Xem thêm

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

CEO Tinh Phung
Welcome to a comprehensive exploration of the fashion industry! In this article, we will delve into the world of fashion, uncovering fascinating statistics and trends that highlight the industry's worth, impact, and potential for growth....

Welcome to a comprehensive exploration of the fashion industry! In this article, we will delve into the world of fashion, uncovering fascinating statistics and trends that highlight the industry's worth, impact, and potential for growth. From global figures to United States-specific data, we've got you covered. So, grab a cup of coffee and join us on this captivating journey!

Global Fashion Industry Statistics

The global fashion industry is a powerhouse that has a profound impact on the world. From high-end luxury fashion to affordable fast fashion, let's take a closer look at some captivating statistics:

  • The global retail sales of apparel and footwear reached a staggering $1.9 trillion annually in 2019. Furthermore, it's projected to grow to three trillion U.S. dollars by 2030, with an estimated annual growth rate of 5.8%.
  • Approximately 430 million people worldwide are employed in fashion, clothing, and textile production. This means that around 12.6% of the global workforce contributes to making the clothes, shoes, and accessories we wear. Interestingly, a majority of these workers are based in Asia.
  • The fashion industry giants battling for the top spot in terms of revenue are LVMH Moët Hennessy Louis Vuitton, with global revenue of €44.2 billion ($51.1 billion) in the first nine months of 2021, closely followed by the Christian Dior Group with a recorded worldwide revenue of €44.2 billion. The popular shoe brand Nike is not far behind, with a total revenue worldwide of $44.5 billion, representing a growth of 19%.
  • When it comes to per capita spending, the United States takes the crown as the country that consumes the most fashion products globally. On average, individual household members in the United States spend $819 on clothing and shoes each year. In 2019 alone, the United States purchased approximately 17 billion apparel units. However, China is not far behind in terms of quantity, with approximately 40 billion apparel units purchased in 2017.

us fashion industry sales per capita Image source: ShopMrKatin.vn

US Fashion Industry Statistics

The fashion industry in the United States is a force to be reckoned with. Let's explore some key facts about this thriving industry:

  • The United States fashion industry is valued at approximately $343.70 billion, with clothing store sales totaling $195.85 billion in 2019.
  • The industry is expected to reach retail sales of $494.89 billion by the end of 2023, with an estimated annual growth rate of 2.82%.
  • As of 2020, the apparel manufacturing industry in the United States employs approximately 90,500 individuals. Additionally, over 4,397 fashion designers are currently working in the country.
  • When it comes to market segments, the largest segment in the US fashion market in 2021 is women's clothing.

us fashion industry retail sales Image source: ShopMrKatin.vn

Fashion Industry Sectors Statistics

The fashion industry encompasses various sectors, each catering to different demographics. Let's take a closer look at some intriguing statistics related to these sectors:

  • The women's apparel segment of the fashion industry has an estimated revenue of $804 billion. The market for women's clothing is expected to grow by 4.81% annually. The rise of e-commerce platforms has significantly influenced the growth of this segment, providing convenient access to products.
  • The men's apparel segment of the global fashion market is valued at $483 million as of 2018. Furthermore, the value of the menswear sector is projected to rise to $740.8 billion by 2025.
  • The children's wear fashion market had a total value of $169 billion in 2018, with predictions indicating that it will reach a value of $239 billion by 2023.
  • The bridal gown market, valued at approximately $32.5 billion, is expected to grow to $43.5 billion by 2022.

Top 10 Biggest Fashion Companies by Market Cap

To understand the true scale of the fashion industry, let's take a look at the top 10 companies based on market capitalization:

Company Country Market Cap (in Billions USD)
Inditex Spain $117.17
Nike United States $92.89
LVMH France $84.81
TJX United States $49.13
Hennes & Mauritz Sweden $44.47
Hermes France $42.70
Rolex SA Switzerland $37.00
Fast Retailing Japan $36.33
Adidas Germany $34.98
Chanel France $32.67

Fashion Industry Trends and Predictions

The fashion industry is ever-evolving, and here are some trends and predictions that highlight its potential growth and evolution over time:

  • The mass production of clothing began in the mid-nineteenth century when garment manufacturers realized that pieces could be made without fittings. This marked a significant turning point in the industry's history.
  • Charles Frederick Worth is widely considered the world's first fashion designer, having made a name for himself between 1826 and 1895.
  • The global fashion market is projected to have a Compound Annual Growth Rate (CAGR) of 5.5% between 2020 and 2025.

us fashion industry annual growth rate Image source: ShopMrKatin.vn

Comparatively, the automobile manufacturing industry recorded a CAGR of 4.5% between 2021 and 2028. On the other hand, the big data technology industry is expected to demonstrate a CAGR of 14% until 2027.

Fashion Industry's Environmental Impact Statistics

While the fashion industry is undoubtedly a powerful economic force, it also has a significant negative impact on the environment. Let's take a look at some alarming facts:

  • The fashion industry is responsible for approximately 10% of humanity's carbon emissions, surpassing the combined emissions of international flights and maritime shipping. Additionally, it is the second-largest consumer of the global water supply, further exacerbating its environmental impact.
  • Shockingly, 85% of all textiles end up in the dump each year, with 57% of discarded clothes making their way to landfills. Every second, the equivalent of one garbage truck filled with clothes is either burned or dumped.
  • Synthetic materials used in clothing production are responsible for 35% of all plastic microfibers found in the ocean. These materials not only contribute to carbon emissions but also take a significant amount of time to break down, posing a threat to the aquatic ecosystem.
  • Producing a single pair of jeans requires a whopping 3,781 liters of water and emits approximately 33.4 kilograms of carbon equivalent. Annually, the fashion industry uses around 93 billion cubic meters of water.

the global fashion industry is valued at $1.7 trillion Image source: ShopMrKatin.vn

Fashion Industry Statistics FAQ

To address common questions, here are some frequently asked questions about the fashion industry:

  1. Is the fashion industry growing? Yes, the fashion industry is undoubtedly experiencing positive growth, with a growth rate of 5.46% since 2017. Projections indicate even higher growth rates between 2020-2022.

  2. How much is the fashion industry worth? The global fashion market was valued at a massive $1.7 trillion in 2023. Similarly, the United States apparel industry is worth $343.70 billion and expected to reach $494.89 billion by 2023.

  3. Is the fashion industry dying? While the global fashion industry faced challenges during the COVID-19 pandemic, it is not dying. In fact, e-commerce has breathed new life into the industry, transforming the way consumers shop. However, the industry is also evolving to address environmental concerns and promote sustainability.

  4. What companies hold the largest share of the fashion industry? Nike sits at the top with the largest market share in the fashion industry, at 2.8%. LVMH Moët Hennessy Louis Vuitton follows closely, with a 2021 global revenue of €44.2 billion ($51.1 billion). The Christian Dior Group also commands a significant market share, as does the popular sportswear brand Adidas.

  5. What country spends the most on fashion? Australians spend the most on apparel, with an average annual spending of $1,050. Canada and Japan trail behind, with average spending of $831 and $814, respectively. However, when it comes to overall fashion product spending, the United States leads the way, with an average per capita spending of $819.

  6. What are the four levels of the fashion industry? The fashion industry consists of four distinct levels: Raw Materials Producers, Apparel Manufacturers, Retail, and Media/Consultants. These levels encompass everything from sourcing raw materials to producing, selling, and promoting fashion products.

Conclusion

The fashion industry is a global powerhouse that generates substantial revenue and provides livelihoods for millions of people worldwide. With a market value exceeding a trillion dollars and accounting for 2% of the global GDP, the influence of fashion is undeniable. However, it is crucial to acknowledge the industry's environmental impact and strive for more sustainable practices.

As consumers become increasingly conscious of their choices, companies are starting to embrace environmentally-friendly production processes. By addressing issues like carbon emissions, water consumption, and textile waste, the fashion industry can embark on a greener path.

The statistics and trends we've explored today provide a glimpse into the immense scope and potential of the fashion industry. It is an ever-evolving industry with a rich history and a promising future. Let's continue to appreciate and support the world of fashion while advocating for positive change.

References

[1] Statistica. “Market growth of the apparel industry worldwide from 2012 to 2020”. Accessed on November 6, 2021

[2] Fashion United. “Global fashion industry statistics - International apparel”. Accessed on November 6, 2021

[3] Oberlo. “US FASHION INDUSTRY GROWTH RATE (2019-2023)”. Accessed on November 6, 2021

[4] Statistica. “U.S. apparel market - statistics facts”. Accessed on November 6, 2021

[5] Common Objective. “Faces and Figures: Who Makes Our Clothes?”. Accessed on November 6, 2021

[6] LVMH. “Growth continues at the same pace”. Accessed on November 6, 2021

[7] Nike, Inc. “NIKE, INC. REPORTS FISCAL 2021 FOURTH QUARTER AND FULL YEAR RESULTS”. Accessed on November 6, 2021

[8] Global News Wire. “Christian Dior: Growth continues at the same pace”. Accessed on November 6, 2021

[9] Common Objective. “Volume and Consumption: How Much Does The World Buy?”. Accessed on November 6, 2021

[10] Statistica. “Clothing and clothing accessories per capita sales in the United States from 2000 to 2019 (in U.S. dollars)*”. Accessed on November 6, 2021

[11] Statistica. “Per capita expenditure of private urban households in China on clothing and footwear from 1990 to 2020”. Accessed on November 6, 2021

[12] Statistica. “Clothing store sales in the United States from 1992 to 2019”. Accessed on November 6, 2021

[13] Statistica. “Number of employees in the U.S. apparel manufacturing industry from 1990 to 2020 (in 1,000s)*”. Accessed on November 6, 2021

[14] Zippia. “FASHION DESIGNER STATISTICS AND FACTS IN THE US”. Accessed on November 6, 2021

[15] Statistica. “Consumer Markets-Women’s Apparel Worldwide”. Accessed on November 6, 2021

[16] Research and Markets. “Women Apparel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”. Accessed on November 6, 2021

[17] Statistica. “Men’s wear market value worldwide from 2018 to 2025 (in billion U.S. dollars)*”. Accessed on November 6, 2021

[18] Statistica. “Children’s wear market value worldwide in 2018 and 2023”. Accessed on November 6, 2021

[19] Statistica. “Bridal gown market size worldwide from 2017 to 2022 (in million U.S. dollars)*”. Accessed on November 6, 2021

[20] World Economic Forum. “These facts show how unsustainable the fashion industry is”. Accessed on November 6, 2021

[21] Princeton. “THE IMPACT OF FAST FASHION ON THE ENVIRONMENT”. Accessed on November 6, 2021

[22] The World Bank. “How Much Do Our Wardrobes Cost to the Environment?”. Accessed on November 6, 2021

1