By Raj Vardhman | February 21, 2020 | 0 Comments

30+ Trendy Fashion Industry Statistics You Need in 2020

Did you know that the global fashion ecommerce market is expected to reach a mind-boggling $713 billion by the end of 2020? That’s only one of the remarkable fashion industry statistics we have for you.

This translates to a lot of opportunities for fashion businesses. But at the same time, there is going to be stiff competition in the industry, and businesses need to prepare themselves for it.

Brands need to improve user experience on their websites to cater to the market expectations.

Since the fashion industry has undergone a lot of changes over the past few years, creating an eye-catchy ecommerce website is not enough. Remember, modern shoppers now expect highly customized experience and instant support around the clock.

So, in order to deliver personalized and immersive shopping experience to your customers, it’s important to understand the industry. One of the easiest ways to become familiar with the industry is to go through the most important fashion industry stats and adapt to the trends in 2020.

Digital advancements, increasing globalization, and rapidly evolving consumer shopping patterns have catapulted the fashion industry up to a large extent.

To explore where we’re heading, let’s take a look at the most important trends shaping the fashion world:

Fascinating Fashion Industry Stats (Editor’s Choice)

General Apparel Industry Statistics

1. The US apparel market is the world’s largest market.

(Statista)
In 2016, store-based apparel retailing was worth about $292 billion.

2. Global apparel market is likely to increase to 1.5 trillion US dollars in 2020.

(Statista)
Garment industry statistics state that the global apparel market is likely to increase in value from $1.3 trillion in 2015 to $1.5 trillion dollars in 2020.

The regional distribution of clothing demand share is expected to stay steady at that time. However, the Asia-Pacific region recorded a high fashion industry growth rate at 4%.

The top three regions across the globe with the largest garment markets include the European Union, the US, and China – in descending order.

3. Global ecommerce revenue will reach $ 712.9 billion by 2022, fashion industry statistics reveal.

(Retaildive)
According to a report by The Fashion and Apparel Industry, ecommerce revenue across the globe is estimated to hike from $481.2 billion in 2018 to $712.9 billion by 2022.
The main reason for this growth is:

  • Advanced technologies adopted by fashion ecommerce and top clothing websites.
  • Boosted online access via smartphones and other hand-held electronic devices.
  • Emerging markets.
  • Millennials being a big percentage of ecommerce fashion brand customers
4. The market’s biggest segment is clothing, with a market volume of $460,255 million in 2020.

(Statista)
According to the fashion and apparel industry statistics report, the growth of worldwide revenue will offer the following opportunities:

Increased online access and smartphone penetration.
Cutting-edge technologies to create experiential ecommerce.
Expanding global markets outside the Western regions.
Emerging worldwide middle-classes with disposable income.

5. Footwear is expected to grow by 6.6% in 2022.

(Shopify)
The latest ecommerce Fashion Statistics reveal that the shoe sector market size will increase to $135 billion in 2022 from $96 billion.

6. The fashion bags and accessories segment will grow by 8.7% in 2022.

(Shopify)
This may seem like a lot, but it’s a considerable drop from the remarkable 15.6% growth in 2018.

7. The global jewelry market is growing at 5 to 6% yearly.

(Bloomberg)
Fashion industry statistics show China is the top spender on luxury jewelry, followed by the United States.

Although ecommerce currently comprises about 4-5% of total jewelry sales, this number will hike 10-15% in 2020.

Famous global brands are set to dominate the jewelry market, stealing market share from local shops.

8. Total retail sales are expected to increase by 2.0% to $5.574 trillion.

(Source: emarketer)

The retail industry is undergoing a huge transformation in both brick-and-mortar and ecommerce. As per fashion retail industry statistics 2020, ecommerce sales are expected to grow by 12.8% to $666.28 billion.

9. Luxury resale has been booming faster than other fashion retail over the last three years.

(Fashionunited)
According to global fashion industry statistics 2020, luxury resale is set to grow its existing value ($24 billion) to $51 billion in the next two years.

Fun fact:

One in three people in the UK under 24 years old use the resale website Depop.

10. In 2020, more retailers will be looking for eco-friendly ways to become sustainable.

(Bizjournals)
Brands are nowadays focusing on a more sustainable approach with fabrication and packaging to cut global warming emissions.

11. The fashion segment revenue amounts to $718,027 million in 2020, fashion industry revenue statistics reveal.

(Statista)
It is expected to grow at an annual growth rate of 8.4%, resulting in a market volume of $991,645 million by 2024.

The US generates most of the revenue – $364,868 million in 2020.

12. In the apparel market, online sales will generate 31% of the total revenue by 2023.

(Statista)
As per tax revenue stats, nearly one-third of the total revenue of the apparel market will be generated through online sales within three years.

13. The UK fashion industry is expected to grow $2.1 trillion with sales by 2025.

(Greenpeace)
Fashion has been growing consistently with time. This trend is expected to keep up at a pace of 3% in a year.

As per the UK fashion industry statistics 2019, UK ecommerce sales and fashion retail would pass the $2 billion mark by 2025.

14. According to American fashion industry statistics 2020, revenue in the US fashion sector is predicted to grow at a rate of 12%.

(Statista)
As per the US Fashion industry statistics 2020, revenue is expected to show a yearly growth rate of 12.0%, resulting in a fashion market volume of $194,375 million by 2024.

Also, in the apparel market, the volume is expected to amount to 31,173 million pieces by 2023.

15. World textiles and clothing exports totaled $315 billion and $505 billion respectively in 2018.

(Shenglufashion)
Fashion industry export statistics reveal world textiles (SITC 65) and clothing (SITC 84) exports totaled $315 billion and $505 billion respectively in the year 2018.

China, the European Union, Bangladesh, and Vietnam were the leading exporters in 2018.

16. The EU, the US, and China were the top three biggest importers in 2018.

(Statista)
This accounts for 37.5% of the world’s total imports of textiles in 2018. Also, these regions absorbed 61.5% of the world’s clothing in 2018.

17. Global advertising spend will increase to $656 billion in 2020.

(Marketing dive)
The digital advertising landscape is frequently evolving to meet the unique demands of today’s consumers. Due to this, brands are now looking for the best ways to engage them while they are online.

2020 will be the first year when digital advertising will account for more than half of overall advertising spend.

18. Digital video advertising will grow faster than any other segment over the next five years.

(Businessinsider)
Revenue in digital video advertising is forecast to increase to $23 billion in 2021, up from $8.5 billion in 2016.

19. Social advertising in all formats is gaining in popularity.

(Business insider)

As per social media fashion industry statistics, social advertisement revenue is expected to climb to $30.8 billion by 2021, up from $15.5 billion.

20. 65% of customers are more likely to buy after seeing a product video.

(Biteable)
Videos are still on the rise in the ecommerce sector. Retailers are using more videos, as it helps them increase click-through rates, conversions, and web traffic.

21. The global online fashion market will grow to $872 billion by 2023.

(Statista)
Online fashion industry customer demographics are quite broad. In 2018, the global online fashion market was $533 billion, and it’s grown considerably since then.

22. AR shopping is one of the top 10 fashion ecommerce trends in 2020

(Superagency)
How many times have you thought of buying something online but were not sure how it would look on a specific occasion?
You’re not alone!
Luckily, plenty of retailers are integrating augmented reality and virtual reality to offer a fully immersive shopping experience to their customers.

It helps shoppers to easily visualize how the product will fit, making it easier for them to decide.

24. Ecommerce brands with voice search will increase revenue by 30%.

(Voicebot.ai)
Want to shop while you drive? Now, it’s possible with the use of a virtual assistant. You just talk about the item, and it will do everything for you.

A quarter of houses in the United States now have at least one smart speaker for shopping.

As per the data by Garner, ecommerce brands with visual and voice search engine optimization will boost the profits by 30%.

26. About 4 million people are employed by the fashion industry worldwide.

(Grabstats)
The fashion industry employed about 4 million people in 2018. In the US, about 1.8 million people are employed in the fashion sector, among whom 232,000 are in manufacturing textiles and other fashion products.

27. The average fashion industry wages in the US range from $26,440 to $84,600.

(Jeccenate.govt)
Approximately 9% of all US employees in the fashion sector work for apparel retailers. The average yearly wage at such companies is $26,650.

28. In the US, fashion ecommerce accounted for one-fifth of total sales associated with fashion retail.

(Statista)
The clothing market is predicted to grow to a whopping$ 540 billion by 2025 in China and $200 billion in India

29. Ecommerce clothing will reach $450 billion worldwide by 2020.

(Marketingexperts)
Ecommerce is growing every year. In 3 years, it will reach 475 billion across the globe.

30. Women’s clothing is the largest segment of US fashion.

(Statista)
There is no surprise that the US apparel market size is quite big. However, the largest segment is women’s apparel, with a market volume of $190,794 million in 2020.

31. Apparel users in the UK will increase to 51.1 million in 2024.

(Statista)
There is plenty of scope of UK fashion market segmentation. Fashion ecommerce users in the apparel segment in the United Kingdom are expected to grow to 51.1 million users in 2024, a considerable hike from 37.2 million users in 2017.

Sources:

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