Apparel Industry Statistics (2012–2025)
With fashion being the biggest online shopping category in 2021, the apparel industry is one of the most lucrative sectors to be in right now.
But before you jump into starting your own clothing business online, it wouldn’t hurt to get a better understanding of the global apparel market size.
The latest global apparel industry statistics show that revenue from the apparel market is expected to exceed $1.7 trillion in 2021.
This marks significant growth over the past decade or so. In 2012, the global apparel market size was at just over $1.3 trillion.
Even though the global apparel revenue in 2021 represents a 16.81 percent year-over-year increase, this number must be put into perspective. The growth this year comes after a 19 percent tumble in 2020—the only fall that’s expected between 2012 and 2025.
This was a result of the coronavirus pandemic, which forced consumers worldwide to cut back on spending. Even in the US, consumer confidence fell to a seven-year low.
The biggest cutbacks were for clothing, expenditure for which fell around four percent in 2020. This is likely a result of the lockdowns worldwide. As people were restricted to spending more time indoors, there was less need for new clothes.
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Global Apparel Industry Statistics: Market Rebound
However, the apparel market is expected to rebound and return on its growth path from 2021 onwards. In 2022, revenue is forecast at nearly $1.9 trillion—a 10.45 percent year-over-year growth.
This marks significant growth for the global apparel market, especially considering that the annual average growth rate between 2012 and 2025 is 4.43 percent.
Global revenues are expected to breach the $2 trillion mark in 2023, before rising further to $2.25 trillion in 2025.
The global apparel market is forecast to grow even faster going forward. From 2012, revenue had been increasing year-over-year and at an average rate of 4.46 percent until the coronavirus pandemic and the resulting economic slowdown curtailed this growth.
But from 2021 to 2025, the average annual growth rate of the global apparel market size is projected at 9.09 percent. That’s nearly double the growth rate registered in the years preceding the COVID-19 pandemic.