Key Insights
Essential data points from our research
The global fashion industry was valued at $1.7 trillion in 2023
The e-commerce fashion market is expected to reach $1.2 trillion by 2025
The luxury fashion segment generated $111.5 billion in 2023
The U.S. apparel market was worth $343 billion in 2022
China’s fashion market is projected to grow annually by 7.85% (CAGR 2023-2028)
The fast fashion market is expected to reach $215 billion by 2031
The secondhand apparel market will reach $350 billion by 2027
Online clothing sales account for 38.6% of global fashion retail revenue as of 2023
The global childrenswear market generated $275 billion in 2022
The average American household spent $1,754 on apparel and services in 2022
Sustainable fashion is expected to grow to nearly $9.81 billion by 2025
The resale fashion market grew 24% in 2022
44% of fashion shoppers are more likely to buy clothing from environmentally responsible brands
Consumer Behavior
- The average American household spent $1,754 on apparel and services in 2022
- 44% of fashion shoppers are more likely to buy clothing from environmentally responsible brands
- The average fashion brand increased prices by 7% in 2022 due to inflation
- 75% of fashion executives list inflation and economic volatility as threats to growth
- Gen Z accounts for 40% of global consumers and is reshaping fashion purchasing
- The average return rate for fashion e-commerce purchases is 20-30%
- 84% of consumers say sustainability influences their fashion purchases
- Emerging markets account for 55% of total fashion consumption in 2023
- 59% of Gen Z shoppers prefer shopping from sustainable brands
- 57% of consumers are willing to pay more for sustainable fashion
- 71% of shoppers abandon their cart due to unexpected fashion shipping costs
- 70% of U.S. consumers have bought clothing online in the last 12 months
- 58% of consumers say convenience is their top reason for fashion e-commerce shopping
- Female fashion buyers make up 65% of total fashion e-commerce spend
- 66% of global consumers say transparency in fashion sourcing is important
- 43% of consumers researched ethical sourcing before buying fashion in 2023
- 40% of online shoppers buy fashion monthly or more
Interpretation
As fashion hurtles toward a tech-savvy, eco-conscious future powered by Gen Z wallets and digital carts, brands must navigate the runway of inflation, transparency, and sustainability—or risk becoming last season’s trend.
Digital & E-commerce Trends
- Online clothing sales account for 38.6% of global fashion retail revenue as of 2023
- In 2023, mobile devices accounted for 72.9% of all fashion e-commerce traffic
- Fashion is the #1 industry in terms of influencer marketing spending
- DTC fashion brands grew 15% faster than traditional retailers in 2023
- 60% of fashion executives say digital channels are their top communication tool
- Social media drives 21% of online fashion purchases
- 78% of fashion brands use email as a primary customer engagement platform
- Digital influencer fashion collections increase conversion rates by 27%
Interpretation
In 2023, fashion went fully digital, with smartphones replacing storefronts, influencers driving more sales than mannequins ever could, and brands stitching success not with fabric, but with followers, funnels, and a flood of emails.
Innovation & Emerging Technologies
- 35% of fashion brands plan to increase investments in AI and automation by 2025
- AI fashion design tools adoption has grown 89% YoY in 2023
- Digital avatars for virtual try-ons will be used by 120 million consumers by 2030
Interpretation
As fashion hurtles toward a tech-infused runway, with AI adoption skyrocketing 89% and 120 million consumers soon styling avatars instead of mannequins, it’s clear that by 2025, 35% of brands won't just be dressing people—they’ll be dressing algorithms.
Market Size & Growth
- The global fashion industry was valued at $1.7 trillion in 2023
- The e-commerce fashion market is expected to reach $1.2 trillion by 2025
- The luxury fashion segment generated $111.5 billion in 2023
- The U.S. apparel market was worth $343 billion in 2022
- China’s fashion market is projected to grow annually by 7.85% (CAGR 2023-2028)
- The fast fashion market is expected to reach $215 billion by 2031
- The secondhand apparel market will reach $350 billion by 2027
- The global childrenswear market generated $275 billion in 2022
- Sustainable fashion is expected to grow to nearly $9.81 billion by 2025
- The resale fashion market grew 24% in 2022
- The digital fashion market is anticipated to reach $4.8 billion by 2031
- The footwear segment reached $381.9 billion globally in 2022
- Sportswear revenues were $384 billion globally in 2022
- Fashion brand advertising spending is projected to grow 4.6% annually to 2026
- Subscription fashion services will surpass $15 billion by 2026
- The global bridal wear market is estimated to hit $69.9 billion by 2030
- Plus-size clothing market was valued at $288 billion in 2023
- Luxury resale market is expected to grow 10% per year through 2030
- Virtual fitting room market is projected to reach $12.9 billion by 2028
- The men’s fashion market was valued at $533 billion in 2022
- Global accessories market reached $545 billion in 2023
- 22% year-over-year growth in digital fashion NFTs was recorded in 2022
- The digital try-on technology market will grow 25.2% annually from 2022 to 2030
- Europe’s fashion market is expected to reach $647 billion in 2024
- 61% of fashion brands expect revenue growth in 2024
- The circular fashion market is forecast to reach $77 billion by 2025
- The global eyewear market hit $168 billion in 2022
- The U.S. online apparel market was worth $141.3 billion in 2022
- Asia-Pacific accounted for 38% of global fashion revenue in 2023
- The denim market is expected to reach $104 billion by 2025
- The handbags market is projected to hit $94 billion by 2030
- The global smart apparel market will reach $7.1 billion by 2024
- Latin America’s fashion sector grew 8.9% in 2022
- India’s fashion market is expected to reach $115 billion in 2025
- Fashion subscription boxes grew by 29% in 2022
- The UK fashion industry contributes £26 billion to its economy annually
- The online fashion rental market will be valued at over $2 billion by 2025
Interpretation
From digital sneakers to secondhand sequins, the fashion industry’s staggering $1.7 trillion empire is not just strutting down runways—it’s sprinting through e-commerce, looping through sustainability, and accessorizing with tech, proving that style never sleeps, but it does evolve at compound annual growth rates.
Sustainability & Supply Chain
- Over 80 billion garments are produced each year globally
- The average lifecycle of fast fashion apparel is less than 10 wears
- Fashion returns cause $550 billion in economic loss annually
- 20% of global water waste comes from textile dyeing and treatment
- 80% of fashion interns are unpaid globally, creating access barriers
- Fashion-related CO2 emissions are expected to grow by 60% by 2030 if unchecked
- Overproduction in fashion leads to $500 billion in lost value annually
- Upcycling in fashion has grown 25% from 2020 to 2023
- Fashion fraud costs brands $28 billion annually
- Digital-only fashion items can be 95% cheaper to produce than physical ones
- 30% of global fashion production is never sold
- 74% of fashion companies shifted supply chains post-COVID
Interpretation
The fashion industry may dazzle on the runway, but behind the seams lies a tangled mess of overproduction, environmental harm, economic waste, and inequality, all stitched together by a system in desperate need of a sustainable makeover.
