The fashion industry is growing at a rapid rate. With new trends coming up and people showcasing their talent on social media. The e-commerce websites have supported this growth where consumers have access to high fashion apparel from around the world. The industry employs a large number of people. World-famous companies have taken new steps to advertise their products through influencer marketing which is proving to be profitable.
General global overview
1. Fashion industry Population: 7,260.7 million.
2. Labor force employed in fashion industry 3,384.1 million.
3. Unemployment rate in the entire fashion industry 5.8 percent
4. Global GDP per capita (PPP) from the fashion industry: 16,300 US dollars.
5. Value of the global fashion industry: 3,000 billion dollars (3 trillion dollars)
6. 2 percent of the world’s Gross Domestic Product (GDP).
7. Fashion executives project a 20% growth in online businesses this 2021.
8. American women aged 35 to 44 spend an average of $960 on clothes each year.
9. Women wear only 20-30% of their clothes in their wardrobe.
10. In 2020, the decline in the worldwide personal luxury goods market was between 20% to 35%.
Country-wise fashion statistics
1. China accounted for 90% of the total sales growth of the personal luxury goods market in 2019.
2. Nigeria imports $4 billion worth of ready-made clothing and textiles every year.
3. Canada‘s apparel market is one of the largest globally, with sales amounting to $28.04 billion in 2019.
4. Revenue in the Philippines‘ apparel market is expected to reach $2.11 billion by the end of 2021.
5. Australia‘s clothing retail industry saw an 8.5% decline because of the pandemic
Looking towards environment
1. 10 million tons of clothes are sent to landfills every year.
2. 23% of all chemicals produced in the world are used in the textile industry.
3. An average American dumps 81.5 pounds of clothes annually.
4. The fashion industry is the source of 8% to 10% of carbon emissions.
5. On average, 700,000 tons of used clothes get exported,
6. The global ethical fashion market is projected to reach $8.2 million in 2023.
7. By-product materials, the organic segment is projected to have the fastest growth at 16.2%.
8. 52% of consumers want the fashion industry to be more sustainable.
9. Fashion industry advertising statistics shared that 32% of consumers prefer to pay more for sustainable clothing.
Global Market segmentation in the fashion industry
1. Retail value of the luxury goods market is 339.4 billion dollars.
2. Value of the menswear industry=402 billion dollars
3. Value of the womenswear industry=621 billion dollars
4. Bridal Wear market=57 billion dollars
5. Childrenswear market=186 billion dollars
6. Sports footwear market=90.4 billion dollars
Global Fashion Companies
1. LVMH, Louis Vuitton Moët Hennessy, a French luxury conglomerate is currently the largest fashion company worldwide
2. LVMH’s annual revenues reached 42.6 billion euros in 2017 and the company is valued at around 122 billion euros
3. US-based athleisure- and lifestyle brand Nike is the second-largest fashion company worldwide.
4. In 2017 Nike’s revenues amounted to 34.4.6 billion dollars and a market value of nearly 105 billion dollars.
5. Spanish fast-fashion giant Inditex – with a market value of nearly 92 billion dollars – is the third-largest fashion company worldwide.
6. Inditex owns brands like Zara, Pull&Bear, and Stradivarius. The Spanish company is valued at 75 billion euros and its 2017 annual revenue was 25.34 billion euros
The future ahead of the fashion industry
1. The global apparel and footwear market is projected to rack up to $3.3 trillion by 2030.
2. The sportswear market has hugely contributed to the growth of the global apparel business. In fact, in 2019, it was a $265 billion market
3. 71% of fashion experts project a 20% or more growth in online businesses in 2021.
4. The fashion market revenue will roll in at $759 billion in 2021.
5. 45% of fashion executives identify COVID-19 as the biggest challenge
6. 30% see going digital as the biggest opportunity in 2021.
7. 39% of fashion executives expect the condition of the luxury segment to get worse this 2021
8. Women’s fashion industry will register a CAGR of 4.7% until 2025.
9. The women’s apparel industry is predicted to hit over $165.4 billion in 2021.
Jewellery market (Fashion)
- By 2027, the costume jewelry market will reach $59.7 billion.
2. The global jewelry market will be worth $291.7 billion in 2025.
3. The growing adoption of wearing jewelry in men and the changing consumer lifestyle are the most notable factors that will expand the market.
4. Spendings on jewelry in the last quarter of 2020 reached a whopping $73 billion.
5. It turns out that some people decided to spend their travel money on jewelry, which made the market bounce back from the losses at an incredible pace.
Fast Fashion Industry scenario
1. In the late 1990s, fast fashion entered the industry.
2. Today, 400% more clothes are produced than 20 years ago.
3. The fast fashion market is expected to recover by 2023 and will reach $38.21 billion.
With changing trends and ideas about fashion, people are defining their own identities. The rising beauty standards have made consumers more conscious about their dressing and grooming styles. The fashion industry is also seeing a shift towards more eco-friendly products that can be recycled and re-used while maintaining brand standards.