US Fashion Industry Growth Rate (2019–2023)
As one of the top online shopping categories among consumers, it should come as no surprise that the US fashion industry size is huge. In fact, it’s currently valued at hundreds of billions of dollars.
The sales figures for 2022 are forecast at $473.42 billion. This represents a fashion industry growth rate of 8.3 percent from 2021’s figures.
This fashion industry growth rate this year, though relatively high, is still a slowdown from the previous year. In 2021, the industry grew at 18.4 percent, the fastest rate in the forecast period from 2019 to 2023.
This also came after the steep fall in the US fashion industry sales in 2020, during which sales tumbled 21.9 percent and marked a more than $100 billion loss from 2019.
This plunge is the result of the coronavirus pandemic, which has affected both the US fashion industry growth rate and sales figures. The closure of brick-and-mortar fashion retailers in compliance with local coronavirus regulations meant a fall in visitors and, subsequently, sales.
Cutbacks by consumers on inessential items and an increased focus on household essentials also contributed to the negative US fashion industry growth rate in 2020. The US fashion industry sales are, however, expected to rebound from 2021 onwards.
Total sales for 2023 are forecast at $494.89 billion, a 4.5 percent annual increase.
US Ecommerce Fashion Industry Growth Rate
In terms of ecommerce sales, the US fashion industry growth rate in 2022 is expected at 12.4 percent, a marginal increase from the 12.2 percent recorded in 2021. With this increase, sales are expected to total $170.91 billion.
From 2020 to 2024, the slowest growth rate came in 2020, during which online sales increased 8.6 percent. From 2021 onwards, however, annual growth rates are set to hold relatively steady until at least 2024, ranging between 12.2 percent and 12.9 percent each year.
This constant increase means that the US ecommerce fashion industry size is forecast to surpass the $200 billion mark for the first time in 2024.
From 2020 to 2024, total US fashion ecommerce sales are set to grow by over $80 billion—a 60 percent increase overall and an average annual growth rate of 11.68 percent.