Apparel Industry Statistics (2018–2028)
With fashion topping the list of the biggest online shopping categories in 2024, 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.
Global apparel market size growth: 2018–2024
The latest global apparel industry statistics show that revenue from the apparel market is expected to hit $1.79 trillion in 2024, a 3.47% year-over-year increase from 2023’s $1.73 trillion. This marks significant growth over the past six years. In 2018, the global apparel market size totaled $1.58 trillion.
Despite registering significant growth since 2018, the past few years have been pretty tumultuous for the apparel industry. In 2019, revenues fell marginally by 0.63%, to $1.57 trillion. A year later, it plunged 11.46% to $1.39 trillion. It rebounded in 2021, soaring by 11.51%, to $1.55 trillion, before registering a fractional rise of 1.29% in 2022, to $1.57 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 2018 to 2028, the sector is set to increase its revenues by $420 billion (or 26.58% overall), with an average annual growth rate of 25.61%.
Global apparel industry statistics: 2025–2028 market forecast
Looking ahead, the apparel market is expected to grow. In 2025, it’s forecast to increase by 2.79% to $1.84 trillion, before rising another 2.72% to $1.89 trillion in 2026. A similar growth rate is predicted for 2027, when the industry is set to grow by 2.65% to $1.94 trillion. By 2028, the apparel market’s value is forecast to reach $2 trillion.
From 2025 to 2028, the global apparel market is set to increase by $160 billion, adding around $50 billion each year. The average annual growth rate is forecast at 2.82%.
Apparel industry statistics: leading markets (2023)
What countries are fueling the growth of the global apparel market? Here’s a breakdown of the world’s largest apparel markets, ranked by revenue.
|
Country |
Apparel market revenue (2023) |
|---|---|
|
1. United States |
$351.35 billion |
|
2. China |
$313.82 billion |
|
3. India |
$101.39 billion |
|
4. Japan |
$87.00 billion |
|
5. United Kingdom |
$82.89 billion |
|
6. Germany |
$72.57 billion |
|
7. Italy |
$57.86 billion |
|
8. France |
$40.02 billion |
|
9. Canada |
$39.71 billion |
|
10. South Korea |
$39.06 billion |
According to the latest data, the United States generated $351.35 billion in apparel sales revenues in 2023, making it the largest market in the industry. Not far behind is China, boasting total revenues of $313.82 billion. These are the only two countries whose revenues from apparel sales surpassed the $300 billion mark in 2023.
India is the third-largest apparel market, with sales exceeding $100 billion. Japan and the United Kingdom round out the top five, with revenues of $87 billion and $82.89 billion, respectively.