With profits skyrocketing in major markets like the US and China as well as globally, there is tremendous opportunity to enter the fashion industry. Fashion is one of the most profitable online shopping categories. The data that follows sheds light on this popular sector.

Market Overview and General Statistics

  1. In 2024, the worldwide fashion industry is expected to generate US$770.90 billion in revenue. Statista
  2. With revenue predicted to grow at an 8.94% annual rate (CAGR 2024–2029), the market is expected to reach a projected value of US$1,183.00 billion by 2029. Statista
  3. With a market value estimated at US$236.80 billion in 2024, China accounts for the majority of revenue. Statista
  4. It is anticipated that there will be 2.8 billion users in the fashion market by 2029. Statista
  5. By 2024, the percentage of users will be 33.3%, and by 2029, it is anticipated to reach 37.8%.Statista
  6. It is anticipated that the average revenue per user (ARPU) will be USD 369.20. Statista
  7. An average household will spend 3.8% of their annual income on clothing each year. Enterprise App
  8. The majority of teenagers—those between the ages of 18 and 19—spend between $1,300 and $2,000 on clothes on average each year. The next age groups are 12 to 14 years old, who spend between USD 500 and USD 700, and 15 to 17 years old, who spend between USD 800 and USD 1,200. Enterprise App
  9. With a compound annual growth rate (CAGR) of 2.72% through 2027, the global apparel market is expected to reach USD 1.79 trillion by 2024. Enterprise App
  10. The typical American has between 75 and 100+ articles of clothing. Enterprise App
  11. In 2021, it is projected that global consumer expenditure on apparel and footwear will reach $2,032,403.47 million. That might total an estimated $2,571,939.42 million by 2025. fashion united
  12. Just 1% of well-known fashion labels reveal the proportion of workers in their supply chain who receive a livable wage. Looneylegs
  13. Just 9% of fashion brands say they will not be reducing the quantity of products they make. Looneylegs
  14. 76% of the goods returned to fast fashion take-back programs were either destroyed, abandoned in warehouses, or sent to nations in Africa.  Looneylegs
  15. Of all fibers, polyester accounted for 54% of the world market. Looneylegs
  16. Global Emissions from the Apparel Industry Will Rise by 50% by 2030. Looneylegs
  17. By 2050, the global fashion industry may account for 25% of the carbon budget. Looneylegs
  18. By 2029, the fast-fashion industry is expected to grow to a value of $43.4 billion worldwide. Looneylegs
  19. By 2050, the fast fashion sector may consume 26 percent of the carbon budget of the earth. Looneylegs
  20. The equivalent of one garbage truck's worth of textiles is burned or landfilled every second. Looneylegs
  21. The dyeing and treatment of textiles is responsible for 20% of the industrial water pollution that occurs worldwide. Looneylegs
  22. The quantity of clothing produced by fast fashion companies has doubled since 2000. Looneylegs

Fashion Apparel Market

  1. By 2024, the global apparel market is projected to be worth USD 1.79 trillion. Enterprise App
  2. A 2.72 percent growth rate is projected, to reach a higher value by 2027. Enterprise App
  3. It is estimated that in 2024, the United States will bring in the highest revenue, totaling USD 359 billion. Enterprise App
  4. In 2024, a person may purchase 24.1 articles of clothing on average. Enterprise App
  5. The total amount of pieces bought globally may reach 193.7 billion by 2027. Enterprise App
  6. By 2024, women's clothing sales are expected to reach USD 0.94 trillion, making it the category with the highest sales volume. Enterprise App
  7. Based on the world population, it is projected that per capita expenditure on clothing will be USD 230.90. Enterprise App
  8. It is anticipated that the amount of clothing purchased will rise by 1.3% by 2025. Enterprise App
  9. Every year, the global fashion industry produces between 100 and 150 billion articles of clothing. fashion united
  10. The last 20 years have seen an explosive increase in the consumption of clothing. Every year, consumers of fashion purchase more than 80 billion new articles of apparel. We've consumed over 400% more than this just 20 years ago. fashion united
  11. With a Brands Countries IPX score of over 3,000 by IFDAQ, France is a market leader in the apparel industry. At 2,800 points, it outperforms Italy, and at 2,235 points, the United States. upmetrics
  12. The market for luxury clothing was estimated to be worth $70 billion globally in 2020 and is expected to grow to $278 billion by 2031. upmetrics
  13. By 2027, the fast fashion industry is projected to have grown from its valuation of over $106 billion in 2022 to $185 billion.  upmetrics
  14. The value of the denim jeans market worldwide is expected to rise from $64.5 billion in 2022 to roughly $95 billion by 2030. upmetrics

Consumer Behavior and Demographics

  1. The global apparel market is projected to grow to USD 2.25 trillion by 2025.  Enterprise App
  2. Households spend 3.8% of their annual income on clothes each year. Enterprise App
  3. The average American owns 75–100+ articles of clothing, with most items being worn at least seven times before being thrown away.  Enterprise App
  4. Global consumer expenditure on apparel and footwear is projected to reach USD 2.9 trillion by 2029, a 20.44% increase from 2024 to 2029.  Enterprise App
  5. Most parents of children between the ages of 0 and 15 spend less than $500 on their children. Nonetheless, 13 to 15 years old and 0 to 2 years old spend at least $500 annually on clothing shopping. Enterprise App
  6. Teenagers between the ages of 18 and 19 spend the most on clothing annually ($1,300 to $2,000), followed by those between the ages of 15 and 17 ($800 to $1200) and 12 and 14 ($500 to $700). Enterprise App
  7. While some American Gen Z consumers prefer big-box stores like Target, Walmart, Costco, and others, the majority of Gen Z clothing shoppers prefer to shop online at Amazon (17%), Lulu's, and ASOS. Department stores and fast fashion stores are preferred by 13% of consumers equally. While the rest of them prefer second-hand shopping. Enterprise App
  8. Even consumers in the 25–34 age range prefer to shop at department stores, big box stores, and online. Enterprise App
  9. In the United States, the average family spends $1,700 on clothing annually, compared to $1,932 for individuals. Enterprise App
  10. Moreover, women may spend up to $2,000 annually on apparel. Enterprise App
  11. The average monthly cost of adult clothing is $161, or $1,700 annually. Enterprise App
  12. Comparably, American women shoppers spend $2,000 a year on clothing on average. Enterprise App

Fashion E-commerce

  1. One-seventh of American Gen Z consumers say they prefer to buy clothes on Amazon, while the remaining consumers say they prefer Lulu's, ASOS, Target, Walmart, and Costco. Enterprise App
  2. Amazon accounts for 76% of smartphone purchases, making it the leader in online apparel sales. Enterprise App
  3. Of those who shop for clothing online, 75% are from the USA. Enterprise App
  4. 76% of online clothes sales are made through smartphones, with Amazon controlling the lion's share of this market. Enterprise App
  5. 38% of online clothing returns are due to incorrect fit. This is the main cause of returns. Enterprise App
  6. During the holidays, there is a 46.2% increase in online sales of clothing. The top five categories of purchases are gift cards (55%), apparel and accessories (49%), books, video games, or other media (28%), and personal care and beauty products (25%). Enterprise App
  7. Most 25 percent of American consumers who shopped for clothing online spent between $51 and $100.  Enterprise App
  8. Moreover, 23 percent of consumers spend one to two hundred dollars per month. Merely 2% of purchasers expended over $1001 on apparel within a single month. Enterprise App
  9. 9.1 million e-commerce businesses operate worldwide, of which 5.9 million are single-brand establishments and the remainder are marketplaces like Farfetch and Amazon. 3dlook
  10. There are about 8.8 million physical product stores and about 290,000 virtual product stores. 3dlook
  11. The top three items bought online are clothing (51%), shoes (41%), and accessories (30%), with 13 of the top 20 direct-to-consumer brands worldwide being in the fashion industry. 3dlook
  12. Online sales of fashion are projected to grow from $668 billion in 2021 to $1 trillion in 2024 and $1.2 trillion in 2025. 3dlook
  13. Over 60% of online sales revenue is generated by the top ten e-commerce companies in the world, and by 2024, the market is projected to grow to $464 billion. 3dlook
  14. With $17.8 billion in sales, JD is the biggest fashion e-commerce retailer in China. Shein ($10.4 billion), Vip.com ($7.7 billion), Coupang ($7.1 billion), and H&M ($5.8 billion), the only non-Chinese leader, are next in line. 3dlook
  15. The US market leader Shein brought in $24 billion in revenue in 2022. 3dlook
  16. In the fashion e-commerce industry, the average cost of acquiring a new customer is $129, and the average conversion rate is 2.2%. 3dlook
  17. Fashion e-commerce sites average $97 for orders, while those with fewer than 1,000 monthly orders average $108, and those with more than 10,000 monthly orders average $49. 3dlook
  18. After two months, apparel has an average sell-through rate of 24.3%; after six months, it is 45.5%; and after a year, it is 68.7%. 3dlook
  19. Fashion e-commerce has an average 30% return rate, which increases to 40%–50% around holidays. 3dlook

Leading Brands of the Fashion Industry

  1. At position 9 among all brands globally, Louis Vuitton is the best-performing fashion brand, with a $47.2 billion brand value. Nike is ranked 13th globally and comes in second place with a $39.1 billion brand value. fashion united
  2. Gucci, at position 31 with a brand value of $22.6 billion, Hermès, at number 32 with a brand value of $21.6 billion, and Zara, at position 41 with a brand value of $14.7 billion, are other fashion brands/companies in the Top 50 of valuable brands.  fashion united
  3. Adidas is ranked number 51 with a brand value of $12.9 billion, and Chanel is ranked number 52 with a brand value of $12.8 billion. With a brand value of $10.4 billion, H&M is ranked 76th, while Uniqlo is ranked 84th with a brand value of $9.2 billion. fashion united

Footwear Market

  1. With a projected $91.51 billion in revenue and a compound annual growth rate (CAGR) of 3.25% by 2028, the US footwear market is predicted to lead the global footwear market. (source) With a $28.32 billion market, textile and other footwear is the largest industry segment. upmetrics
  2. It is anticipated that the United States footwear market will generate $270.30 in revenue per person by 2024. upmetrics
  3. It is projected that the footwear market will reach 1.97 billion pairs by 2028, with an average volume of 5.45 pairs per person in 2024. upmetrics
  4. By 2024, non-luxury footwear is expected to account for 92% of market sales. upmetrics

Fashion Accessories Market

  1. Assuming a 1.02% compound annual growth rate, the accessories market in the United States is expected to generate approximately $100 billion in revenue by 2024. (source) With a market volume of $74.00 billion in the US in 2024, the Watches & Jewellery segment is the largest within the Accessories market.  With $116 billion in revenue in the accessories market by 2024, China will lead the world.  upmetrics
  2. The per capita revenue in the US accessories market is approximately $300 after accounting for population. upmetrics
  3. It is projected that by 2024, the share of online sales in the US accessories market will be approximately 31%. upmetrics

Second-Hand Apparel Market

  1. According to the report's most recent version, the fashion resale market would be worth $3.5 billion (£2.76 billion) by 2027, having doubled in value.  BBC
  2. According to a GlobalData report, pre-owned clothing sales increased by 18% globally last year to $197 billion (£156 billion), and they are expected to reach $350 billion in 2028. theguardian
  3. According to the survey, over half of all shoppers had purchased a used item in the previous year; however, among millennials and members of generation Z, or people between the ages of 12 and 43, this percentage increased to 65%. theguardian
  4. 38% of consumers, or nearly two out of every five, claimed to shop secondhand to afford luxury brands. theguardian
  5. The convenience of digital secondhand shopping at websites like Vinted, Depop, and ThredUp is driving the trend among young people; in the next five years, online resales are predicted to more than double to $40 billion. theguardian
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