GITNUX MARKETDATA REPORT 2024

Must-Know Apparel Market Statistics [Latest Report]

With sources from: statista.com, marketsandmarkets.com, nrf.com, forbes.com and many more

In this post, we will explore key statistics that offer insights into the dynamic and ever-evolving apparel market. From global market values to the rise of eCommerce and sustainability trends, these statistics shed light on the current landscape and future trends shaping the industry.

Statistic 1

"The global apparel market was valued at $1.5 trillion in 2020."

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Statistic 2

"The luxury apparel market was valued at approximately $84 billion in 2020."

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Statistic 3

"Apparel is the largest eCommerce category, accounting for more than 25% of total retail eCommerce sales in the US."

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Statistic 4

"In 2019, China spent over $300 billion on apparel, leading the global market."

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Statistic 5

"60% of apparel shoppers in the US have purchased clothing online at least once."

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Statistic 6

"The sustainable apparel market is estimated to grow by over 10% annually by 2025."

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Statistic 7

"Fast fashion brands contribute to nearly 10% of global apparel sales."

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Statistic 8

"By 2023, it's expected that 8.8% of the US apparel market will be rent-based."

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Statistic 9

"Online sales account for over 20% of the total apparel sales in the United States."

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Statistic 10

"In Europe, apparel production decreased by 30% between 2000 and 2019."

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Statistic 11

"By 2025, it's predicted that one out of three apparel purchases will be made online."

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Statistic 12

"The secondhand apparel market is estimated to be worth $64 billion by 2025."

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Statistic 13

"The environmental impact of apparel industry accounts for 10% of global carbon emissions."

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Statistic 14

"Social media influences over 70% of consumer decisions in the apparel industry."

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Statistic 15

"The apparel market is expected to grow at a CAGR of 6.2% from 2021 to 2027."

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Statistic 16

"In 2018, expenditure on apparel in the US was about $1,866 per consumer unit."

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Statistic 17

"Digital advertising spending in the apparel market reached over $15 billion in 2019."

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Statistic 18

"The athleisure market, a subset of the apparel market, is growing faster than the overall apparel market."

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Statistic 19

"More than 16 million tons of used textile waste is generated every year in the US."

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Statistic 20

"The US apparel market was valued at $368 billion in 2020."

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Interpretation

Based on the statistics presented, it is evident that the apparel market is a dynamic and diverse industry with significant opportunities and challenges. The market's substantial size, rapid growth in eCommerce, increasing focus on sustainability, and shifting consumer behaviors towards online and secondhand purchases are key trends shaping its future. The market's environmental impact, digital advertising investments, and the rise of athleisure are also noteworthy elements to consider. With a projected steady growth rate and evolving consumer preferences, stakeholders in the apparel market must adapt strategies to capitalize on emerging trends and address sustainability concerns to remain competitive in this ever-evolving landscape.

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