Global Fashion Market Overview for Business Owners

Posted 3 years ago by Max Komonov

Intro

The pandemic has certainly changed the桂way people think about clothing and桂footwear, as桂well as桂how they make fashion-related purchases. In桂the桂past, high-end fashion and桂unique apparel were only within reach of桂the桂upper-middle class, but with the桂global nature of桂online apparel shopping, almost anyone can afford to桂show their style and桂flair.

In桂addition, there has been a桂dramatic increase in桂gig work and桂freelancing, leading to桂radical change in桂every industry, fashion included. Most jurisdictions have made it桂easy for桂people to桂earn money selling online legally, with inexpensive or桂More and桂more fashion designers and桂gurus have struck out on桂their own with online and桂local storefronts, while still competing on桂the桂global runway.

Yet it桂is桂important that fashion professionals don�셳 get too hung up桂on桂the桂global perspective. But it桂is桂helpful to桂examine fashion on桂a桂global scale. This forward-thinking is桂important for桂understanding your target customers so桂that you can relate to桂them in桂promoting your brand.桂 Most small clothing and桂footwear brands are more successful on桂a桂local level, and桂you should use a桂combination of桂global and桂local SEO and桂marketing to桂launch your brand successfully.

The following global fashion market overview will give fashion industry professionals with that entrepreneurial spirit the桂facts necessary for桂success. Professionals in桂every industry should endeavor to桂keep up桂with global trends, but this is桂even more true in桂the桂fashion world.

Trends can change at桂the桂drop of桂a桂hat. In桂fact, fast fashion is桂all about changing out your style or桂look on桂a桂regular basis. The information in桂this comprehensive report will provide you with the桂facts you need to桂develop and桂target your desired audience to桂build your clothing brand to桂the桂next level.

However, it桂is桂important to桂keep in桂mind that some of桂the桂data in桂this report are based on桂data sets from 2019桂or桂2020. Many of桂the桂latest market research findings are actually pre-pandemic. The pandemic made most market research a桂very low priority, so桂some data may appear outdated. The section on桂fashion trend forecasts will give you the桂additional information that you can use to桂build your brand.

Fast Fashion Facts and桂Key Fashion Statistics

This comprehensive report on桂the桂global fashion market gives you an桂in-depth view at桂the桂trends shaping the桂future of桂clothing and桂apparel companies and桂entrepreneurs. Here are some key takeaways that you should consider as桂you work through the桂fashion market report.

Global fashion industry value: around $3,000桂billion ()
US桂domestic fashion industry value: $368桂billion ()
Global women�셲 apparel value: $804桂billion ()
Global menswear value: $483桂billion ()
Global children�셲 apparel value: $238桂billion ()
Anticipated 2021桂global apparel market increase: globally 20%; US桂30%; Europe 30%
41% of桂shoppers plan to桂continue buying apparel online even as桂brick-and-mortar stores reopen

These statistics make it桂clear that independent designers or桂fashion boutiques must offer online shopping, even if桂they have a桂brick-and-mortar storefront. With 붚죕쳔 you can set up桂your account and桂site quickly and桂easily, allowing you to桂start selling all over the桂web right away.

Current State of桂the桂Fashion Industry

The total value of桂the桂fashion industry has nearly doubled in桂the桂last year. , with the桂US桂domestic market alone worth over $360桂billion. Women are, of桂course, the桂majority of桂apparel shoppers, and桂their clothing and桂footwear account for桂over $804桂billion in桂the桂global fashion market.

The three largest fashion markets are the桂United States, China, and桂Japan. Shipping delays have led to桂most American consumers purchasing their apparel from other US桂companies. The most profitable growth segments are unique or桂high-end fashion, athleisure, and桂recommerce.

Fashion trends shaping the桂global apparel market

There are several new trends in桂post-pandemic fashion of桂which every fashion designer and桂retailer must cater to桂for桂continued success. Clothing is桂still about fashion and桂style, but it桂is桂also about comfort and桂leisure.

Gender-neutral and桂seasonless clothing is桂also on桂the桂rise, with consumers demanding versatility and桂comfort in桂their wardrobes. Athleisure and桂luxury fashion embracing the桂glam plus comfort mentality will perform the桂best in桂a桂society in桂which people are not too excited about returning to桂work.

Jump onboard the桂fast fashion trend

Fast fashion is桂an桂interesting trend that began with ecommerce companies like ThredUp and桂Poshmark. These online clothing resale stores are basically the桂equivalent of桂shopping in桂a桂high-quality thrift store or桂consignment shop. Today we桂also see clothing rental companies sending outfits to桂their customers for桂two weeks, with easy returns and桂lots of桂variety in桂their attire.

In桂either case, the桂end result is桂that people are able to桂swap out their wardrobe over and桂over again without paying the桂sticker price to桂own it桂for桂good. What�셲 more, with 붚죕쳔 literally anyone can start selling online right away, and桂if桂you only have a桂few items our free plan will likely work for桂you. That way you can also take advantage of桂the桂resale craze as桂you tire of桂your clothing, whether you bought it桂new or桂used is桂practically irrelevant.

How the桂Pandemic Affected the桂Global Fashion Industry

Online shopping has been steadily gaining momentum for桂the桂last two decades, but the桂explosion in桂ecommerce that occurred during the桂pandemic could never have been predicted. As桂local mandates closed nonessential stores and桂placed mask restrictions on桂shoppers, it桂has become more difficult for桂the桂indie fashion company to桂thrive in桂a桂local market with a桂brick-and-mortar store.

Consumer behavior has shifted dramatically since the桂onset of桂the桂pandemic. Most people now shop online for桂as桂much as桂possible. People were shopping online before covid-19, but there has been a桂radical increase in桂ecommerce fashion in桂the桂last year.

In桂a桂survey conducted in桂2020, for桂items they normally would have bought in桂person. Additionally, apparel-specific in桂2021. What�셲 more, Bloomberg reports that plan to桂continue buying clothing and桂apparel online even as桂more brick-and-mortar stores reopen. Meanwhile, estimates suggest that the桂 will increase by桂20% this year, while the桂increase could be桂as桂much as桂30% in桂the桂US桂and桂Europe.

This shift to桂digital fashion seems to桂be桂unhindered by桂many of桂the桂reasons people avoided buying clothing and桂shoes online before the桂pandemic. In桂fact, the桂pandemic brought consumer pain points in桂fashion ecommerce to桂the桂surface, allowing online apparel retailers to桂address the桂issues and桂improve customer service.

Issues with shipping and桂returns are the桂biggest downsides to桂buying apparel online

The most common reasons that people have avoided buying clothing and桂footwear online have been true for桂years, but the桂pandemic made these issues come to桂the桂surface in桂a桂new way. The three biggest reasons people used to桂avoid shopping fashion online were:

Delayed or桂expensive shipping options桂�� a桂 abandon carts based on桂shipping times or桂costs.
Lack of桂consistency in桂sizes combined with the桂inability to桂try on桂before buying桂�� particularly when buying from the桂large overseas apparel markets, which are sized differently than US桂clothing brands. Almost online simply because there is桂no桂way to桂guarantee it桂will fit.
Slow returns processes桂�� Not being able to桂try on桂clothing before purchase results in桂a桂higher rate of桂returns that only the桂biggest fashion brands could reasonably handle in桂a桂timely manner.

Today, these issues are not just prominent in桂online shopping. Most brick-and-mortar fashion retailers have eliminated their fitting rooms in桂the桂wake of桂the桂pandemic. Such shared spaces are simply too difficult to桂sterilize between customers.

That means you still have a桂high rate of桂returns, even at桂local stores. The only real difference between them and桂online fashion retailers is桂that consumers may have to桂wait for桂the桂return to桂be桂processed before obtaining their replacement items.

Brand loyalty

In桂the桂past, brand loyalty was important in桂the桂fashion industry. Because there is桂no桂uniform sizing chart used by桂all apparel brands, consumers have had a桂tendency to桂stick with the桂same brands long-term when shopping online. This is桂no桂longer the桂case, although most American consumers try to桂shop locally or桂at桂least within their own country to桂avoid complications.

While customer service is桂more important than ever, people are also more concerned about affordability, sustainability, and桂the桂fast fashion trend. Today, most consumers have no桂loyalty to桂a桂predictable brand, and桂designers or桂shop owners will need to桂keep things fresh and桂exciting to桂be桂successful.

Pandemic fashion trends

Everyone got used to桂staying at桂home in桂their sweatpants during the桂height of桂the桂health crisis, and桂most are not willing to桂go桂back to桂uncomfortable evening or桂business attire. This has led to桂a桂few trends completely new to桂the桂fashion industry. Comfort is桂now a桂primary concern for桂online shoppers, leading to桂the桂creation of桂athleisure footwear and桂apparel suitable for桂professional environments and桂entertainment venues.

Forecast Market Growth in桂the桂Fashion Industry

It桂is桂predicted that, even with the桂decrease in桂demand for桂the桂fashion industry�셲 offerings, the桂apparel market will have a桂 now through 2025. As桂vintage clothing becomes ever more popular, the桂resale or桂recommerce market is桂expected to桂explode. Society as桂a桂whole is桂much more eco-conscious than previous generations, so桂this change in桂mentality about buying used items is桂not entirely unexpected.

The global apparel market is桂expected to桂grow by桂$1桂trillion in桂the桂next 4桂years, and桂experts postulate that most of桂this growth will be桂in桂the桂ecommerce sector, particularly those offering resale or桂sustainable items.

Another important thing to桂consider is桂that influencer marketing is桂becoming a桂must when it桂comes to桂fashion. There are so桂many small boutiques, so桂many independent fashion designers, that it桂can be桂really difficult to桂grab a桂piece of桂the桂pie. But if桂you can get influencers with large audiences on桂TikTok, Twitter, Facebook, or桂Instagram, you could get a桂huge boost in桂sales.

How to桂Get Started Selling Fashion Online

With the桂trends of桂fashion, fashion rental, or桂fashion resale and桂recommerce, literally, anyone can start selling clothing and桂shoes online with some very inexpensive and桂easy-to-navigate online tools. Selling your old high-quality used clothing can help you pay for桂the桂new season�셲 fashions. You may also be桂able to桂sock away a桂bit of桂extra cash for桂birthdays, anniversaries, or桂the桂winter holiday season.

Also: Fashion Online Store Examples

The easiest way to桂start selling online is桂with an桂online storefront that connects to桂all of桂the桂places you might want to桂sell your products, including social media. A桂user-friendly interface with intuitive site builder tools, templates, and桂themes will make it桂very easy to桂set up桂your online store and桂list items for桂resale or桂rental right away.

You can also consider putting together a桂subscription box for桂some of桂your less expensive, smaller fashion accessories. Getting social media influencers to桂feature your products in桂a桂social media unboxing video could help you gain traction and桂truly begin to桂build a桂business that could one day take the桂place of桂your current employment.

As桂you grow, you will need to桂be桂able to桂handle more and桂more products in桂your online store. A桂platform like 붚죕쳔 allows you to桂scale up or桂down as桂needed to桂both meet your budget and桂provide your shoppers with more fashion items to桂choose from. If桂you just want to桂resell fashion items as桂a桂hobby or桂for桂extra income, you should definitely take advantage of桂the桂least expensive option.

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About The Author

Max has been working in the ecommerce industry for the last six years helping brands to establish and level-up content marketing and SEO. Despite that, he has experience with entrepreneurship. He is a fiction writer in his free time.

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