The apparel and shoes industry is vast, comprising many product categories, ranging from basic to luxury options. The market can be unpredictable and subject to changes in design, consumer demand, and shifting retail strategies. In recent years, there have also been changes in the dynamics of the clothing manufacturing industry, with many companies choosing to outsource production to cheaper locations across the world. As a result, countries such as China, Bangladesh, Turkey, India, and Cambodia, now rank as the leading exporters of clothing.
Despite the current global economic downturn, there has been increased demand in some segments of the apparel market. Specifically, the increased demand for leisure and sportswear throughout the pandemic has aided the industry. The market for second-hand apparel is also expanding, as consumers are becoming more conscious of their environmental footprint and making more sustainable purchases.
Revenue of the apparel market worldwide from 2018 to 2028 (in trillion U.S. dollars)
Further details: Visit original statistic Revenue of the apparel market worldwide from 2018 to 2028 (in trillion U.S. dollars)
In 2023, retail sales of apparel and footwear worldwide amounted to over 1.7 trillion U.S. dollars worldwide. This figure is forecast to increase to two trillion dollars by 2028.
Apparel and footwear can be broken down into sub-segments including menswear, womenswear, accessories, bags, and shoes. Within this breakdown there are numerous price categories and styles available to consumers.
Revenue of the women's sports and swimwear segment of the worldwide apparel market from 2018 to 2028 (in billion U.S. dollars)
Further details: Visit original statistic Revenue of the women's sports and swimwear segment of the worldwide apparel market from 2018 to 2028 (in billion U.S. dollars)
The global women's sportswear market was estimated to be worth over 90 billion U.S. dollars in 2023. This figure was forecast to grow to an estimated 115 billion U.S. dollars by 2028. This was more than the forecast revenue in the men's market. The global athletic footwear market is also expected to see strong growth, resulting in revenues close to 65 billion U.S. dollars by 2028.
NikeShare of consumers who believe buying sustainable clothing is important in selected European countries in 2023
Further details: Visit original statistic Share of consumers who believe buying sustainable clothing is important in selected European countries in 2023
In several of the largest European countries a substantial share of consumers acknowledge the importance of buying sustainable fashion, above all in Italy, where almost three thirds of respondents to a 2023 survey agreed with this sentiment. Well over half of consumers also confirmed this view in France and Great Britain.
Many fashion companies are trying to prove their sustainability credentials to consumers by offering products from recycled or natural materials.
Brand value of the leading 10 apparel brands worldwide in 2023 (in million U.S. dollars)
Further details: Visit original statistic Brand value of the leading 10 apparel brands worldwide in 2023 (in million U.S. dollars)
With a brand value of around 75 billion U.S. dollars in 2023, Nike was the most valuable clothing brand worldwide. Online fashion retailer, Shein, was the second most valuable clothing brand with a value of about 24 billion U.S. dollars that year.
Nike, Inc. is an American multinational corporation and the the world's largest supplier and manufacturer of athletic shoes, apparel, and other sports equipment. Nike is famous for its 'Swoosh' logo as well as its "Just Do It" slogan.
Revenue of the apparel market worldwide by country in 2023 (in billion U.S. dollars)
Further details: Visit original statistic Revenue of the apparel market worldwide by country in 2023 (in billion U.S. dollars)
In the United States, the total revenue of the apparel market exceeded 350 billion U.S. dollars in 2023. China followed closely behind, with revenues of around 313 billion U.S. dollars. In third place was India, bringing in significantly less, with a total value of 101 billion U.S. dollars.
Within Asia, Japan and South Korea were other key players in the market. Other European countries bringing in substantial revenues were the United Kingdom, Germany, and Italy.
The apparel industry is of great importance to the economy in terms of trade, employment, investment, and revenue all over the world. This industry has short product life cycles, vast product differentiation, and is characterized by rapid change in demand coupled with rather long and inflexible supply processes. Key suppliers in this industry are clothing manufacturers and wholesalers, with retailers able to source from both.
The most obvious segmentation within the clothing and apparel industry is between womenswear, menswear, and clothing produced for babies and children. The industry can be further broken down into more specialist sub-industries, including accessories, jewelry, watches, shoes, leather goods, and bags. Some of the most valuable apparel brands in world include Nike, Zara, Adidas, lululemon, and Uniqlo.
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