Apparel Industry Statistics (2014–2027)
With fashion topping the list of the biggest online shopping categories in 2023, 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.
Global apparel market size growth
The latest global apparel industry statistics show that revenue from the apparel market is expected to exceed $1.7 trillion in 2023, a 13.7% year-over-year increase. This marks significant growth over the past decade. In 2014, the global apparel market size totaled $1.54 trillion.
Despite registering significant growth since 2014, the past few years have been pretty tumultuous for the apparel industry. In 2020, revenues fell 11.4% to $1.4 trillion. It rebounded in 2021, soaring by 10.7% to $1.55 trillion, only to dip again by 1.3% in 2022 to $1.53 trillion.
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Such market behavior must be put into perspective. These changes are a result of the coronavirus pandemic, which forced consumers worldwide to cut back on spending in 2020. Even in the US, consumer confidence fell to a seven-year low. The biggest cutbacks were for clothing, expenditure for which fell around 4% 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.
These apparel industry statistics show that from 2014 to 2027, the sector is set to increase its revenues by $400 billion (or 26% overall), with an average annual growth rate of just under 2%.
Global Apparel Industry Statistics: Market Forecast
Looking ahead, the apparel market is expected to grow. In 2024, it’s forecast to increase by 2.9% to $1.79 trillion, before rising another 2.8% to $1.84 trillion in 2025. Similar growth rates are predicted for 2026 and 2027, when the industry is set to grow by 2.7% each year to $1.89 trillion and $1.94 trillion, respectively.
From 2023 to 2027, the global apparel market is set to increase by $200 billion, adding $50 billion each year. The average annual growth rate is forecast at 2.8%, which means that should this pace continue, total revenues are set to surpass $2 trillion by 2028.