Key Insights
Essential data points from our research
The global fashion industry was valued at $1.7 trillion in 2023
Fast fashion accounts for nearly 10% of global carbon emissions
The fashion industry employs over 300 million people globally along the value chain
The global luxury fashion market is expected to reach $392.4 billion by 2030
The online fashion market is projected to surpass $1 trillion by 2025
Secondhand fashion market is expected to double to $77 billion by 2025
E-commerce accounted for 23% of fashion sales in 2022
60% of garments are discarded within a year of being made
The average consumer buys 60% more clothing now than 15 years ago
Over 100 billion garments are produced each year
The U.S. fashion market was valued over $400 billion in 2022
Asia-Pacific holds more than 38% share of the global apparel market
China is the largest producer and exporter of textiles, accounting for 39% of global output
Consumer Behavior & Trends
- E-commerce accounted for 23% of fashion sales in 2022
- The average consumer buys 60% more clothing now than 15 years ago
- Women’s apparel makes up more than 50% of total global apparel sales
- The average luxury customer spends $2,500 per year on fashion
- The average number of collections produced by fashion brands yearly has doubled to 5 since 2000
- Online returns account for 20-30% of all fashion purchases
- Gen Z represents 40% of global consumers and demands sustainable fashion
- The average item of clothing is worn 7-10 times before disposal
- 45% of consumers stopped buying from brands that don’t act sustainably
- 56% of consumers look for transparency in fashion brand practices
- Fashion became the largest category in mobile e-commerce in 2021
- Luxury handbag resale retains up to 80% of original value
- Fashion influencers drive 70% of brand discovery for Gen Z
- Secondhand shoppers grew 33 million in the U.S. in 2021
- Gen Z and Millennials accounted for 62% of secondhand buyers in 2022
- Fashion brands spend 60% of digital ad budget on Instagram
- Mobile shopping accounts for over 70% of online fashion purchases
- Average customer return rate in fashion e-commerce is 25%
Interpretation
Fast fashion may be flying off virtual shelves into overflowing closets, but with Gen Z demanding sustainability, luxury bags holding value like stocks, and returns piling up like runway castoffs, the industry is facing a stylish identity crisis between excess and ethics.
Employment & Labor
- The fashion industry employs over 300 million people globally along the value chain
- Europe’s fashion industry employs over 1.5 million people
- The U.S. fashion industry directly employs 1.8 million people
- Brazil’s fashion industry is the 4th largest in the world, employing over 1.8 million
- The average cost to produce a T-shirt ranges between $1-$3
- Apparel workers in some countries earn less than $3/day
- 93% of brands do not pay living wages to supply chain workers
Interpretation
The fashion industry may stitch together a global workforce of hundreds of millions, but behind the runway glitz lies a threadbare truth: while a T-shirt might cost $3 to make, the hands that sew it often earn no more than that in a day—and 93% of brands are still turning a blind eye.
Market Size & Growth
- The global fashion industry was valued at $1.7 trillion in 2023
- The global luxury fashion market is expected to reach $392.4 billion by 2030
- The online fashion market is projected to surpass $1 trillion by 2025
- Secondhand fashion market is expected to double to $77 billion by 2025
- Over 100 billion garments are produced each year
- The U.S. fashion market was valued over $400 billion in 2022
- Asia-Pacific holds more than 38% share of the global apparel market
- China is the largest producer and exporter of textiles, accounting for 39% of global output
- Digital fashion is forecast to be a $50 billion market by 2030
- The footwear market will reach $530 billion by 2027
- Luxury fashion resale grew 65% faster than the primary market in 2021
- Sustainable fashion market expected to reach $9.81 billion by 2025
- The children's apparel market is expected to surpass $300 billion in 2026
- Africa’s fashion industry is worth $15.5 billion
- India’s textile sector contributed 7% to industrial output in 2022
- Clothing rental market projected to reach $2.08 billion by 2025
- North America accounts for 30% of the global luxury fashion market
- The fashion resale market grew 24% in 2022
- The Asia-Pacific e-commerce fashion market is projected to grow by over 14% CAGR through 2026
- The circular fashion market is expected to be worth $6.5 billion by 2027
- AR and VR in fashion retail market is estimated to reach $1.6 billion by 2025
- Fashion shows and events contribute over $600 million to the NYC economy yearly
- The digital closet market is estimated at $3 billion by 2025
- The genderless fashion segment is expected to grow over 6% CAGR through 2027
- The Asia-Pacific sustainable fashion market is growing at 9.5% annually
- Fashion ad spending reached $1.5 billion in the U.S. in 2022
Interpretation
In an industry where $1.7 trillion stitches together luxury, sustainability, tech, and secondhand sequins, fashion isn't just what we wear—it's a globe-spanning economy where trends shift faster than spreadsheets can tally.
Sustainability & Environmental Impact
- Fast fashion accounts for nearly 10% of global carbon emissions
- 60% of garments are discarded within a year of being made
- The average American throws away 81 pounds of clothing annually
- Less than 1% of used clothing is recycled into new garments
- Fashion brands lose $500 billion annually due to lack of recycling and reuse
- 20% of global water waste comes from textile dyeing and treatment
- 35% of microplastics in oceans are from synthetic textiles
- Up to 35% of fashion inventory is never sold
- Fashion is the second-largest consumer of water globally
- An average pair of jeans uses 3,781 liters of water during production
- 92 million tons of textile waste are generated each year
- Consumers expect fashion brands to reduce carbon emissions by 55% by 2030
- 8% of global greenhouse gas emissions come from fashion production
- Digital fashion reduces textile waste by up to 90%
- 70% of fashion supply chain emissions come from raw material production and prep
- Fashion industry water consumption predicted to grow 50% by 2030
- Fabric production uses 1.5 trillion liters of water annually
- Clothing returns created 5 billion pounds of waste in 2022 in the U.S.
- Textile manufacturing produces 1.2 billion tons of CO₂ annually
Interpretation
In a world where fashion changes faster than the climate we're wrecking to keep up with it, the industry is spinning a stylish tale of waste, water, and warming—proving that looking good might be costing us the planet.
Technology & Innovation
- Digital transformation can save fashion companies 6–8% in costs
- Fashion-related innovation investment will exceed $1.6 billion in AI by 2025
- 70% of fashion executives cite supply chain disruption as a top challenge
- Fashion companies CFOs prioritize investments in traceability apps for 2024
- Fashion tech investments surpassed $2 billion in 2022
Interpretation
As style meets Silicon Valley, fashion’s future is being stitched with algorithms, where saving 8% is chic, AI is the new black, and traceability apps are the CFOs’ must-have accessory of the season.
