change |
2019-2020 | $1,773,406.9 – $1,453,277.5 | -18.1% |
2020-2021 | $1,453,277.5 – $1,716,952.2 | 18.1% |
2021-2022 | $1,716,952.2 – $1,846,222.0 | 7.5% |
2022-2023 | $1,846,222.0 – $1,959,592.1 | 6.1% |
Source: MarketSplash
6. Fashion Industry Market Size
- An impressive annual growth rate (CAGR 2023-2028) of 8.60% is anticipated, reflecting the impressive growth.
- Projections indicate a robust market volume reaching US$999.50 billion by 2028.
- Despite starting from a projected market volume of 0 in 2023, substantial revenue is generated. The Fashion Market anticipates a user base of 2.7 billion by 2028.
- User penetration is forecasted at 35.0% in 2023, with an expected increase to 37.8% by 2028.
6.1. Top 5 Largest Fashion Markets
In 2020, the global merchandise exports of manufactured goods declined by -5.2% due to the Covid-19 pandemic. Clothing experienced a -9.1% decline, while textiles saw a notable increase of +16%, driven by the demand for personal protective equipment.
China stands out as the leading global exporter of textiles and clothing, while the European Union (EU) holds the position of the largest importer of these products.
Market | Size (USD Million) |
China | $427,153.9 |
USA | $364,136.6 |
United Kingdom | $70,734.8 |
Germany | $69,957.3 |
Japan | $65,764.01 |
Source: MarketSplash
6.2. Top 5 Textile Exporters (2023)
Country | Export Value (in billion dollars) | Share in World Exports/Imports (%) |
China | $154 billion | 43.5% |
European Union (EU) | $64 billion | 18.1% |
India | $15 billion | 4.2% |
Turkey | $12 billion | 3.3% |
USA | $11 billion | 3.2% |
Source: MarketSplash
6.3. Top 5 Textile Importers (2023)
Country | Import Value (in billion dollars) | Share in World Exports/Imports (%) |
European Union (EU) | $87 billion | 24.3% |
USA | $45 billion | 12.6% |
Vietnam | $16 billion | 4.4% |
China | $14 billion | 3.9% |
Japan | $12 billion | 3.3% |
Source: MarketSplash
6.4. Top 5 Exporters of Clothing (2020)
Country | Export Value (in billion dollars) | Share in World Exports/Imports (%) |
China | $142 billion | 31.6% |
European Union (EU) | $125 billion | 27.9% |
Vietnam | $29 billion | 6.4% |
Bangladesh | $28 billion | 6.3% |
Turkey | $15 billion | 3.4% |
Source: MarketSplash
6.5. Top 5 Importers of Clothing (2020)
Country | Import Value (in billion dollars) | Share in World Exports/Imports (%) |
European Union (EU) | $168 billion | 34.1% |
USA | $86 billion | 16.8% |
Japan | $82 billion | 5.3% |
UK | $26 billion | 5.3% |
Canada | $10 billion | 2.1% |
Source: MarketSplash
7. Fashion Industry Statistics: User Demographics
7.1. Fashion Industry Statistics by Gender
Women’s Fashion:
- The women’s fashion industry is projected to grow at a compound annual rate of 4.7% until 2025.
- Anticipated women’s apparel market value by 2021: $165.4 billion.
- American women aged 35 to 44 spend an estimated $960 annually on apparel.
Men’s Fashion:
- While men’s fashion sales are smaller compared to women’s, it remains an influential segment.
- Increased interest in grooming and accessories led to the sector being one of the fastest-growing globally in 2020, with US market revenue exceeding $85.5 billion.
Gender Non-Conforming and Non-Binary:
- Fashion brands serving this market are gaining popularity, particularly among younger customers seeking gender-neutral clothing and accessories.
Diversity and Inclusion:
- The fashion industry, historically criticized for lacking diversity, is addressing concerns related to color and body type representation.
7.2. Purchasing Habits of Customers Across the Globe
Global expenditures on clothing and footwear were projected to reach $2,032,403.47 million in 2021. Looking ahead to 2025, this figure is anticipated to rise, reaching an estimated $2,571,939.42 million.
Country | Average Spending Per Customer |
USA | $844 |
United Kingdom | $889 |
Brazil | $117 |
Norway | $1,150 |
Egypt | $27 |
India | $34 |
China | $198 |
Vietnam | $24 |
Japan | $5,471 |
Source: MarketSplash
7.3. Fashion Industry: Number of Users
Year | Total number of Users | Accessories (Share of total) | Apparel (Share of Total) | Footwear (Share of Total) |
2017 | 1B | 0.5B | 0.3B | 0.7B |
2018 | 1.2B | 0.6B | 0.4B | 0.8B |
2019 | 1.3B | 0.7B | 0.4B | 0.9B |
2020 | 1.5B | 0.8B | 0.5B | 1B |
2021 | 1.7B | 0.9B | 0.5B | 1.1B |
2022 | 1.9B | 1B | 0.5B | 1.2B |
2023 | 2B | 1.1B | 0.6B | 1.4B |
2024 | 2.2B | 1.1B | 0.6B | 1.5B |
2025 | 2.3B | 1.2B | 0.6B | 1.5B |
2026 | 2.5B | 1.3B | 0.7B | 1.6B |
2027 | 2.6B | 1.4B | 0.7B | 1.7B |
2028 | 2.7B | 1.5B | 0.7B | 1.8B |
Source: Statista
7.4. Which country is the biggest consumer of Fashion?
Country | No. of Apparel Units Purchased |
China | 40B |
USA | 17B |
India | 6B |
Japan | 3.3B |
Brazil | 2.3B |
Germany | 2.2B |
UK | 2.1B |
Russia | 2B |
France | 1.5B |
Italy | 1.3B |
Rest of the world | 26B |
Source: Fashion United
8. Fashion Industry Sectors Statistics
8.1. Fashion Industry Statistics by Sectors
- In 2020, the global clothing market was valued at around $1.5 trillion, with the United States serving as its primary market.
- The global footwear market was estimated to be worth $365.5 billion by 2020.
- The fashion accessory market, with an estimated global worth of $56.7 billion in 2020, found significant markets in the US and EU.
- The global luxury goods market reached an estimated total of $320 billion in 2020, with major sales occurring in the US, China, and Europe.
- E-commerce’s rise has significantly transformed the fashion sector, with the US, China, and Europe leading in fashion e-commerce, exceeding a combined market value of $759 billion by 2020.
- By 2020, sustainable clothing had an estimated value of approximately $9.81 billion globally, with Europe and North America serving as primary marketplaces.
8.2. Fashion Industry Statistics by Segments
Women’s Apparel Segment:
- The women’s apparel segment in the fashion industry commands an estimated revenue of $804 billion.
- Forecasts predict a steady annual growth rate of 4.81%.
Men’s Apparel Segment:
- The men’s apparel segment in the global fashion market is valued at approximately $483 million as of 2018.
- Anticipated growth indicates an ascent to $740.8 million by 2025.
Children’s Wear Fashion Market:
- The value of the children’s wear fashion market totaled $169 billion in 2018.
- Predictions suggest a rise to $239 billion by 2023.
Bridal Gown Market:
- The bridal gown market is valued at approximately $32.5 billion.
- The industry for bridal attire is expected to grow to $43.5 billion by 2022.
8.3. Top Global Companies by Market Cap
Company | Country | Market Cap |
Inditex | Spain | $117.17 billion |
Nike | The United States | $92.89 billion |
LVMH | France | $84.81 billion |
TJX | The United States | $49.13 billion |
Hennes & Mauritz | Sweden | $44.47 billion |
Hermes | France | $42.70 billion |
Rolex SA | Switzerland | $37.00 billion |
Fast Retailing | Japan | $36.33 billion |
Adidas | Germany | $34.98 billion |
Chanel | France | $32.67 billion |
Source: Zippia
9. Fashion Industry Statistics: Designer Clothing Market
9.1. Brands and their Brand Value in Dollars
Gucci holds the second position with a brand value of $15.6 billion, trailing behind Nike, which maintains a substantial lead.
The impact of the COVID-19 pandemic on the apparel industry is evident, reflected in an 8% decrease in the total value of the world’s top 50 most valuable apparel brands.
Brand | Value |
Nike | $30.4 billion |
Gucci | $15.6 billion |
Luis Vuitton | $14.8 billion |
Adidas | $14.3 billion |
Channel | $13.2 billion |
Zara | $13.1 billion |
Uniqlo | $13.0 billion |
H&M | $12.3 billion |
Cartier | $12.0 billion |
Hermes | $11.6 billion |
Source: MarketSplash
10. Fashion Industry Trends and Predictions
- A significant portion, 54% of users, conduct product research on social media platforms. Additionally, in 2021, nearly 70% of online shoppers make it a practice to read at least one customer review before finalizing a purchase.
- According to a Gartner study, brands that overstep boundaries with personalization face a threefold increase in the likelihood of customers abandoning shopping.
- Virtual try-ons offer an engaging way to connect with customers without the need for physical orders. This trend is expected to grow at an annual compound rate of 25.2% until 2028, reaching a market value of $15.43 billion.
- While smart clothing remains in the experimental phase with limited adoption, its market is anticipated to expand, reaching USD 5.3 billion by 2024.
- In the merging of digital and physical realms, Roblox offers insights into “phygital” fashion. In 2022, 11.5 million creators designed over 62 million virtual clothing and accessory items on the Roblox platform.
11. US Apparel Market Size
- In 2023, the United States Apparel market generated US$351.40 billion in revenue. Projected annual growth stands at 1.93% (CAGR 2023-2027).
- The Women’s Apparel segment leads with a market volume of US$187.40 billion in 2023.
- Globally, the United States tops in revenue generation, reaching US$351.40 billion in 2023.
- Per-person revenues are estimated at US$1.03k in 2023.
- The Apparel market is anticipated to reach 31.8 billion pieces by 2027, with a 1.6% volume growth projected for 2024.
- The average volume per person is forecasted at 88.0 pieces in 2023.
- 94% of sales in the Apparel market in 2023 will be attributable to Non-Luxury items.
11.1. US Fashion Industry Growth Rate
Year | Growth Rate |
2019 | 1.7% |
2020 | -7.8% |
2021 | 7.9% |
2022 | 2.7% |
2023 | 7.8% |
2024 | 2.1% |
2025 | 2.0% |
2026 | 1.9% |
2027 | 1.8% |
Source: Oberlo
12. How many jobs are available in apparel?
Country | Labor force | Domestic Market Value of Fashion | Employment in Fashion |
France | 30.05 million | $43.3 billion | 340,000 |
Germany | 42.0 million | $83.6 billion | 340,000 |
The Netherlands | 9.0 million | $16.5 billion | 87,910 |
Spain | 23.3 million | $31.1 billion | – |
United Kingdom | 33 million | $94.1 billion | 555,000 |
Source: Fashion United
13. Streetwear Demographics
- 62% of survey respondents believe that streetwear products are consistently stylish.
- 45% of consumers buy streetwear items every month while 35% reported purchasing products once every three months.
- Footwear emerges as the primary driver, with 62% of consumers selecting it as their most likely purchase.
- Tops, including T-shirts and hoodies, are chosen by approximately 30% of respondents.
- Accessories are the least favored, with only 6% of consumer respondents selecting them.
- 80% of consumers note that hip-hop/rap music significantly influences their streetwear choices meanwhile, 42% point to contemporary art, and 40% cite sports as influential factors.
- 9% of North American and European respondents invest $500-$1,000 monthly in streetwear, while 33% in the same regions spend less than $100 a month. In Asia, only 21% of respondents reported expenditures below $100 monthly.
14. FAQs
14.1. How much is the clothing industry worth?
In 2022, the global fashion industry was valued at an estimated 1.7 trillion dollars, and projections indicate a growth of 1.96% by 2027.
14.2. Is the fashion industry growing?
In 2023, it’s expected that the money made in the Fashion Market will reach around US$661.60 billion.
Over the following five years, the earnings are predicted to increase each year by an average of 8.60%. By 2028, the total amount of money made in the market is estimated to be about US$999.50 billion.
14.3. How big is the fashion industry?
Based on recent research findings, the global fashion industry holds a valuation of $1.7 trillion as of 2023.
14.4. How many clothing brands are there?
There are 300,000+ fashion companies worldwide, with 25,697+ fashion designer businesses in the US as of 2022, reflecting a 5.1% increase from 2021.
Conclusion
In summary, the global fashion industry, valued at an impressive $1.7 trillion as of 2023, underscores its substantial impact on the world economy.
Forecasts suggest that by 2030, the global apparel and footwear market is poised to reach an astonishing $3.3 trillion, emphasizing the continued expansion and significance of the fashion sector on a global scale.
As the industry evolves, embracing sustainability, diversity, and inclusion, it remains a dynamic force shaping consumer trends, economic landscapes, and cultural narratives.
