The global fashion market is expected to grow by
almost 40% in the next three years to become a trillion-dollar industry
according to new data from Stocklytics.com.
Stocklytics.com
points out the fashion industry has picked up its pace of growth following a
lull over the past two years after inflation caused a cut in consumer spending.
Citing Statista data, stocklytics.com says
that by the end of 2024, shoppers worldwide will spend $770.9bn on fashion, or
$83bn more than last year. Statista expects consumer spending in the fashion
industry to continue growing by an average of $90bn per year, helping the
entire market reach a massive milestone and become a trillion-dollar industry
by 2027.
Almost 60% of that value will come from
apparel sales, the market’s largest and highest-grossing segment. Revenue in
the apparel market is forecasted to grow by 38% and hit $631bn by 2027. The
accessories market will see practically identical growth, with revenues
reaching $255bn in the next three years. Global footwear sales will generate
$170bn by 2027, or 32% more than this year.
The report adds China and US will remain the largest markets in the
fashion industry generating more than half of the total revenue.
The revenue in the Chinese fashion industry
will grow by nearly 40% and hit $323bn in the next three years. The United
States follows with a 34% growth in this period and $265bn in revenue by 2027.
The findings echo those found by GlobalData
which said while consumer appetite returns, there will be a conservative
approach to spending that will “remain ingrained” and consumers will continue
to prioritise quality over quantity.
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Capsule wardrobes will be favoured over fast
fashion while spending will also continue to be diverted into the resale market
as shoppers seek out bargains.
For brands, capturing growth will come from
using direct-to-consumer strategies and leveraging online channels. Online
penetration is set to grow from 26.9% in 2023 to 29.3% in 2028.
