Fashion is present everywhere, and most people appreciate it, male or female, whether they want to admit it or not. We spent most of last year in our pajamas, but we’re about to ditch it and prepare for a fashionable 2021.
The latest fashion industry statistics will certainly surprise those who aren’t in the loop. If you fall into this group, don’t worry. We’re about to change your fashion worldview by enlightening you with some essential fashion advice.
We’re here to present you with the most valuable fashion industry facts and stats to stay on-trend. Let’s roll out the red carpet and start the show.
Top Ten Fashion Industry Statistics and Trends
- The global apparel and footwear market reached $1.9 trillion in retail sales in 2019.
- The expected peak growth rate of the worldwide apparel market in 2020 was projected to be about 6.2%.
- In 2019, the value of the global fast fashion market was estimated at $35.8 billion.
- In 2014, the global women’s apparel industry amounted to $621 billion.
- The US apparel market size in 2019 was approximately $368 billion.
- Nike is the leading worldwide apparel brand in 2020, worth nearly $35 billion.
- UK residents spent about £59.3 billion on clothing in 2019 ($77.9 billion USD).
- Inditex’s flagship Zara was the leading fast-fashion brand in Europe in 2019, having sold nearly 3 billion units.
- The Chinese girls’ and women’s apparel market was worth almost $121 billion in 2018.
- The global men’s apparel market revenue is about $580 billion in 2020.
Outstanding Global Clothing Industry Statistics
Unless you are a fashion industry professional or a very educated fashionista, you probably have no idea how big the clothing industry really is. The answer is: colossal! Here are some numbers to prove it.
1. The peak growth rate of the worldwide apparel market in 2020 was originally projected to be about 6.2%.
The global apparel market was on a steady rise in 2019, according to Statista. For comparison, in 2017, the estimated fashion industry growth rate was 5.46%.
2. The global apparel and footwear market reached $1.9 trillion in retail sales in 2019.
It would be an understatement to say that apparel and footwear sales are consistently going up worldwide. Experts from Statista say that the global apparel market size could reach $3.3 trillion by 2030.
3. Nike is the leading worldwide apparel brand in 2020, worth nearly $35 billion.
Most of us have owned at least one pair of Nike sneakers in our lives. You’d imagine Nike is worth a lot, but did you know it earned $39.1 billion in 2019? Compared to 2018, this represents a $3 billion jump in global revenue. The fashion industry sales statistics have only shown Nike on the rise over the last few years.
4. In 2019, Inditex made $31.6 billion in sales worldwide.
Inditex, short for the “textile design industry” translated from Spanish, is the world’s largest fashion group. Its headquarters are in Arteixo, Galicia, Spain. Although Zara is its flagship brand, it owns many other famous fashion brands such as Bershka, Pull and Bear, and Stradivarius.
5. The US apparel market size in 2019 was approximately $368 billion.
These are some huge numbers, but they’re difficult to visualize without some relevant comparisons. According to the fashion industry statistics from 2018, the US apparel market made nearly $342 billion in revenue. It means that in just one year, the market grew by more than $25 billion.
6. UK residents spent about £59.3 billion on clothing in 2019 ($77.9 billion USD).
In the UK, fashion industry statistics from 2019 show increased spending on clothing over the past 15 years. In 2005, households in the UK spent about £30 billion on apparel ($39.4 billion USD).
Essentially, in less than 15 years, the amount nearly doubled. The numbers were steady over the past few years, but from 2018 to 2019, they skyrocketed again.
7. Inditex’s flagship Zara was the top fast fashion brand in Europe in 2019, having sold nearly 3 billion units.
The global apparel industry statistics are often led by Europeans, which makes sense, considering this continent was always relevant in fashion and style.
Inditex is a massive fashion group from Spain, but it’s not without competition in Europe. Sweden’s H&M earned the second spot in terms of units sold in 2019, with about 2.2 billion items. Britain’s Marks and Spencer was in the third spot, with about 1.3 billion units sold that year.
8. Zara also topped the European fashion statistics in revenue, with £22 billion in 2019 ($28.9 billion USD).
It makes sense that after selling the most clothing items in 2019, Zara also earned the most revenue. Once again, we need to compare these numbers with something to put things in perspective. Primark and Marks and Spencer combined couldn’t achieve as much revenue.
9. In 2019, the global fast fashion market was estimated at $35.8 billion.
Fashion industry statistics show that 2019 was an excellent year for fast fashion. However, 2020 did not continue the trend. We all know why every industry was shaken in 2020. The estimated value of fast fashion in 2020 is $31.4 billion, representing a negative CAGR of –12%.
Full recovery is expected by 2023, when the market should achieve $38.21 billion, at a CAGR of 6.7%.
Some Hip Men’s and Women’s Clothing Industry Statistics
We strive for equality, but fashion and clothes are one of those things we will have a hard time changing — it targets women, and women seem to enjoy it. Here are some numbers to prove it.
10. In 2014, the global women’s apparel industry amounted to $621 billion.
From 2009 to 2014, there was a 12% increase in the women’s fashion industry market. Women’s apparel includes accessories, footwear, jeans, pants, shirts, outdoor-wear, dresses, hats, and skirts.
11. China’s girls’ and women’s apparel market was worth almost $121 billion in 2018.
While the global fashion industry market size is enormous, female apparel in China makes up a massive portion. With 1.43 billion citizens, half of which are female, it makes sense that the country’s girls and women spend so much.
12. The womenswear industry in Canada should reach $17.8 billion CAD by 2024 ($13.4 billion USD).
Canadian fashion industry statistics aren’t easy to find. However, Market Research estimates a relatively bad CAGR of –0.2% until 2024. The Canadian apparel market should reach $42.6 billion CAD by 2024 ($32.12 billion USD), also having a negative CAGR, –0.3%.
13. The global fitness apparel market for women was estimated at over $119 billion in 2017.
Here are some invaluable facts on the fashion industry. It turns out that women prefer comfy clothes, after all—the activewear industry is expected to skyrocket in the following years.
In 2019, estimations from Statista predicted that this market would reach nearly $217 billion five years from now. Women use activewear for many activities, including yoga. Did you know 72% of yoga practitioners are women?
14. The US was the largest market for boy’s and men’s apparel in 2018.
Male fashion is often overlooked and overshadowed by female fashion, especially when it comes to statistics. However, from 2015 to 2018, men invested more in high-end wear than women. Following the US, there are China, the UK, India, and Japan.
15. The global men’s apparel market revenue is over $579 billion in 2020.
The market’s CAGR for the following five years is forecast to grow by about 5.5% a year. The US is still in the lead, with about $112 billion in revenue. Most men still prefer to seek out frugal male fashion items, though, as they’re known for trying to save as much as they can on clothing.
How much was the fashion industry worth in 2018?
The global fashion industry statistics from 2018 were awe-inspiring. Back then, the industry’s universal value was nearly $758.5 billion, just counting the apparel and clothing market.
Since 2014, its CAGR was 7.5%, and it’s expected to grow to 11.8% by 2022. If that turns out to be accurate, the industry’s worth will reach almost $1.183 trillion by then.
What is “fast fashion”?
Even though we’ve given you some juicy fast fashion statistics, some of you may need a brief explanation of fast fashion.
Fast fashion refers to the low-cost designs that quickly move from catwalk to stores, and that’s where it got the name. Instead of offering seasonal fashion products, fast fashion introduces new products much quicker, even every week.
(The Good Trade)
How much is the fast fashion industry worth?
Fast fashion industry growth has been remarkable. In 2008, this industry was worth $21 billion. Just 10 years later, it grew to $35 billion, nearly doubling in value.
The forecast for the next 10 years, based on this growth, projects that the fast fashion industry will be worth $44 billion by 2028. Therefore, it should effectively more than double its value in a two-decade span—if the fast fashion industry growth rate isn’t overly impacted by current economic trends.
What country is the leader in the fashion industry?
Unfortunately, it’s a challenge to determine this because the fashion industry statistics won’t show the whole picture. Instead, here’s a list of the most fashionable countries, according to a 2016 survey by U.S. News: Italy, France, Spain, the US, the UK, Brazil, Japan, Sweden, Singapore, and the Netherlands.
All of these countries have colossal fashion names and brands associated with them. Italy and France deserve to be at the top, with Milan and Paris practically being the cradles of fashion.
Is the fashion industry growing or declining?
The growth of the fashion industry is undeniable. The fast fashion industry saw a growth of 21% from 2016 to 2019, while the luxury market growth wasn’t as prominent.
In 2019, the predicted overall fashion industry’s growth was between 3.5% and 4.5%, according to the McKinsey Global Fashion Index. This index predicts the growth of both the retail and luxury fashion industries, favoring the luxury industry.
It’s an interesting prediction, considering the continued rise of the fashion retail industry that the statistics demonstrate.
The term “fashion” is often associated with luxury, chic, expensive designer clothes. However, as you’ve just learned, retail fashion is just as lucrative as luxury fashion. Truthfully, the two are more intertwined than ever.
Fast fashion allows almost everyone in the world to get easy access to designer pieces at affordable prices. Indeed, the fashion industry statistics look optimistic and seem to show growing numbers.
The COVID-19 pandemic hasn’t been kind to any industry, but this one will surely recover. Feel free to leave a comment below, and let us know if you have any questions. Or simply tell us which of our facts about the fashion industry intrigued you the most.
- Business Wire
- Market Research
- Statista Apparel Brands 2019
- Statista Apparel Brands 2020
- Statista Apparel for Men 2018
- Statista Apparel for Men 2020
- Statista Apparel Market by Region
- Statista China’s Revenue
- Statista European Revenue
- Statista Fast Fashion Market Value
- Statista Fitness Apparel
- Statista Footwear and Apparel
- Statista Global Apparel Market
- Statista Units Sold
- Statista US Market 2018
- Statista US Market 2019
- Statista UK
- The Good Trade
- U.S. News