Apparel - United States | Statista Market Forecast (2024)

FAQs

What will the apparel market be in 2023? ›

The global apparel market is estimated to generate $1.7 trillion in 2023, a 13.7% year-over-year increase. The global apparel market is recovering from the effects of COVID-19 and is expected to grow significantly in the coming years.

Revenue in the Apparel market amounts to US$343.70bn in 2023.

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. However, revenue was forecast to increase in 2023, to more than 1.7 trillion dollars.

Prices could come down in 2023

For one thing, supply chain shortages continue to be an issue, and any time there's not enough supply of a product to go around, its price is likely to climb. But there's a good chance we won't see such an abundance of demand relative to supply in 2023.

In 2023, I believe the blend of online and in-store shopping experiences will become the norm for the retail industry. This claim isn't far-fetched, considering 96% of retail executives (download required) already believe consumers want a seamless shopping experience across all channels.

US' imports of textiles and apparel have continued to grow in value terms and rose by 16.03 per cent to $132.201 billion in 2022, compared to $113.938 billion in 2021. With a 25.65 per cent share, China continues to be the largest supplier of textiles and clothing to the US, followed by Vietnam with 14.87 per cent.

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Revenue of the apparel market worldwide by country 2022

From the selected regions, the ranking by revenue in the apparel market is led by the United States with 312 billion U.S. dollars and is followed by China (286.5 billion U.S. dollars).

A target market is a group of customers to which a business aims to sell their merchandise. In this case, we will be looking at the target market of retailers in the apparel and footwear industries.

Are clothes high in demand? ›

US retail sales showed a strong year-over-year gain in February, with clothing stores leading growth, but the monthly pace slowed compared with January as inflation drove up prices and lingering effects of Omicron affected the supply chain.

Apparel & footwear market

The apparel and footwear market is quite a fragmented market due to its highly competitive and saturated nature, meaning that no one company holds a large portion of the whole market.

Fashion Forecasting Overview

A fashion forecaster predicts the colors, patterns, fabrics, textures, materials, prints, graphics, beauty grooming, accessories, footwear, street styles, and many other styles that will be presented on different runway shows and in stores in upcoming seasons.

Fashion trends are tracked and analysed from their earliest emergence right through to when they are full-blown retail trends. It is important to note a forecaster can also report on past and present currents depending on the product lifecycle stage or industry level.

A 5-year forecast is an educated projection of your company's financial performance over the next five years. It specifically details projected revenues, costs, expenses, cash flows (including any projected capital raises), and owner equity, as well as projecting sales growth and margins.

Look for oversized knit sweaters, cardigans, and turtlenecks in neutral or earthy tones like brown, beige or forest green. Leather: Leather is a versatile material that can be dressed up or down. In winter 2023, look for leather jackets, pants, and skirts in classic colours like black, brown, or burgundy.

The current trend is certainly positive, and experts generally agree that inflation is headed to a more favorable place — at some point in the relatively near future. Ben Johnson, Chief Operating Officer of Kapitus, says, “We expect inflation to remain above the Fed's 2% target rate throughout 2023…

While it's widely expected that the inflation rate will continue to decline throughout 2023, it's not yet clear when it might drop to the Federal Reserve's target rate of 2%, if at all.

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.

What are consumers looking for in 2023? ›

The 45-54 age group spent the most on women's and girls' clothing in 2021, averaging $995. This age group is more likely to spend more money on clothing than other age groups.

With more than $35.00 billion in apparel web sales in 2019 that represented 28.8% of the online apparel market, Amazon sells the most apparel online of any retailer, according to Digital Commerce 360 estimates. In fact, Amazon captures 11.1% of all U.S. retail clothing purchases.

Called the "Big Four", the most prominent fashion capitals of the world—in chronological order of their eponymous fashion weeks, are New York City, London, Milan, and Paris, which receive the majority of press coverage.

According to the ranking of the most valuable clothing and apparel brands in the world, Nike ranked first in both 2021 and 2022. In 2022, the American company's brand value amounted to approximately 10 billion U.S. dollars more than second-placed Luis Vuitton.

Brooks Brothers is an American clothing retailer founded in 1818, the oldest apparel brand in continuous operation in the United States. Originally a family business, Brooks Brothers produces clothing for men, women and children, as well as home furnishings.

China is the biggest source of foreign-made clothing that is imported to the U.S. each year, accounting for 36.49 percent of U.S. apparel imports, according to the American Apparel and Footwear Association.

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.

What are the 5 target markets? ›

Five ways to segment markets include demographic, psychographic, behavioral, geographic, and firmographic segmentation.

The Zara target market includes women and men, mainly younger adults in the age range of 18 to 40. This places the Zara segmentation strategy as largely focusing on Millennials and Gen Z, who are both fashion conscious and tech savvy.

H&M Group has special guidelines for the advertising of our children's concepts. The target audience is always caregivers and grownups, not children, and we do not place advertisem*nts in media aimed directly at children.

The seventh annual State of Fashion report by The Business of Fashion and McKinsey & Company reveals the industry is heading for a global slowdown in 2023 as macroeconomic tensions and slumping consumer confidence chip away at 2022′s gains.

Apparel sales in the U.S. grew 5% year over year for the period from January through May, and grew by 13% versus the same time in pre-pandemic 2019, according to NPD, a market research firm. Formal attire, in particular, has picked up again as Americans head to weddings or spend more time back at the office, she said.

What Is The Most Sold Item In the World? The most sold item in the world is clothing and fashion items. This ranges from women's and men's outfits to children's clothing, shoes, accessories, and more. People love their clothes, and fashion isn't going anywhere!

Sustainability. Sustainability is still the biggest problem the fashion industry is now facing, despite the fact that it is the second most polluting industry on the planet. The creation of clothing consumes a great deal of natural resources and generates a tonne of harmful waste that is dumped directly into waterways.

The fashion industry delivered a 21 percent increase in revenues in 2020–21, and EBITA margins doubled by 6 percentage points to 12.3 percent.

In conclusion, the fashion retail industry is a highly competitive and dynamic sector that is constantly evolving. The threat of new entrants is relatively low, but the rise of e-commerce has made it easier for new players to enter the market.

2023 Style Trend: Minidresses and Skirts

She's predicting shorter hems taking over the fashion world next year. “Minidresses, tailored skirts, and skirts with cutouts are all styles I think we'll see more of,” she says. Yes, this means micro miniskirts are coming back with a vengeance.

What markets will boom in 2023? ›

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.

Introducing Digital Lavender as our Colour of the Year for 2023. Purple will return as a key colour for 2023, representing wellness and digital escapism.

Sorry, Gen Z: Skinny Jeans Are Officially Back

But three-quarters of the way through Fashion Month Fall/Winter 2023, it seems the pendulum is swinging back. Skinny jeans, skinny pants, and — gasp — leggings have taken over the runway, most recently making their presence known at Saint Laurent.

“The bear [market] is almost over, and a new exciting bull market awaits in the second half of 2023,” he said, pointing to potential in technology stocks in particular.

Government and corporate bonds can provide a source of income and cushion stock market volatility. High-yield savings accounts, CDs and money market funds offer ways to offset the effects of inflation. Investors with a higher risk tolerance may consider cryptocurrencies or alternative investments.

Faux coats, block colours, slip dresses and silver embellishments. Long term investment pieces, tailored suits, coats, blazers and trousers. The pieces we can wear now, and again in a 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.

What will retail stores look like in the future? ›

Digital technology – such as smart mirrors, digital mannequins, QR codes, interactive apps, and more – will become a staple of physical retail in the future of shopping, allowing brands and retailers to provide guided digital journeys through brick-and-mortar stores.

In 2030, retailers must have an integrated omnichannel shopping experience that allows them to plan their supply based on the demand they're driving by personalizing offers, making product recommendations, and better directing customer interest. That's how retailers will keep margins where they need them.