How fast is the fashion industry?
The fast-fashion market in 2020 globally produced $25.1 billion. It was expected to increase at an annual compound growth rate (CAGR) of 21.9%, resulting in the global market increase to $31 billion in 2021. By 2030, the fast fashion industry will bring a revenue of $192 billion to the world's global economy.
Fast fashion became common because of cheaper, speedier manufacturing and shipping methods, an increase in consumers' appetite for up-to-the-minute styles, and the increase in consumer purchasing power—especially among young people—to indulge these instant-gratification desires.
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.
The global fast fashion market is expected to grow from $91.23 billion in 2021 to $99.23 billion in 2022 at a compound annual growth rate (CAGR) of 8.8%. The market is expected to grow to $133.43 billion in 2026 at a compound annual growth rate (CAGR) of 7.7%.
providing a forecast up until 2026. In 2026, the global market value of fast fashion is forecasted to reach a value of approximately 133 billion U.S. dollars.
Top Fashion Industry Statistics (Editor's Choice) The fashion industry's worth promises to reach $1.7 trillion in 2022. Global fashion industry statistics show that the industry could reach between 103% and 108% of its 2019 size in 2022. In 2022, fashion retail prices will increase by 3.2% on average.
It dries up water sources and pollutes rivers and streams, while 85% of all textiles go to dumps each year. Even washing clothes releases 500 000 tons of microfibres into the ocean each year, the equivalent of 50 billion plastic bottles.
Compared to the prestigious fashion brands that have just few fashion collections in the course of the year, fast fashion businesses offer their customers a lot more fashion collections during the year at more affordable prices. Consumers can buy more for less, but they keep up with the latest fashion trends.
Support minimalism: Slow Fashion items may be more expensive but you don't need as much when you know they'll last! Wash less. Sometimes it is enough to air-out clothes or partially remove stains before putting them in the washing machine. If washing, choose on cold and skip dry cleaning.
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.
Why is the clothing industry growing?
Ecommerce Fashion Industry Grows to $1 Trillion by 2025
Fueling this growth are two factors: penetration rates — as defined by “the share of active paying customers” — and ecommerce's share of retail fashion. Estimates project an overall increase in ecommerce penetration from 46.6% this year to 60.32% by 2024.
The success of fast fashion helped double the size of the fashion industry between 2000 and 2014. In 2021, the fast fashion sector is expected to generate $31 billion globally, an increase of 22% from 2020 — which represents more than a full recovery of COVID-19-related losses — according to Research and Markets.
The global fast fashion market is expected to grow from $91.23 billion in 2021 to $99.23 billion in 2022 at a compound annual growth rate (CAGR) of 8.8%. The market is expected to grow to $133.43 billion in 2026 at a compound annual growth rate (CAGR) of 7.7%.
The revenue of the United States apparel market was valued at approximately 318 billion U.S. dollars as of 2021, with leading retailers such as TJX and Macy's each bringing in over 20 billion U.S. dollars in sales.
According to The Ethical Consumer and Greenpeace's Journal, 'Unearthed', if the demand for fast fashion continues to grow at its current rate, we could see the total carbon footprint of our clothing reach 26% by 2050!
Basically, if a product has a short service life, soon one will have to throw it away. Therefore, producing more trash and heavily polluting the environment. After all, we are talking about the disposal of clothes on a world scale. Actually, most of the time, these pieces end up in landfills or being incinerated.
Be transparent about their supply chains. Partner with sustainable branding partners. Ensure their packaging is eco-friendly. Switch to a renewable energy provider.
It answers consumers' rising demand for trendy and affordable clothes. Fast fashion has a huge economic impact. It's responsible for the recent growth (on average 4.78%) and future growth (5.91% in the next three years) of the apparel industry. A world without any textiles is very difficult to imagine nowadays.
The Problem of Fast Fashion
Unfortunately companies are often not socially responsible, and will exhaust garment factory workers in order to gain more profit at a fast pace. By outsourcing supply chain factories, numerous labour rights violations in developing countries are occurring.
5 Ways to Reduce Your Fashion Footprint
“And if you buy something, try to buy something that is not blended that much.” » Reduce demand by buying only what you need. » Buy used clothes from consignment stores, thrift stores, or resale websites. » Buy clothes that are built to last, and actually wear them—a lot!
How can clothes be sustainable?
- Shop secondhand first. ...
- Buy fewer clothes. ...
- Invest only in clothes you really like and need. ...
- Shop locally. ...
- Go natural. ...
- Buy organic. ...
- Shop sustainable brands. ...
- Shop for quality over quantity.
- Think twice before shopping.
- Make sure your big purchases have big environmental benefits.
- Go #PlasticFree.
- Boycott products that endanger wildlife.
- Pay attention to labels.
- Be water wise.
- Drive less, drive green.
- Green your home.
Extravagant Fashion: Regarding the clothes of the future, 2050 could reach a whole new level of extravagant clothing. Trends are already showing the use of bold colours that will likely continue within the next 100 years but to many people's surprise, clothes have the possibility to become more 3-Dimensional.
Digital fashion is the way of the future, they say. “We share a vision of the world where people will build digital closets that will be no less significant than the physical wardrobe,” Modenova says. Shapovalova agrees. “I believe that every brand in the world will have a digital fashion category,” she says.
The clothing and clothing accessories stores subsector is part of the retail trade sector.
Most people think you'll make a kajillion dollars and be well on your way to overnight stardom. But the reality is that the profit margins on clothing are notoriously low. According to industry analysts, you're looking at 4-13% profit margins.
How does it impact the environment? About 53 million tonnes of fibre is produced by the fashion industry every year, of which 70 percent is wasted, IndiaSpend said in a report. According to UK-based charitable organisation Ellen MacArthur Foundation, fibre production will reach 160 million tonnes by 2050.
The success of fast fashion helped double the size of the fashion industry between 2000 and 2014. In 2021, the fast fashion sector is expected to generate $31 billion globally, an increase of 22% from 2020 — which represents more than a full recovery of COVID-19-related losses — according to Research and Markets.
According to Fast Company, “apparel companies make 53 million tons of clothes into the world annually,” and the amount has surely increased since the article's original release in 2019. “If the industry keeps up its exponential pace of growth, it is expected to reach 160 million tons by 2050.”
Greenhouse gas emissions by the global textile industry are greater than those from shipping and international air travel, combined. The fashion industry produces about 53 million tonnes of fibre every year, 70% of which ends up in garbage dumps, or is incinerated.
