Key Insights
Essential data points from our research
The global apparel market was valued at approximately $1.53 trillion in 2022
Revenue in the global Apparel market is projected to reach $1.74 trillion by 2024
The United States is the largest apparel market globally with a revenue of approximately $358 billion in 2023
Fashion e-commerce accounts for roughly 23% of total online retail sales in the US
56.4% of all online fashion sales in 2023 were made via mobile devices
The global online fashion market is predicted to reach $1.2 trillion by 2027
Gen Z accounts for 40% of global luxury fashion consumers as of 2023
73% of Millennial consumers are willing to pay more for sustainable fashion
The average American family spends approximately $1,700 on clothes annually
The global Athleisure market size was valued at $330.97 billion in 2022
The Plus Size Womenswear market is expected to reach $261 billion by 2027
Menswear currently accounts for about 40% of the total apparel market
The global secondhand apparel market is expected to reach $350 billion by 2027
Secondhand clothing sales are expected to grow 3X faster than the global apparel market overall
The fashion industry produces 10% of all humanity's carbon emissions
Consumer Behavior & Demographics
- Gen Z accounts for 40% of global luxury fashion consumers as of 2023
- 73% of Millennial consumers are willing to pay more for sustainable fashion
- The average American family spends approximately $1,700 on clothes annually
- Women influence 80% of all consumer spending on clothing
- 41% of consumers say they buy clothing to improve their mood (retail therapy)
- Over 60% of consumers check the label for material composition before buying
- 42% of global consumers say that personalized recommendations are important when buying clothes
- Men spend 10% more per transaction on luxury clothing than women, though they shop less frequently
- 55% of consumers have purchased clothing based on a celebrity endorsement
- 65% of returns are caused by "poor fit" according to consumer surveys
- Consumers aged 16-24 buy clothing online more frequently than any other age group
- Brand loyalty in fashion is dropping; only 14% of consumers consider themselves loyal to specific apparel brands
- 57% of shoppers are willing to share personal data in exchange for personalized offers
- 59% of consumers are influenced by "Made in [Country]" labels for perceived quality
- Impulse buying accounts for 20% of the revenue in fast fashion
- Consumers in the UK buy more new clothes per person than any other country in Europe
- 33% of consumers have stopped purchasing from a brand due to its stance on social issues
- 80% of consumers wait for sales or discounts before purchasing clothing items
- Parents spend 61% more on back-to-school clothing than on any other school supplies
- 46% of consumers prefer to touch and feel clothing before purchasing, driving in-store traffic
Interpretation
Fashion today is a high-stakes juggling act: Gen Z now accounts for 40% of luxury buyers while 73% of Millennials will pay more for sustainable pieces and women influence 80% of clothing spending, yet with only 14% brand loyalty, 65% of returns blamed on poor fit and 80% of shoppers waiting for sales despite 57% willing to trade personal data for personalization, brands must get fit, provenance and purpose right or be rapidly returned, ignored or boycotted.
E-commerce & Digital Trends
- Fashion e-commerce accounts for roughly 23% of total online retail sales in the US
- 56.4% of all online fashion sales in 2023 were made via mobile devices
- The global online fashion market is predicted to reach $1.2 trillion by 2027
- The average cart abandonment rate for fashion retailers is approximately 88%
- Return rates for online clothing orders hover around 24.4%, significantly higher than in-store purchases
- Amazon surpassed Walmart as the number one apparel retailer in the US with over 15% market share
- Social commerce sales in the US are expected to reach nearly $80 billion by 2025 with apparel leading
- 72% of fashion shoppers say they are influenced by Instagram when making purchasing decisions
- SHEIN was the most downloaded fashion shopping app globally in 2022
- Buy Now, Pay Later (BNPL) usage in fashion e-commerce grew by 30% in 2022
- The conversion rate for luxury apparel online is lower than general apparel, averaging around 1.2%
- Physical stores still account for nearly 70% of total apparel sales despite e-commerce growth
- Cross-border e-commerce accounts for 20% of global fashion sales
- User penetration in the Fashion e-commerce segment will be 55.4% in 2024
- AI-driven product recommendations account for up to 35% of Amazon's fashion revenue
- Subscription clothing services are expected to grow to a $32.8 billion market by 2028
- 50% of consumers have used a virtual try-on feature or would be willing to use one
- Email marketing drives approximately 4.3% of traffic to fashion ecommerce sites
- 43% of consumers prefer browsing for clothes via apps rather than mobile browsers
- Online apparel sales in China account for over 35% of total apparel sales in the country
Interpretation
Fashion e-commerce may be sprinting toward a predicted $1.2 trillion runway by 2027, powered by mobile, social influence and AI, but an 88 percent cart abandonment rate, roughly 24 percent returns, weaker luxury conversions and physical stores still capturing nearly 70 percent of sales, together with Amazon's dominance and a surge in BNPL, mean brands must improve discovery and fit while reducing checkout friction if they want browsers to become buyers.
Global Market Overview
- The global apparel market was valued at approximately $1.53 trillion in 2022
- Revenue in the global Apparel market is projected to reach $1.74 trillion by 2024
- The United States is the largest apparel market globally with a revenue of approximately $358 billion in 2023
- China follows as the second-largest apparel market with roughly $319 billion in revenue in 2023
- The global apparel market is expected to grow annually by 2.81% (CAGR 2024-2028)
- Womenswear accounts for the largest share of the global apparel market volume, roughly 53%
- The Asia Pacific region dominated the market with a revenue share of over 40% in 2022
- Volume in the Apparel market is expected to amount to 195.8 billion pieces by 2028
- In 2021, the European Union's textile and clothing industry had a turnover of 147 billion euros
- The average volume per person in the global Apparel market is expected to amt to 23.0 pieces in 2024
- India’s apparel market is projected to grow at a CAGR of 3.86% through 2028
- Vietnam’s textile and garment export turnover reached approx $44 billion in 2022
- The UK clothing market was worth approximately £48 billion in 2022
- By 2026, the global apparel market is forecasted to reach nearly $2 trillion
- Discount clothing stores grew by 6.8% in market size in the US in 2022
- Approximately 60 million people are employed by the textile and clothing industry worldwide
- The global fast fashion market size was valued at $106 billion in 2022
- Inflation caused apparel prices to rise by 5.1% in the US during 2022
- Department store apparel sales have declined by over 20% since 2018
- In 2023, 98% of the global apparel market revenue is generated through Non-Luxury goods
Interpretation
Like a crowded closet, the global apparel market, valued at about $1.53 trillion in 2022 and headed toward nearly $2 trillion by 2026, is powered by non luxury womenswear and Asia Pacific production, moves roughly 23 garments per person and nearly 196 billion pieces by 2028, supports some 60 million jobs, and forces brands to chase scale through discount and fast fashion channels even as inflation nudges prices up and department stores fade.
Product Segments & Niches
- The global Athleisure market size was valued at $330.97 billion in 2022
- The Plus Size Womenswear market is expected to reach $261 billion by 2027
- Menswear currently accounts for about 40% of the total apparel market
- The global luxury apparel market was valued at approximately $80 billion in 2022
- The sneaker resale market is projected to reach $30 billion by 2030
- Children's Wear is projected to grow at a CAGR of 4.6% from 2023 to 2030
- The global denim jeans market size was estimated at $77 billion in 2022
- The global swimwear market is expected to reach $29.1 billion by 2025
- The Bridal Wear market is valued at roughly $61 billion annually
- Sleepwear and Loungewear sales saw a spike of 143% during the 2020 pandemic era
- The Maternity Wear market is projected to reach $24 billion by 2031
- The global Workwear market was valued at $32 billion in 2022
- Adaptive clothing for people with disabilities is expected to become a $400 billion market by 2026
- Activewear revenue accounts for roughly 20% of total apparel revenue globally
- The global socks market is valued at roughly $47 billion
- Underwear sales constitute roughly 8% of the total apparel market
- Leather goods and apparel market size is approx $242 billion globally
- The uniform and corporate clothing market is growing at a CAGR of 4.5%
- Winter wear market size is estimated to reach $354 billion by 2030
- The Streetwear segment is estimated to be worth $185 billion globally
Interpretation
Taken together, these numbers tell a clear and slightly unnerving story: fashion is no longer just about style but about scale, with comfort and inclusivity such as athleisure, activewear, plus size and adaptive clothing driving massive revenue; legacy segments like luxury, leather and denim still command huge shares; resale and streetwear convert culture into cash; and steady growth in children's, workwear, uniforms, maternity and seasonal categories means brands that specialize and scale will either thrive or be left out in the cold.
Sustainability & Resale
- The global secondhand apparel market is expected to reach $350 billion by 2027
- Secondhand clothing sales are expected to grow 3X faster than the global apparel market overall
- The fashion industry produces 10% of all humanity's carbon emissions
- 85% of textiles end up in landfills each year, equating to 21 billion tons
- Washing clothes releases 500,000 tons of microfibers into the ocean each year
- 60% of fashion executives have invested in closed-loop recycling processes in 2023
- Less than 1% of materials used to produce clothing are recycled into new clothing
- 40% of US consumers have shopped at a resale store or site in the last 12 months
- Extending the life of a garment by 9 months reduces its carbon footprint by 20-30%
- Rental apparel market size is projected to reach $2.08 billion by 2025
- 52% of consumers want packaging to be sustainable when ordering clothes online
- The number of items in the average person's closet has increased by 60% in the last 15 years, while retention has dropped by half
- Water consumption for fashion is projected to increase by 50% by 2030
- Producing a single pair of jeans takes about 7,500 liters of water
- 35% of female consumers plan to buy fewer clothes to be more sustainable
- Vegan fashion market is set to reach $11 billion by 2027
- Organic cotton production accounts for less than 1% of global cotton production
- 92 million tonnes of textile waste is created annually by the fashion industry
- Resale is expected to overtake fast fashion by 2029
- Repair verification services for luxury goods grew by 20% in 2022
Interpretation
The math is unforgiving: secondhand, rental and vegan niches are surging with secondhand expected to hit $350 billion and resale poised to overtake fast fashion by 2029, yet our wardrobes are simultaneously fueling 10 percent of global carbon emissions, burying billions of tons of textiles in landfills, and leaking half a million tons of microfibers into the ocean each year, so unless the industry truly scales recycling, repair and circular models, fashionable convenience will cost the planet far more than it bargained for.
References
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