Fashion & Accessories

Fashion is a dynamic industry at the core of fast moving consumer goods. While the term fashion is conventionally associated with the design and style of clothing, accessories, and footwear, the fashion industry extends further and includes the production, supply, distribution, and sales of such items, supported by a global network of manufacturers and workforce both in the manufacturing and retail side of the industry. However, it is useful and necessary to make a distinction between the luxury end of the industry and mass-produced, readily available products. Today, the fashion retail landscape is driven by brands and companies in the latter category.
The popularity and power of the fashion industry comes from the ever-increasing demand of consumers, which leads to more and more production and sales. Worldwide, the apparel and footwear market reached a value of 1.9 trillion in 2019. This impressive figure is projected to grow by more than 70 percent by 2030.

Leading exporter of clothing worldwide
United States
Per capita spending on fashion in the United States
1,098 U.S. dollars
Per capita spending on fashion in China
389.71 U.S. dollars

Market size

Bigger, faster, digital
Revenue of the apparel market worldwide from 2012 to 2025 (in billion U.S. dollars)
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The market for apparel and accessories fashion expands at faster rates with each year, adjusting well to the changing consumer demands and behavior along the way. Statista's Consumer Market Outlook projects that the apparel market worldwide will continue to grow consistently and, by 2023, will go over the two billion U.S. dollar mark in revenues. Presently, around 45 percent of revenues in the fashion segment are attributed to online channels, making it the largest in the e-commerce market.

Apparel market worldwide
Apparel and clothing market in Europe
Fashion e-commerce in the U.S.

Market segments

The high end of fashion
The most valuable luxury brands worldwide in 2020, by brand value (in million U.S. dollars)
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Despite largely appealing to upscale shoppers, the luxury segment holds an increasingly relevant place within the fashion industry. The market is dominated by luxury accessories like jewelry, eyewear, bags, and other leather goods, with a value of 96 billion euros. The most valuable luxury brand worldwide is Louis Vuitton, leaving behind a coterie of other well-known names like Chanel, Hermès, and Gucci. Part of the LVMH family, Louis Vuitton has a brand value of 31.7 million U.S. dollars.

Global personal luxury goods industry
Italian luxury fashion companies
Moët Hennessy Louis Vuitton (LVMH Group)

Industry trends

Secondhand and pre-owned retail is in fashion
Secondhand apparel market value worldwide from 2012 to 2024 (in billion U.S. dollars)
Further details: Visit original statistic

One of the most influential changes to happen in the fashion industry in recent years is the growing consciousness about sustainability, which has led many consumers to switch to pre-owned fashion items. The market for secondhand apparel is estimated to go from a value of 28 billion in 2019 to 64 billion U.S. dollars by 2024.
While previously thrift stores were the conventional channels to buy secondhand clothing articles, today the most popular channel is online, via apps or websites.

Apparel and footwear resale in the U.S.
Second-hand retail in the United Kingdom (UK)
Second-hand apparel and textiles in France

Industry leaders

European fashion brands win the fashion game
Revenue of the leading clothing and accessories retailers worldwide in 2019 (in million euros)
Further details: Visit original statistic

Some of the biggest names in fashion retail are companies with European roots. The Spain-based Inditex Group and Swedish H&M are two of the most popular and successful brands based on annual revenues registered worldwide. In 2019, the Inditex Group recorded over 28 billion euros from its global operations.
The Inditex Group is the parent company to a number of fashion retailers including Zara, which drives the most sales and has the highest number of stores among the group's brands.

L Brands
Primark
Inditex and the fashion industry in Spain

Industry definition

Fashion is best defined simply as the style or styles of clothing and accessories worn at any given time by groups of people. The fashion industry has a tremendous variety of products, small product life cycles, unpredictable and volatile demand, and inflexible, long supply procedures. Statista's content on fashion and accessories provides extensive information and statistical data on the global and regional state of fashion retail. Spanning apparel, footwear, as well as the luxury segment, data on fashion retail covers the key players of the industry, purchasing behavior of customers, and the latest trends pursued by brick-and-mortar and omnichannel fashion retailers.

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