Fashion Market Size 2020 Global Industry Share, Growth, Trend, Demand, Top Players, Opportunities and Forecast to 2027

Global fashion market is primarily driven by factors such as robust sales channel such as e-commerce and retail stores, along with rapid urbanization in developing and developed economies leading to upsurge in demand for fashion goods, specifically apparels. According to Statista, in 2019, the US apparel market amassed USD 368 billion, comprising of e-commerce sales of USD 100 billion and retail sales of USD 268 billion, which is an overall surge from USD 341.6 billion in 2018.

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For those unversed, fashion is a prevalent aesthetic expression at a particular place, time, and context, in hairstyle, makeup, accessories, lifestyle, footwear, clothing, and body proportions.

Various brands promoting their clothing lines through fashion events, which works as a fashion hub for the firms, is further augmenting global fashion market share. As per credible sources, about 300 fashion events are held every year in France, with Paris Fashion week held twice annually.

Major companies operating in global fashion market sphere are VF Corporation, Nike Inc., Richemont Group, L Brands Inc., LVMH / Louis Vuitton SE, Kering, Luxottica Group SpA, Industria De Diseno Textil SA (Inditex), Hermes International SA, and Pandora A/S.

On the downside, constant changes in customer preferences may hamper worldwide fashion industry outlook over the upcoming years. Despite that, advancements in the apparel tech, like inclusion of multiple health sensors in day-to-day clothing, will provide a lucrative growth opportunity for the industry partakers during the forecast era.

Based on product landscape, global fashion market is spilt into bags, jewelry & accessories, clothing, headwear, footwear, and others. Speaking of application spectrum, the industry is segmented into women, and men.

Coming to the regional hierarchy, North America holds a significant share of global fashion market presently, on account of growing acceptance of smart wear, and soaring demand for fashion products.

Meanwhile, Asia Pacific market is expected to witness momentum through 2027, owing to changing lifestyle, growing populace, and rising disposable income.

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