28 Dazzling Fashion Industry Statistics [2023]: How Much Is The Fashion Industry Worth - Zippia (2024)

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28 Dazzling Fashion Industry Statistics [2023]: How Much Is The Fashion Industry Worth - Zippia? ›

The United States fashion industry is valued at approximately $343.70 billion. The fashion market in the United States is forecasted to grow annually by 1.96% through 2027.

In 2023, the fashion industry is expected to see global sales growth of 5-10% for luxury and -2% to 4% for the rest of the industry.

The revenue is estimated to amount to 131,683.61 million U.S. dollars in 2028. Find further information concerning the Luxury Goods market and its segments.

Fast Fashion Statistics Trends

The Fast Fashion Market size was valued at $122,257.5 Million in 2021 and is projected to reach $283,457.5 million by 2030; growing at a CAGR of 10.13% from 2023 to 2030. The Fast Fashion Market is also driven by the growing youth population's demand for affordable clothing.

Dire consequences for fashion, one of the biggest industries in the world, generating $2.5 trillion in global annual revenues before the pandemic, entails joblessness or financial hardship for people across the value chain.

WASHINGTON – The National Retail Federation today issued its annual forecast, anticipating that retail sales will grow between 4% and 6% in 2023. In total, NRF projects that retail sales will reach between $5.13 trillion and $5.23 trillion this year.

And while 2023's growth will be lower than 2022's, the forecast is above the pre-pandemic average annual retail sales growth rate of 3.6%. E-commerce will also have a banner year in 2023, with sales projected to rise 10 to 12% increasing between $1.41 trillion and $1.43 trillion.

Revenue in the Luxury Apparel segment amounts to US$82.30bn in 2023.

The United States fashion industry is valued at approximately $343.70 billion. The fashion market in the United States is forecasted to grow annually by 1.96% through 2027. The fashion industry accounts for 2% of the global Gross Domestic Product (GDP).

The revenue of the apparel market in the United States was valued at approximately 312 billion U.S. dollars as of 2022, with leading retailers such as TJX and Macy's each bringing in over 20 billion U.S. dollars in sales.

How much is the fast fashion industry worth 2023? ›

The global fast fashion market will grow from $106.42 billion in 2022 to $122.98 billion in 2023 at a compound annual growth rate (CAGR) of 15.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term.

By understanding the current trends and statistics, businesses can make informed decisions about their strategies and marketing efforts. The fashion industry is an ever-changing and dynamic industry, and it is important for businesses to stay informed of the latest trends and statistics in order to remain competitive.

This can be attributed to fashion industry's many challenges, and fragmented and competitive nature, making the success rate fairly low. According to Statistic Brain, the percentage rate of businesses that still operate after the first 4 years of operation in the retail industry is 47%.

The largest clothing company in the world is LVMH, with a market cap of $479.09 billion. As of 2022, the global apparel industry has a market size of $1.53 trillion U.S. dollars.

Fashion and its supply chain is the third largest polluting industry, after food and construction. It emitted 10% of global greenhouse gas emissions, releasing 1.2 billion tonnes of carbon dioxide per year, more than the shipping and the aviation industry combined.

How Discarded Clothes Impact Public Health and the Environment. Every year, people in the United States throw out more than 34 billion pounds of used textiles. Divided across the population, that's more than 100 pounds of textile waste per person each year. However, textile waste generation does not occur equally.

Luxury resale will boom in 2023 as more brands take control of their second-hand markets. The 1% will continue to buy luxury goods, but other classes may pull back. The personal luxury market is expected to grow 3%-8% over the next year, according to Bain & Company.

Economic outlook for the retail industry

A slowing economy will keep retail sales growth in check. In our baseline scenario (55% probability), we forecast GDP growth to slow to 0.9% in 2023 from an estimated 2% in 2022 and 5.9% in 2021. A relatively healthy labor market will, however, continue to boost sales.

Amazon will once again hold first place by a wide margin in 2023, with 37.6% of US retail ecommerce sales compared with the 6.4% of No. 2 Walmart Inc.

Which are the fastest growing economies in 2023? ›

Overall, our research found that small business owners are bullish about their business outlook in 2023. 65% of business owners say they anticipate their revenue will increase in the next year, and nearly half of business owners plan to expand their business.

The Apparel market is expected to show a volume growth of 1.6% in 2024. The average volume per person in the Apparel market is expected to amount to 89.24pieces in 2023.

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.

The women's wear market was the largest segment of the fast fashion market segmented by gender, accounting for 61.18% of the total in 2021. Going forward, the women's wear segment is expected to be the fastest-growing segment in the fast fashion market, at a CAGR of 14.85% during 2021-2026.

Fashion is a fast-growing industry with new trends being introduced every year or even within a quarter. Apparel is the largest category in fashion ecommerce with a projected revenue of $684 billion by 2025. But in such a booming industry, you're bound to also find booming competition.

It draws in thousands of people, generating about $887 million per year. In addition, fashion week brings in $11 billion in wages and $2 billion in tax revenue annually. This industry opens jobs in marketing, design, research, manufacturing, and more.

Yet, the fashion sector also has a notoriously complex supply chain and it is complicit in practices that perpetuate child labor, modern slavery, poverty and compromise animal welfare.

The secondhand clothing business has become a mainstream part of the fashion world. More and more brands are taking part in the resale segment of the industry. According to Statista, “In 2021, the global market value of secondhand and resale apparel was estimated to be worth $96 billion U.S. dollars.”

Fashion is a growing industry and fast fashion is the major contributor to its growth. Using the Internet, social media, and technological innovation, many fast fashion brands such as Forever 21, H&M, Primark, Zara, Fashion Nova grew into large global corporations.

How much clothing does the average American buy? ›

Americans buy an average of 64 items of clothing and 7.5 pairs of shoes per year, but for the most part those items aren't coming from our shores.

The target audience for fast fashion is consumers aged between 18 and 24, while women and young girls consume fast fashion more than any other demographic group.

Forecast of the fast fashion apparel market size worldwide from 2022 to 2027. The value of the fast fashion market worldwide was estimated to be worth over 106 billion U.S. dollars in 2022. This was forecast to rise considerably in the following years.

Fast fashion's benefits are affordable prices and instant gratification for consumers, more profits for companies, and the democratization of stylish clothing. On the downside, fast fashion is also associated with pollution, waste, the promulgation of a "disposable" mentality, low wages, and unsafe workplaces.

The revenue of the global apparel market was calculated to amount to 1.53 trillion U.S. dollars in 2022, a slight decrease on the previous year.

Fashion keeps a society lively through different new styles and subsequent changes. Fashion promotes social changes from time to time and also respects traditions and customs in society. Fashion encourages to modify or amend all those customs that are rigid and have no relevancy anymore.

Statistics are important because they help people make informed decisions. Governments, organizations, and businesses all collect statistics to help them track progress, measure performance, analyze problems, and prioritize.

Fast Fashion Market Size & Growth (2023-2028):

The fast fashion market is valued at US$ 1002.3 Million in 2022 and is anticipated to increase to US$ 1,401.5 Million by 2028, with a growing CAGR of 5.2% in the next six years.

Job Outlook

Employment of fashion designers is projected to grow 3 percent from 2021 to 2031, slower than the average for all occupations. Despitelimitedemployment growth, about 2,300 openings for fashion designers are projected each year, on average, over the decade.

If you're interested in fashion, there are plenty of well-paying job opportunities across multiple industries, including design, marketing and publishing. By taking the time to research fashion jobs, you can gain a better idea of what career best fits your skills, interests and experience.

Who dominates the fashion industry? ›

France is the leading country for the fashion industry in the world, according to the Brands Countries IPX by IFDAQ.

Online fashion will become a $765 billion global industry by the end of 2022. 60% of consumers say they plan to boycott brands that offer unsustainable services. Online fashion resale marketplaces will more than double between 2021 and 2025. 46% of consumers worldwide plan to use AR more for shopping in 2022.

New York, London, Milan, and Paris are called “The Big Four,” or the top fashion cities of the world, because of their influence on the fashion industry and strong media presence.

Garments made from polyester and other synthetic fibers are a prime source of microplastic pollution, which is especially harmful to marine life.

Microfibers pollution of the fashion industry

Every time we wash a synthetic garment (polyester,nylon, etc), about 700.000 individual microfibers are released into the water, making their way into our oceans. Scientists have discovered that small aquatic organisms ingest those microfibers.

China produces the most textile waste of any country, with over 20 million tons annually. It also has the world's largest textile industry, although much of its clothing production is exported.

92 Million Tonnes of Textiles Waste is Produced Every Year

Of the 100 billion garments produced each year, 92 million tonnes end up in landfills. To put things in perspective, this means that the equivalent of a rubbish truck full of clothes ends up on landfill sites every second.

Secondhand clothes that don't sell in the US or go into textile recycling are often exported. Roughly 700,000 tons of used clothing gets sent to other countries annually, reportedly creating a big market and contributing to job growth.

Digital Lavender, Luscious Red, Sundial, Tranquil Blue and Verdigris are the color names for 2023. Who chooses the names of the new colors? Names are selected by the WGSN and Coloro color team, before being verified by our in-house Equality Vision Team to ensure a proper translation on a global scale.

It is predicted to rise further to 11.7% in 2025. In 2026, analysts expect the online fashion industry's growth rate to hit 12.5%, the fastest in at least four years. From 2023 to 2026, the online fashion industry size is forecast to grow at an average annual growth rate of 11%.

What color is replacing gray 2023? ›

Here, designers, decorators, and color experts reveal why beige is replacing gray for 2023, and how to decorate with beige for a beautiful scheme every time.

Orange. Orange is the fashion color in vogue for the Fall-Winter 2023/2024 season: an intense and captivating shade that will add a touch of liveliness and elegance to your wardrobe. Experiment with the orange trend and create unique and original outfits for the upcoming winter season in the red-orange hue.

The Pantone Color Institute named Viva Magenta as its official color of the year for 2023 for its joyous yet powerful nature. A red with subtle notes of purple, magenta flawlessly complements many different color palettes from those on the richer, jewel-tone side of the spectrum to even a lighter, earthy palette.

The Future of Fashion is Now is an exhibition based on the knowledge of a company of eminent fashion authorities and fashion scholars from around the world who have shared their most up-to-date information with us.

The fashion forecast process includes basic steps of understanding the vision of the business and profile of target customers, collecting information about available merchandise, preparing information, determining trend, and choosing merchandise appropriate for the company and target customers.

Job Outlook

Employment of fashion designers is projected to grow 3 percent from 2021 to 2031, slower than the average for all occupations. Despitelimitedemployment growth, about 2,300 openings for fashion designers are projected each year, on average, over the decade.

US luxury goods market: 2023

According to a recent study, the US luxury goods market is set to bring in sales totaling $116.6 billion in 2023. This marks a 6.7% annual increase, which is half the growth rate of the previous year.

While traditionally exceptional craftsmanship and service were the byword for luxury, these are now simply expected, in other words priced in. No brand will get any credit in 2023 and beyond for being friendly or providing high quality.