Global Fashion Market – Key Segments to Watch!
Source: Statista
The fashion market encompasses a variety of clothing, from sportswear to business attire, from high-priced apparel to unique luxury items. After recovering from the impact of the COVID-19 pandemic in 2021, the fashion industry faced additional challenges in 2022 due to high inflation, which increased production costs and decreased consumer confidence. The global fashion market’s sales in 2022 were predicted to be $1.53 trillion, a slight decrease from the previous year. However, revenue is expected to increase in 2023, surpassing $1.7 trillion.
Global Fashion Market Revenue from 2014 to 2027 (in Trillions of USD)
The majority of fashion demand comes from the United States and China, with these countries generating significantly higher revenue than others. Their prominent roles in international trade are noteworthy. In 2021, China led the world in fashion exports. The United States ranked just below the European Union in fashion imports.
Fashion Market Revenue by Country in 2022 (in Billions of USD)
Market Segments
The women’s fashion market generates significantly more revenue than the men’s or children’s fashion markets. In the United States alone, women’s fashion brought in approximately $163 billion, more than the combined total of the men’s and children’s fashion markets.
Women’s Fashion Market Revenue by Country in 2022 (in Billions of USD)
Within the fashion industry, many overlapping sectors exist. Notably, the second-hand fashion industry is expected to grow as consumers seek more sustainable clothing options. The luxury market is also a key segment within the fashion industry. It is projected to more than double in size from 2022 to 2028.
Global Second-Hand Fashion Market Value from 2021 to 2026 (in Billions of USD)
Global Luxury Fashion Market Value from 2020 to 2031 (in Billions of USD)
Leading Companies
The fashion market is dominated by large companies. Nike stands out, often ranking highest in selected financial metrics. For instance, in 2022, Nike had the highest brand value among all mass-market fashion brands, approximately $110 billion. Moët Hennessy Louis Vuitton (LVMH) is another consistently high-ranking company, with a market value of $317 billion in September 2022.
Top 10 Fashion Brands by Brand Value in 2022 (in Millions of USD)
Leading Fashion Companies by Market Value as of September 2022 (in Billions of USD)
In a 2022 study, Italian fashion brand OVS was rated one of the most transparent fashion companies. The study assessed the extent of companies’ disclosures regarding suppliers, supply chain policies and practices, and social and environmental impacts. The study indicates that many of the world’s largest companies have a long way to go in disclosing their ethical operations.
Most Transparent Fashion Companies in 2022 by Transparency Index Score
Conclusion
In conclusion, while the global fashion market faces challenges, it also shows strong resilience and growth potential, especially in women’s fashion, the second-hand market, and the luxury sector. China plays a crucial role in global fashion exports. Chinese fashion enterprises aiming to expand further into the international market need to focus more on their brand value. Brand value and company market value indicate market leadership, while transparency scores reveal the progress and challenges in ethics and sustainability within the industry.
