The fashion industry is worth $759.5 billion when we look at the e-commerce market. It’s predicted to be worth over $1.002 trillion by 2025.
Interesting Fashion Industry Statistics for 2021:
- The average fashion designer in the US makes around $18.62 per hour.
- Companies that promote diversity attain 19% higher revenues than those that don’t.
- The fashion industry is accountable for 8%–10% of overall greenhouse gas emissions.
- The global fast fashion market witnessed a -12.32% decline in 2020.
- Fashion industry statistics confirm the global apparel market should reach $635.17 billion in 2021.
- Womenswear is the best-selling apparel category globally. Its 2021 revenue amounts to $876,710 million.
- 35% of Millennial and 36% of Gen Z consumers prefer buying “sustainable” and “environmentally friendly” clothing.
- Professional models in the US earn an average salary of $108,000 per year.
- In the Spring 2021 season, there were 41.3% of nonwhite model appearances.
- Ford is the company that gives the highest salaries to professional models — $217,298.
Apparel, footwear, and accessories are the number one e-commerce sector globally. China has the highest revenue in the fashion market—$284.3 billion, followed by the US ($126.5 billion), UK ($32.5 billion), Japan ($23.9 billion), and Germany ($22.5 billion).
Tuition fee for the Fashion Institute of Technology in New York City will set you back $2,645.00 per semester.
Based on the Fashion Institute of Technology admissions statistics, this school’s tuition fees are quite high, i.e., $2,645.00 per semester for State residents and $7,935.00 per semester for out-of-state residents. If you belong to a bank that offers good savings and loan options for students, you should be at ease with the fees.
As we already noted, the fashion industry jobs are highly paid, so it’s no surprise that many young people decide to pursue a career in the mentioned sector.
Riveting Fast Fashion Industry Statistics
Fast fashion is associated with the newest styles produced rapidly to follow the latest trends. What do shoppers need to know about the fast fashion industry?
Boohoo is the most popular fast fashion app among US customers.
Other popular fast-fashion retailer apps among American customers are Shein and PrettyLittleThing, fashion industry statistics reveal.
In addition to that, in the fourth quarter of 2020, Shein.com was the most popular fast-fashion retailer website. In terms of website visits, Shein.com witnessed an increase of 121%.
The global fast fashion market witnessed a -12.32% decline in 2020.
According to the fashion industry statistics from 2019, the fast market was worth $35.8 billion that year. However, due to the pandemic, it witnessed a significant decrease, making it worth $31.4 billion in 2020.
On a positive note, it’s expected that the market will recover by 2023, reaching a CAGR growth of 6.7%, amounting to $38.21 billion.
The global apparel market should reach $635.17 billion in 2021.
The market will witness a CAGR growth of 20.5% in 2021 due to the pandemic and increased online shopping. Furthermore, the global apparel industry statistics predict that by 2025, there will be a CAGR growth of 7%, amounting to a whopping $842.73 billion.
The Asia Pacific is the region that accounted for the highest percentage of the market—33%, followed by Western Europe that made 28% of the global apparel market.
On the other hand, the African market is the smallest regarding the global clothing industry.
Womenswear is the best-selling apparel category globally. Its 2021 revenue amounts to $876,710 million.
When it comes to sales, the US managed to generate $187 billion in womenswear and $86 billion in menswear sales. The Sports apparel market also witnessed significant growth. In 2020, it was worth about $185.2 billion.
In 2019, fast fashion accounted for nearly 66% of all online fashion traffic for the first half of the year.
As retail statistics show, 56.9% of US gains in 2019 were covered by online retail sales. Nevertheless, this is but the beginning. Namely, the fast fashion statistics from 2019 project that the peak is yet to come in the years that follow.
Is the fashion industry growing or declining?
Despite the pandemic, the fashion industry kept on growing. Numerous popular brands reported a significant growth in e-commerce sales. The highest increase was noted in athleisure clothing, where Nike and Lululemon were the leaders.
Despite the predictions that the global fashion e-commerce industry will witness a drop in numbers compared to 2019 ($531.25 billion vs. $485.62 billion), the market is expected to recover by 2023, when it should be worth $672.71 billion.