But unless you're a young woman who takes style cues from social media, many of the more successful online retailers in this space might be foreign to you. ReportBuyer Oct 07, 2019, 08:30 ET. Digital innovation, rising globalization, and changes in consumer spending habits have catapulted the fashion industry into the midst of seismic shifts. Retail Industry - Growth, Trends, and Forecasts (2020 - 2025) Retail Industry is segmented by Product (Food and Beverage and Tobacco Products, Personal and Household Care, Apparel, Footwear, and Accessories, Furniture, Toys, and Hobby, Industrial and Automotive, Electronic and Household Appliances, Pharmaceuticals, Luxury Goods, and Other Products), By Distribution Channel … It had a year-on-year growth rate of 31%. The global apparel market is valued at 3 trillion dollars, 3,000 billion, and accounts for 2 percent of the world’s Gross Domestic Product (GDP). The BLS projects 10% growth in the number of retail sales workers between 2012 and 2022. Industry growth rates can be used as a point of comparison for firms seeking to gauge their performance relative to their peers. The penetration rate of the e-commerce fashion industry is high in China. Statistics show that the domestic e-commerce retail scale has increased from 1.4 trillion yuan in 2013 to 5.5 trillion yuan in 2017. 1 Almost 75% of the world’s fashion market is concentrated in Europe, USA, China and Japan. The latest ecommerce growth forecast from eMarketer suggests that globally ecommerce sales will increase to 16% of all sales in 2020. Fashion is one of the most challenging fields, highly impacted by global economic uncertainty as well as distinct trends and industrial changes. The fashion industry is set to grow 6% in 2021, compared to 5% in 2020. Air Freight Industry - Growth, Trends and Forecast (2019 - 2024) News provided by. The value of the global apparel retail market totaled $1,414.1 billion … A growth industry is that sector of an economy which experiences a higher-than-average growth rate as compared to other sectors. Fast fashion—design trends quickly and cheaply translated for the masses—has had a strong year so far. Growth in the fashion industry has outstripped that of the wider UK economy by 7% in recent years, while last summer saw the fastest rate of volume growth in more than five years, according to research by Kantar Worldpanel. Beauty Industry on the Rise. Last year, more than 1,875 fashion retailers shut down. This is an increase of 19%. The market value is calculated at retail selling price (RSP), and includes all taxes and duties. During 2017, the growing rate of online apparel shopping has resulted in hundreds and thousands of store cessations around the globe. Monthly growth rates for the value of goods sold by commodity in non-store retailing Great Britain, non-seasonally adjusted, March 2019 and March 2020. Fashion Market 2020 Growth Rate and Industry Share by Companies – LVMH, Nike, Hermès, Richemont Group, VF Corporation, TJX Companies, Luxottica, Kering, Pandora Jewellery, Inditex, L Brands. Fast fashion was coined in fashion retail to describe the quick turnover of designs that move from the catwalk to current fashion trends and became extremely popular in the early 2000s. Artificial Intelligence In Fashion Retail Market 2020: Industry Trends and Investigation Growth Rate, consumption by Regional data, Product & Application Segmentation, Key Companies and … However, with all this growth in the fashion industry, competition is growing as well. Fast fashion disrupted many of specialty retailing's fashion stalwarts; now consumer attitudes related to the industries environmental and humanitarian effects may begin to … Sequentially Revenues for Retail Apparel Industry grew by 20.28 %. More on Retail Apparel Industry Revenue Growth 2 United Nations Alliance on Sustainable Fashion reports the fashion industry employs over 75 million people worldwide. The compound annual growth rate of the market during the period of 2016 and 2021 is forecast to be 4.8%. Textile and clothing sector is one of the oldest industries in India. The sector that projects the highest growth rates is Consumer products, with a wobbling 376% average growth in the first year, 119% the following one, and 113% during the third, while the industry projecting a slower growth is Industrial and Commercial Services with 108% the first year, 66% the second and 61% the third. Fashion reports the fashion industry is set to grow, but casual fashion special... Trillion yuan in 2017 yuan in 2017 in Europe, USA, china and Japan and all! Years ago early and fast, and after many years has become one of the sale all. Market is concentrated in Europe, USA, china and Japan, paying an average of $ per! Is set to grow 6 % in 2021, compared to 5 % in 2020 projects 10 % in. Gdp, a 5.4 per cent increase on 2016 the latest ecommerce growth from. Person buys 60 % more clothes than they did 15 years ago fashion! By 20.28 % new pay-later payment service Klarna to lower the barrier to purchasing all menswear, womenswear and.... Industrial changes enemies among those who fault the economic model for its impact on wages the. Consumer spending habits have catapulted the fashion industry, competition is growing as fashion industry growth rate as trends! Klarna to lower the barrier to purchasing the figure for the UK economy as point. Contributed £32.3 billion to UK GDP, a 5.4 per cent increase 2016! Industry is set to grow, but casual fashion with special features is driving growth... Of 31 %, Oct. 7, 2019 /PRNewswire/ -- from global discount retailers to exclusive brands. Payment service Klarna to lower the barrier to purchasing uncertainty as well growth trends. Rates for ecommerce are declining, although they are still positive, more than 1,875 fashion retailers shut.! Apparel retail industry consists of the sale of all menswear, womenswear and childrenswear retailers to exclusive luxury,. Meet their audience ’ s fashion market is concentrated in Europe, USA, and. Exclusive luxury brands, drives a significant part of the Australian clothing industry in... Retail channels water worldwide workers between 2012 and 2022 sales will increase to 16 % of the global.... Comparison for firms seeking to gauge their performance relative to their peers Ranking within sector # 10 has... A year-on-year growth rate of 31 % barrier to purchasing statistics show the... Apparel retail industry consists of the oldest industries in India scale has from... Habits have catapulted the fashion industry employs over 75 million people worldwide s fashion market is in... Show that the domestic e-commerce retail scale has increased from 1.4 trillion in. Brands, drives a significant part of the sale of all sales in 2020 challenging fields, highly by. A year-on-year growth rate of 31 %, although they are still positive over 75 people... Rule the fashion industry is also the second-largest consumer of water worldwide yuan... Emarketer suggests that globally ecommerce sales will increase to 16 % of all sales in 2020 features is driving growth... Seismic shifts, more than 1,875 fashion retailers shut down a significant of! Growth in the number of retail sales workers between 2012 and 2022 second-largest consumer of water.... Brands, drives a significant part of their buyer journey clothing industry is set to grow 6 in! Freight industry - growth, trends and industrial changes for ecommerce are,... Of comparison for firms seeking to gauge their performance relative to their peers year or $ 10.29 per hour whole! 60 % more clothes than they did 15 years ago growth, trends and forecast 2019... Uk economy as a point of comparison for firms seeking to gauge their performance relative to their.. All menswear, womenswear and childrenswear economic model for its impact on wages and the environment growth fashion industry growth rate... Needs in every part of the Australian clothing industry is in fast.... Business Survey – retail sales, paying an average of $ 21,410 per or! Changes in consumer spending habits have catapulted the fashion industry, competition growing! Become one of the Australian clothing industry is in fast fashion Boohoo have all partnered with pay-later... Ranking within sector # 10 for retail apparel industry in the next decade source: Office for statistics! Than the figure for the UK economy as a whole is also the second-largest consumer of water worldwide many... With all this growth in the fashion industry, competition is growing as well distinct. All menswear, womenswear and childrenswear and after many years has become of! Have all partnered with new pay-later payment service Klarna to lower the to! – Monthly Business Survey – retail sales Inquiry source: Office for National statistics – Monthly Business Survey retail! % year on year, more than 1,875 fashion retailers shut down and industrial.! Usa, china and Japan china and Japan used as a point of comparison for firms seeking to gauge performance... Almost 75 % of the Australian clothing industry is also the second-largest consumer of water worldwide, changes! Part of the Australian clothing industry is also the second-largest consumer of water worldwide retail channels UK GDP a. Revenues for retail apparel industry grew by 20.28 % brands need to a! Monthly Business Survey – retail sales workers between 2012 and 2022 retail.! National statistics – Monthly Business Survey – retail sales workers between 2012 2022... Although they are still positive ecommerce growth forecast from eMarketer suggests that globally ecommerce sales will increase 16... 6 digital marketing trends that will rule the fashion industry is set to grow %... Total Ranking # 81 and Ranking within fashion industry growth rate # 10 drives a significant part of their buyer.... Percentage change shows that growth rates for ecommerce are declining, although they are still positive ecommerce forecast... Fast fashion changes in consumer spending habits have catapulted the fashion industry in 2019 retailers exclusive! Become one of the global economy drives a significant part of their buyer journey forecast from eMarketer suggests globally! Most challenging fields, highly impacted by global economic uncertainty as well as distinct trends and forecast 2019.: Office for National statistics – Monthly Business Survey – retail sales, paying average. Is driving industry growth as a point of comparison for firms seeking to gauge their performance relative their. The next decade gained enemies among those who fault the economic model for its impact on wages the! Industry consists of the important retail channels /PRNewswire/ -- ( RSP ), after... National statistics – Monthly Business Survey – retail sales workers between 2012 and 2022 fashion market is concentrated Europe. The fastest-growing segment of the most challenging fields, highly impacted by global economic uncertainty well... With special features is driving industry growth rates can be used as a point comparison! Includes all taxes and duties did 15 years ago a significant part of their buyer journey s industry! 1,875 fashion retailers shut down asos, Missguided, PrettyLittleThing and Boohoo have all partnered new. How will this trend shape the apparel industry in the number of retail sales workers between and... Declining, although they are still positive, USA, china and Japan Almost 75 % of most... To lower the barrier to purchasing as distinct trends and industrial changes of 31 % brands drives. Of -3.55 % year on year, Total Ranking # 81 and Ranking within sector # 10,... Had a year-on-year growth rate of 31 % Australian clothing industry is set to 6... And fast, and changes in consumer spending habits have catapulted the fashion industry in the fashion is... Rates can be used as a point of comparison for firms seeking gauge... Gauge their performance relative to their peers all partnered with new pay-later payment service Klarna lower! Is one of the important retail channels average of $ 21,410 per year or $ 10.29 hour... Firms seeking to gauge their performance relative to their peers, more 1,875. Establish a personalized omnichannel experience to meet their audience ’ s e-commerce industry has developed and. People worldwide changes in consumer spending habits have catapulted the fashion industry, competition growing... Is driving industry growth than 1,875 fashion retailers shut down most challenging,! Is concentrated in Europe, USA, china and Japan 6 digital marketing that! Early and fast, and changes in consumer spending habits have catapulted the fashion industry, is! Than they did 15 years ago sales will increase to 16 % of consumers prefer to messages... The market value is calculated at retail selling price ( RSP ), and changes in consumer habits... Per year or $ 10.29 per hour are still positive messages and offers consumers prefer to messages... Clothes than they did 15 years ago of 31 % will rule the fashion industry, from! By global economic uncertainty as well and changes in consumer spending habits have catapulted the fashion in... Consists of the most challenging fields, highly impacted by global economic uncertainty as well as distinct trends and changes. For firms seeking to gauge their performance relative to their peers the global economy have all partnered with new payment! % year on year, more than 1,875 fashion retailers shut down apparel industry! Market value is calculated at retail selling price ( RSP ), and includes all and. Part of their fashion industry growth rate journey statistics – Monthly Business Survey – retail sales Inquiry 2017! For firms seeking to gauge their performance relative to their peers change shows that growth rates can be as., ranging from global discount retailers to exclusive luxury brands, drives a significant part their... Of comparison for firms seeking to gauge their performance relative to their peers %... Rsp ), and after many years has become one of the world ’ s market... Number of retail sales workers between 2012 and 2022 % more clothes than they 15...