Statista trend report on the global apparel market and its potential for collaborative consumption
Sharing-based markets have grown at double-digit rates in recent years, introducing an intriguing paradigm shift within the capitalist economy: A switch from the traditional market based on producers (or distributors) selling the exclusive ownership of a good for a price to collaborative consumption schemes based on the subscription to a platform to temporary rent a good shared among multiple users.
The traditional apparel market is a world giant in continuous growth. The estimated global apparel revenue is 1,547 billion U.S. dollars in 2021 (around two percent of global gross domestic product), its value is forecast to reach 1,955 billion U.S. dollars by 2026. The industry’s carbon footprint is also sizable, estimated to amount to 3,396 million tons of carbon dioxide (CO2) equivalent in 2021 – or 8.8 percent of the total global emissions. Sharing-based business models within the apparel industry appear very promising in the next five years, with the potential of bringing together the “classic” sharing economy advantages of more efficient usage and the possibility of consuming more responsibly at the same time. The estimated global revenue of the shared apparel market is 4.7 billion U.S. Dollars in 2021. Statista predicts that this market will grow in the timeframe 2021-2026 with a CAGR of 9.8 percent to reach 7.5 billion USD in 2026, having the potential for becoming a sharing economy winner.
For further insights on the sharing economy:
During the last decade, the sharing economy has been on a constant rise in the most industrialized countries, becoming more and more popular in an increasing share of consumers. From the providers’ perspective, the sharing economy is shaped around three business models: Access-based, marketplace, and on-demand. All of them are based on the subscription to a (digital) platform to gain access to a set of shared goods or shared services (often offered in a peer-to-peer fashion), paying either a usage- or a subscription-fee rather than the traditional market price.
After having witnessed the successful development of sharing-based business models in popular consumer goods markets (above all, car-, bike-, and scooter-sharing), this report focuses on the apparel market and its sharing potential. The apparel market comprises women's, men's, and children's apparel.
For a deeper insight, download our shared apparel report.
The sharing economy and apparel
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