Posted On: DEC-2024 | Categories : Chemicals and Materials
Fashion is one of the leading industries globally; financially and socially, it impacts the global economy. It is among those industries that contribute the highest value to the world economy. The apparel market is projected to be worth USD 1.79 trillion in 2024, a 3.47% annual increase from the USD 1.73 trillion from the previous year, 2023. The apparel market has grown substantially over the past six years and is expected to continue expanding. From 2025 to 2028, the market is expected to grow by $160 billion, averaging $50 billion annually, with a mean growth rate of 2.82%.
The Apparel worldwide market revenue is projected to reach an astonishing US$1790 billion in 2024. Based on CAGR, this market is expected to grow by 2.65 % between 2024 and 2029.
Women’s Apparel is the largest segment of the Apparel market and is believed to have a market volume of US 0.94 trillion in 2024.
In terms of global revenue in the Apparel market, the United States is the leading nation, with approximately USD 359 billion in revenue in 2024.
Based on the global population, the Apparel market is expected to reach USD 230.90 billion per capita in 2024.
In particular, the Apparel market volume is expected to reach 198.4 billion pieces by 2029. Furthermore, there is an expected volume growth of 1.3 % in 2025.
The average unit consumption for the Apparel market will likely be 24.1 pieces per head in 2024.
In addition, the Non-Luxury share is expected to capture 95% of the industry’s sales within the coming years, particularly by 2024
The apparel market in China is on the rise due to the high and growing demand for luxury brands. Consumers are willing to pay higher prices for quality brands and clothing.
According to recent statistics, about 430 million people work in fashion and textile production out of the world’s global workforce of 3.62 billion people.
The highest apparel revenue is 351.35 billion, scooped by the United States, followed by China with 313.82 billion and India with 101.39 billion.
The total apparel expenditure incurred by the average US household is approximately seventeen dollars US monthly.
Regarding apparel, 58% of consumers favor store-based shopping instead of Internet-based shopping.
The Apparel market generates 1.63% of the world’s gross domestic product.
The global women’s apparel market is worth $930 billion and will reach USD 1 trillion by 2027. The market for males’ wear is $ 587.61 billion, whereas for children’s wear, $ 274.25 billion.
Annual apparel consumption in the United States is $306.32 billion, with monthly retail sales of $25.63 billion. As of April 2024, clothing sales totaled $25.84 billion.
The total consumer expenditures in the apparel industry is $2.4 trillion worldwide, 15.94% of which were spent in the past decade. Global spending is expected to reach $2.88 trillion by 2029.
About 33,242 fashion designers were actively involved in the United States in 2023.
The fashion designer employment in the United States saw a marginal rise of 2.7 % respectively from 2018 to 2023.
The apparel manufacturing industry in the country employed approximately 93,000 workers on average in 2022.
The fashion industry is mostly feminine because female fashion designers account for 82.7% while male fashion designers are only 17.3%.
The world apparel industry includes over 75 million fashion workers.
According to the US Bureau of Labor Statistics and Payscale.com, in May 2022, New York had the highest employment of fashion designers, 7130, followed by California, 6320. Texas employed 1440 fashion designers, 670 in Florida, and 490 in Oregon.
Massachusetts, New Hampshire, Washington, New York, and California are the highest-paid states for fashion designers in the US.
A survey shows that 84% of consumers value product customization and are willing to pay for it. There is notable interest in niche color preferences and clothing personalization (45%), casual wear customization (41%), seasonal clothing (31%), and high fashion trends (26%).
Clothes and shoes remain the most bought products online through impulse purchases by women. As of 2022, most buyers are between 26 and 35 years old.
New data reveals that 36% of Gen Z wear new clothes at least monthly.
Global fashion clothing is estimated to manufacture more than 100-150 billion single items yearly, and 80 billion aspects or parts are sold yearly.
The proportion of sales that can be characterized as sustainable apparel sales is expected to rise from 3.7% in 2022 to 5.3% in 2026.
In 2022, the LVMH Group led in market capitalization at approximately $367 billion, significantly ahead of Nike, which had a market cap of $216 billion. Dior followed with $124 billion, Inditex at $81 billion, and TJX Companies at $79 billion. Fast Retailing was valued at $55 billion, Adidas at $45 billion, Lululemon Athletica at $41 billion, Ross Stores at $32 billion, and H&M at $27 billion.
Nike had the highest brand value in 2022 of the mass apparel brands at about 110 billion U.S dollars.
OVS was ranked among the top 10 most transparent fashion brands according to information provided on suppliers, supply chain management policies and practices, and social and environmental impacts.
As of 2023, Zara is the world’s third most valuable clothing brand, with a brand value of $18.4 billion.
With sales of $83.2bn in the last year ending May 2023, LVMH was ranked as the leading apparel and accessory company.
Unlike conventional fashion, leading apparel manufacturers such as Nike, Adidas, and Lululemon Athletica are inclined toward sports clothing, which is increasingly becoming a fashion and functional wear trend. The sportswear market is estimated to be 451 billion U.S. dollars by 2028.
TJX Companies, Nike, and The Gap's major sales come from the United States and the American market.
Around the world, 92 million tons of textiles are being dumped annually.
Currently, the consumer in the United States disposes of approximately 81.5 pounds of clothes yearly, translating to 11.3 million tons of textile waste worldwide.
The fashion industry contributes 10% of the annual carbon emissions in the world.
In a year, the fashion industry uses water to an extent that can support five million people, 93 billion cubic meters to be precise.
Fashion waste is a popular problem because only 1% of the clothes are recycled annually. It suggests that 500 microfibers per wash cycle are released into water systems; up to 500,000 tons flow into the sea annually.
15% of utilized textile products are exported to other countries, where the materials end up being dumped in dumpsites, also since other countries have poor waste management systems.
Following the breakthrough of generative AI in 2023, creative industries like fashion are beginning to explore its applications. To harness this technology effectively in 2024, fashion companies should focus on enhancing the human aspects of their work rather than just using it to augment tasks.
McKinsey's analysis suggests that generative AI could contribute up to 25% of its value through design and product development. However, a significant gap remains: while 73% of fashion leaders see generative AI as relevant for 2024, only 28% have implemented it in fashion design.
The fashion industry remains vulnerable to changes because of advancements in technology and innovations. The ongoing growth of technologies will also further define consumers and the way fashion is consumed. E-shopping, m-commerce, social media, and other plus factors like technology convenience and a personalized customer experience will remain key trends.
Sustainability and ethics will be even more important for the fashion business as more consumers demand more transparency and responsible production. Fashion marketers could turn to sustainable fabrics, circular systems of consumption, and sourcing that meet sustainability expectations.
Digital fashion will become another trend, and actual avatars and digital mannequins will be in focus. Digital fashion will have no end to the numerous possibilities in its creations, enabling designers to produce even blown-out designs that cannot be produced physically.
Personalization and customization will occur frequently as the customer is expected to want a personalized experience. From suggesting relevant products to providing a chance to try them on practically, technology will help brands deliver highly personalized services at every step.
The fashion industry in 2030 will be influenced by technology and the market. This paper shows that fashion brands should adopt these trends in the future as a way of addressing consumers' demands.