Apparel Industry Statistics (2014–2027) [Jan 2023 Update] (2024)

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.

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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.

Want to Learn More?

The global apparel market is indeed a fascinating realm, and my expertise lies in analyzing its trends, market dynamics, and growth patterns. One key factor that has contributed significantly to my understanding of this industry is the continuous monitoring and analysis of market reports, such as those provided by industry leaders like McKinsey, Euromonitor, and Statista.

In the provided article, the focus is on the current and projected statistics of the global apparel market. The article begins by highlighting the tremendous growth potential within the apparel industry, identifying it as one of the most lucrative sectors for online businesses. It discusses the market size, showcasing a notable increase in revenue year-over-year, with the global apparel market size expected to exceed $1.7 trillion in 2023, signifying a 13.7% growth from the previous year.

The article then delves into the historical context, outlining the industry's fluctuations over the past decade. It notes a decline in revenue during 2020 due to the COVID-19 pandemic, which led to a worldwide reduction in consumer spending. This decline is attributed to factors such as lockdowns, decreased social activities, and reduced need for new clothing as people spent more time indoors.

Despite this setback, the forecast remains positive for the apparel industry, projecting steady growth from 2023 to 2027. Predictions indicate an increase in revenue by $400 billion during this period, with an average annual growth rate of nearly 2%. The article further forecasts the industry's growth trajectory, estimating a gradual increase in market size, with revenues projected to surpass $2 trillion by 2028 if the current growth pace persists.

The data mentioned provides a comprehensive overview of the global apparel market's past, present, and anticipated future, reflecting both the resilience of the industry in overcoming challenges and its promising potential for sustained growth.

If you're looking to venture into the apparel market or navigate its nuances, understanding these market trends and projections will be crucial in making informed business decisions. Whether it's seizing opportunities in the online retail space or strategizing for future growth, these insights serve as a valuable guide in navigating this dynamic industry landscape.