Apparel Industry Statistics (2013–2026)
With fashion being one of the biggest online shopping categories in 2022, 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 2022.
This marks significant growth over the past decade or so. In 2013, the global apparel market size was at just under $1.5 trillion.
The global apparel revenue in 2022 represents a 10.59 percent year-over-year increase, a slight deceleration from the 10.85 percent increase in 2021. But this number must be put into perspective. This growth comes after an 11.8 percent tumble in 2020—the largest annual decrease that’s expected between 2013 and 2026.
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.
Global Apparel Industry Statistics: Market Rebound
However, the apparel market has rebounded and returned to its growth path. From 2021 onwards, total revenues from the industry are expected to grow year-over-year. In fact, the 2023 forecast for the market shows that revenues are expected to increase 5.48 percent to hit just over $1.8 trillion.
This marks significant growth for the global apparel market, especially considering that the annual average growth rate between 2013 and 2026 is 2.24 percent.
Global revenues are expected to surpass the $1.9 trillion mark in 2025, before rising further to close to $2 trillion in 2026.
The global apparel market is forecast to grow even faster going forward. From 2014 to 2020, the annual revenue growth rate registered at -0.84 percent.
But from 2021 to 2026, the average annual growth rate of the global apparel market size is projected at 5.83 percent. That’s more than double the growth rate registered in the three years preceding the COVID-19 pandemic.