Why is data science important for the fashion industry at large? The term “fashion” is often associated with luxury, chic, expensive designer clothes. With 1.43 billion citizens, half of which are female, it makes sense that the country’s girls and women spend so much. With 1.43 billion citizens, half of which are female, it makes sense that the country’s girls and women spend so much. Fast fashion allows almost everyone in the world to get easy access to designer pieces at affordable prices. We all know why every industry was shaken in 2020. Sweden’s H&M earned the second spot in terms of units sold in 2019, with about 2.2 billion items. The latest fashion industry statistics will certainly surprise those who aren’t in the loop. Apart from the jobs listed before, the United States has room for around 18,000 fashion designers. How is Big Data Changing the Fashion Industry? Jobs in production, planning and expediting, with average wages of 47,680, and in installation, maintenance and repair, with average annual wages of 43,430, also pay less than average within apparel wholesale merchandising. An expected 400 percent increasein world GDP by 2050 will mean even greater demand for clothing. The wages for tailors, dressmakers and sewers are also in the low range with 27,510 dollars, on average. Once again, we need to compare these numbers with something to put things in perspective. According to the. The global apparel market was on a steady rise in 2019, according to Statista. Vietnam and Italy are the second and third largest exports of footwear and headwear, exporting respectively 13.6 billion dollars and 12 billion. Accountants and auditors receive an average annual pay of 69,960 dollar and buyers and purchasing agents get paid 56,550 dollars, on average. Inditex has stores is every major city in Europe, which also account for the majority of the company’s revenue. If each person owned just a single article of pants, a shirt, and a jacket, 21 billion pieces of clothing would have to be supplied to the global population. 30 billion on apparel ($39.4 billion USD). Also in footwear and headwear, China accounts for the largest share of all export with 71.1 billion dollars. Feel free to leave a comment below, and let us know if you have any questions. Truthfully, the two are more intertwined than ever. have only shown Nike on the rise over the last few years. Well, perhaps we aren’t here for precisely that. The traditional closed-book method of analysing retail data meant that a number of fashion brands missed out on a lot of crucial information, such as data related to pricing, trends, insights and other must-have details. Because data on the fashion industry typically are reported for national economies and expressed in terms of the industry’s many separate sectors, aggregate figures for world production of textiles and clothing are difficult to obtain. The fashion industry is responsible for up to 10% of global CO2 emissions, 20% of the world’s industrial wastewater, 24% of insecticides, and 11% of pesticides used. In 2019, Inditex made $31.6 billion in sales worldwide. The State of Fashion is now the largest and most authoritative overview of the industry, surveying more than 275 global fashion executives (approximately 30 percent more than last year) and interviewing thought leaders and pioneers. “Achieve gender equality and empower all women and girls.” Female … It’s an interesting prediction, considering the continued rise of the, Fast fashion allows almost everyone in the world to get easy access to designer pieces at affordable prices. The US is still in the lead, with about $112 billion in revenue. In 2005, households in the UK spent about £30 billion on apparel ($39.4 billion USD). However, from 2015 to 2018, men invested more in high-end wear than women. Their average annual wage is 73,690 dollars, meaning that they receive over 30 dollars per hour. The COVID-19 pandemic hasn’t been kind to any industry, but this one will surely recover. In 2017 Nike’s revenues amounted to 34.4.6 billion dollars and a market value of nearly a 105 billion dollars. However, there is a large range within this sub industry of fashion. The global men’s apparel market revenue is about $580 billion in 2020. Therefore it account for over 50 percent of the total world trade. Fast fashion refers to the low-cost designs that quickly move from catwalk to stores, and that’s where it got the name. He especially enjoys writing about tech, apps, esports, cinema, and other nerdy stuff. Save my name, email, and website in this browser for the next time I comment. Revenues, on the other hand, are projected to rise from $481.2 billion in 2018 to $712.9 billion by 2022. One report found that addressing environmental and social problems created by the fashion industry w… Well, perhaps we aren’t here for precisely that. Women’s apparel includes accessories, footwear, jeans, pants, shirts, outdoor-wear, dresses, hats, and skirts. GDP per capita (PPP): $ 47,627, Domestic market value of fashion: $ 83,6 billion Nike offers its products worldwide and its largest markets are the United States, 46 percent of the total revenues, and Western Europe (19 percent). Due to environmental impact, more consumers and fashion brands are turning to the concept of “slow fashion” and away from the long and costly manufacturing process. Marketing and sales managers at apparel retailers have the highest average annual wage of 84,600 dollars. From 2009 to 2014, there was a 12% increase in the women’s fashion industry market. Unfortunately, it’s a challenge to determine this because the, won’t show the whole picture. With a world population of over 7 billion, the clothing industry has a high demand. While the global fashion industry market size is enormous, female apparel in China makes up a massive portion. Filip has a degree in English language and literature, and his studies helped him grow very fond of writing. Fast fashion industry growth has been remarkable. In 2008, this industry was worth $21 billion. In 2015 VF’s annual revenue rose to 12.4 billion dollars with most of its revenues coming from the Outdoors and Action Sports division. GDP per capita (PPP): $ 52,139, Domestic market value of fashion: $ 16.5 billion In the United States an estimated 1.8 million people are in employed in the fashion industry, among whom 232,000 in manufacturing textiles for apparel and other fashion items. This may seem baffling to us now, given the competitive natureof the fashion industry and the importance of staying relevant, but it took a long time for brands to start using technology to thei… Unfortunately, it’s a challenge to determine this because the fashion industry statistics won’t show the whole picture. A collection or trend takes thousands of man-hours from the most creative minds and the lucrative outcome depends on the simple Hot or Not judgements from fashion pundits, bloggers and celebrities. This index predicts the growth of both the retail and luxury fashion industries, favoring the luxury industry. This is the FashionUnited page with Facts and Figures about the global and US fashion industry. Spanish fast-fashion giant Inditex - with a market value of nearly a 92 billion dollars - is the third largest fashion company worldwide. Fashion industry statistics show that 2019 was an excellent year for fast fashion. You’d imagine Nike is worth a lot, but did you know it earned $39.1 billion in 2019? How Big Data is Impacting the Fashion Industry More and more, the fashion world is embracing the digital age. were awe-inspiring. The growth of the fashion industry is undeniable. The fashion industry, up until the mid-twentieth century, ran on four seasons a year: fall, winter, spring, and summer. Population: 66.2 million Fashion Business Data FashionUnited Business Intelligence provides apparel market data and analytics. Indeed, the. Respectively these occupations pay an average annual wage of 52,150 and 64,830 dollars. Compared to 2018, this represents a $3 billion jump in global revenue. However, from 2015 to 2018, men invested more in high-end wear than women. Labor force: 33 million The industry has already started using artificial intelligence for organization, collection, and analysis of any data that plays an important role in the business. The fast fashion industry is one of the most polluting in the world and responsible for many social and environmental problems. The fashion industry statistics pages are a product of FashionUnited Business Intelligence. Labor force: 9.0 million The fashion industry sales statistics have only shown Nike on the rise over the last few years. Data analytics can analyze the impact different seasonal trends have on the buying behavior. Nike is an athleisure- and lifestyle brand with annual revenues of 30.6 billion and a market value of nearly a 105 billion dollars. The fast fashion industry saw a growth of 21% from 2016 to 2019, while the luxury market growth wasn’t as prominent. Feel free to leave a comment below, and let us know if you have any questions. We all know why every industry was shaken in 2020. If that turns out to be accurate, the industry’s worth will reach almost $1.183 trillion by then. It aims to provide the best available overview of the global fashion industry. Women’s apparel includes accessories, footwear, jeans, pants, shirts, outdoor-wear, dresses, hats, and skirts. It makes sense that after selling the most clothing items in 2019, Zara also earned the most revenue. Trends and styles change with the blink of an eye. Graphic designers, for instance, receive wages around 48,320 dollars, whereas merchandise displayers and window trimmer receives 35,680. . Back then, the industry’s universal value was nearly $758.5 billion, just counting the apparel and clothing market. Canadian fashion industry statistics aren’t easy to find. are often led by Europeans, which makes sense, considering this continent was always relevant in fashion and style. aren’t easy to find. 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The forecast for the next 10 years, based on this growth, projects that the fast fashion industry will be worth $44 billion by 2028. The expected peak growth rate of the worldwide apparel market in 2020 was projected to be about 6.2%. In hope of motivating and providing direction to fashion retail managers, industry experts, and … The fast fashion industry saw a growth of 21% from 2016 to 2019, while the luxury market growth wasn’t as prominent. show that 2019 was an excellent year for fast fashion. The estimated value of fast fashion in 2020 is $31.4 billion, representing a negative CAGR of –12%. Most of us have owned at least one pair of Nike sneakers in our lives. Here are some invaluable facts on the fashion industry. Maintenance and industrial machinery is paid around the average of this sub industry with annual wages of 36,610 dollars. It’s an interesting prediction, considering the continued rise of the fashion retail industry that the statistics demonstrate. Cumulative data compiled within The Fashion and Apparel Industry Report paints a bright portrait with worldwide revenue expected to rise from $481.2 billion in 2018 to $712.9 billion by 2022: Data via Statista and accessible in The Fashion and Apparel Industry Report For facts and figures of the fashion industry in other countries and regions, see below. Between 2000 and 2014, clothing production doubled with the average consumer buying 60 percent more pieces of garment... Nearly 20% of global waste water is produced by the fashion industry. How many people work in the international fashion industry? Some of the world’s largest fashion companies are based in the United States. In the fashion world, big data is increasingly playing a part in trend forecasting, analysing consumer behaviour, preference and emotions. Maxx, HomeSense, Winners and Marshalls. The average annual wage in this sub industry is 52,350 dollars. However, Market Research estimates a relatively bad CAGR of –0.2% until 2024. is undeniable. It turns out that women prefer comfy clothes, after all—the activewear industry is expected to skyrocket in the following years. Employment in fashion: 87,910, Population: 46.8 million While people bought 60% more garments in 2014 than in 2000, they only kept the clothes for … GDP per capita (PPP): $ 42,726, Domestic market value of fashion: $ 43.3 billion (JEC Democratic, Bureau of Labor) Average annual wages in fashion range from 26,440 dollars, for textile bleaching and dyeing machine operators, to 84,600 dollars for marketing and sales managers in fashion. Rounding off the Top 5 largest exporting regions of footwear and headwear are Indonesia with exports of 5.59 billion dollars and Germany with 3.78 billion dollars. 8-10% of global greenhouse gas emissions come from the fashion industry. We’re about to change your fashion worldview by enlightening you with some essential fashion advice. Here is a look at the statistics on what consumers and the fashion industry are made up of. The fashion industry appeals to everyone in the world on one level or another, but each item of clothing sells to a different sort of customer. will certainly surprise those who aren’t in the loop. We’re here to present you with the most valuable fashion industry facts and stats to stay on-trend. In the UK, fashion industry statistics from 2019 show increased spending on clothing over the past 15 years. For other data, such as the FashionUnited Top 100, the FashionUnited Facebook Index and the List of Richestest People in Fashion, refer to the FashionUnited Top 100. www.FashionUnited.info © FashionUnited 2020. Industry-Wide Data. It means that in just one year, the market grew by more than $25 billion. In 2019, estimations from Statista predicted that this market would reach nearly $217 billion five years from now. is often overlooked and overshadowed by female fashion, especially when it comes to statistics. The Chinese girls’ and women’s apparel market was worth almost $121 billion in 2018. He spent years perfecting his content writing skills while working under pressure with tight deadlines. The forecast for the next 10 years, based on this growth, projects that the fast fashion industry will be worth $44 billion by 2028. (JEC Democratic, Bureau of Labor). The COVID-19 pandemic hasn’t been kind to any industry, but this one will surely recover. Dec 11, 2020 (Market Insight Reports) -- Selbyville, Delaware, the research report on ‘AI in Fashion … The 20-year-old brand managed annual revenues of 4.0 billion dollars in 2015, with 3.45 billion dollar in North America alone. We’re here to present you with the most valuable. Indeed, some of them are more interested in their. Unemployment rate: 5.3% Most of Nike’s income, nearly 94 percent, comes from the Nike brand. Unemployment rate: 9.9% According to the Ellen McArthur Foundation, clothing production has approximately doubled in the last 15 years, driven by a growing middle-class population across the globe and increased per capita sales in developed economies. The fashion industry is just beginning to use data analytics to solve their problems, and it will be interesting to see how completely they can utilize its potential. The Spanish company is valued at 75 billion euros and its 2017 annual revenue was 25.34 billion euros. A lot of big fashion brands have e-commerce platforms, which generate a lot of data for data scientists to exploit. LVMH, Louis Vuitton Moët Hennessy, a French luxury conglomerate is currently the largest fashion company worldwide. Labor force: 23.3 million Britain’s Marks and Spencer was in the third spot, with about 1.3 billion units sold that year. Setting Prices and Choosing Colors. The global apparel market was on a steady rise in 2019, according to Statista. In 2019, the value of the global fast fashion market was estimated at $35.8 billion. US-based athleisure- and lifestyle brand Nike is the second largest fashion company worldwide. It mostly imports manufactured apparel. The United States are not one of the largest exporters of fashion-related products in the world, however it still supplies a fair share of several textiles for fashion purpose to overseas markets. The top 3 exports account for 69.6 percent of the total exports in this segment. Italy and France deserve to be at the top, with Milan and Paris practically being the cradles of fashion. Whereas computer occupations, such as information analysts, are paid the highest annual wage of 73,220 on average, textile bleaching and dyeing machine operators only receive 26,440 per annum. Indeed, the fashion industry statistics look optimistic and seem to show growing numbers. About 79 percent of all US employees in fashion work for apparel retailers. According to the fashion industry statistics from 2018, the US apparel market made nearly $342 billion in revenue. Women use activewear for many activities, including yoga. , the US apparel market made nearly $342 billion in revenue. (Statista) Inditex, short for the “textile … Unemployment rate: 6.3% items, though, as they’re known for trying to save as much as they can on clothing. Required fields are marked *. How many pieces of clothing are sold world wide? Instead of offering seasonal fashion products, fast fashion introduces new products much quicker, even every week. The numbers were steady over the past few years, but from 2018 to 2019, they skyrocketed again. Nike is the leading worldwide apparel brand in 2020, worth nearly $35 billion. Big Data is disrupting the fashion retail industry and revolutionising the traditional fashion business models. . Indeed, some of them are more interested in their beards or perhaps hair loss (which affects many men). Inditex, short for the “textile design industry” translated from Spanish, is the world’s largest fashion group. Just 10 years later, it grew to $35 billion, nearly doubling in value. The clothing industry is about ten times the size of the jewelry industry as measured in annual sales, but the average deal value in apparel is almost 20 times that in jewelry. Identify target markets. Fashion industry is an extremely competitive and dynamic market. Your email address will not be published. Experts from Statista say that the global apparel market size could reach $3.3 trillion by 2030. Primark and Marks and Spencer combined couldn’t achieve as much revenue. The third largest fashion company in the United States is VF Corporation. The global apparel industry statistics are often led by Europeans, which makes sense, considering this continent was always relevant in fashion and style. Another 8 percent, 143,000 people are employed in the apparel manufacturing industry where the average annual wage is 34,110 dollars. The fashion sector produces and sells between 80 and 150 billion garments in a year across the globe. Employment in fashion: 340,000, Population: 80.9 million Even though we’ve given you some juicy fast fashion statistics, some of you may need a brief explanation of fast fashion. Your email address will not be published. ©2020 ModernGentlemen.net – All Rights Reserved. His range is very broad, and thanks to that, he can write about almost any topic. In 2005, households in the UK spent about. What is the total sales of clothing in the world? Women use activewear for many activities, including yoga. The International fashion market is a leading industry well known for key players, such as Inditex, LVMH, H&M, Nike, VF Corporation, Richemont, Adidas, Fast Retailing, Abercrombie & Fitch, Prada, Gap, Dior, Urban Outfitters, Burberry. However, 2020 did not continue the trend. Over 40 percent of all traded footwear are leather footwear. Choosing Between Men’s and Women’s Clothing. In fifth place of United States’’ largest fashion companies is sports brands Under Armour. Global Fashion Index (MGFI) forecasts that global fashion industry growth will slow further — down to 3 to 4 percent — slightly below predicted growth for 2019. The fashion industry could post growth of between 3.5% and $4.5% in 2019, according to McKinsey and company. Domestic market value of the fashion industry: Employment in fashion-related industries: Employment in fashion-related industries (NYC only): Wages in the fashion industry (NYC only): Clothing industry facts and figures in the, Retail and textile industry facts and figures -, Chinese textile and garment statistics, export champion of the world -, Vietnam’s garment industry is having its best time -. LVMH’s annual revenues reached 42.6 billion euros in 2017 and the company is valued around 122 billion euros. In 2014, the global women’s apparel industry amounted to $621 billion. The company is also active on the Canadian and European market with its brands T.K. Indeed, one need look no further than Dolce & Gabbana’s Fall/Winter 2018 fashion show, where drones replaced humans on the runway. The most exported apparel products are non-knit women’s suits, knit sweaters, knit T-shirts and non-knit men’s suits. Designers would work many months ahead to plan for each season and predict what they believed customers would want. The. The average annual wage at such companies is 26,650 dollars. Full recovery is expected by 2023, when the market should achieve $38.21 billion, at a CAGR of 6.7%. Most men still prefer to seek out frugal male fashion items, though, as they’re known for trying to save as much as they can on clothing. Therefore, it should effectively more than double its value in a two-decade span—if the. The remaining 6 percent comes from Converse, which is a subsidiary of Nike. Fashion is present everywhere, and most people appreciate it, male or female, whether they want to admit it or not. Under Armour is currently valued at 17.8 billion dollars on the New York Stock Exchange. From 2009 to 2014, there was a 12% increase in the women’s. The brand’s best selling division is footwear, accounting for 63 percent of Nike’s income. Male fashion is often overlooked and overshadowed by female fashion, especially when it comes to statistics. Input your search keywords and press Enter. This could be an opportunity to do better. This method, although more methodical than fashion today, took away agency from the wearers. Labor force: 30.05 million show increased spending on clothing over the past 15 years. LVMH does not only stand for high-end fashion, but provides for every aspect of a luxury lifestyle, from champagne (Moët) to sailing yachts (Royal Van Lent). It turns out that women prefer comfy clothes, after all—the activewear industry is expected to skyrocket in the following years. In this post, we’ll draw on data from several of our recent reports, looking at social media, search, and survey data, to look ahead at consumer trends for 2020. Fascinating Fashion Industry Stats (Editor’s Choice) 4% of global waste comes from the fashion industry. 59.3 billion on clothing in 2019 ($77.9 billion USD). look optimistic and seem to show growing numbers. Just 10 years later, it grew to $35 billion, nearly doubling in value. isn’t overly impacted by current economic trends. All of these countries have colossal fashion names and brands associated with them. and stats to stay on-trend. Following the US, there are China, the UK, India, and Japan. In 2019, global retail sales of apparel and footwear reached 1.9 trillion U.S. dollars, and were expected to rise to above three trillion U.S. dollars by 2030. : Italy, France, Spain, the US, the UK, Brazil, Japan, Sweden, Singapore, and the Netherlands. GDP per capita (PPP): $ 46,297, Domestic market value of fashion: $ 94.1 billion is enormous, female apparel in China makes up a massive portion. Big data in the fashion industry is changing the way that designers are creating and marketing their clothing. The fashion industry is a global industry, where fashion designers, manufacturers, merchandisers, and retailers from all over the world collaborate to design, manufacture, and sell clothing, shoes, and accessories. Fashion players are under pressure to be digital-first and fully leverage new technologies, to improve diversity across their assortments and organisations and to address growing demand Moreover, the currently largest fashion company globally, Nike, is American. However in certain occupations the average wages are a lot higher. Close to VF Corporation, with a market value of 25.3 billion dollars is L Brands. With the fashion industry, every possible facet of a piece of clothing is under scrutiny. This will help retailers in the fashion industry to make the right merchandising decisions in future. With a market value of 54.5 billion dollars and 2015 annual sales of 30.9 billion dollars, TJX Companies is the second largest fashion company in the United States. Compared to 2018, this represents a $3 billion jump in global revenue. In 2019, estimations from Statista predicted that this market would reach nearly $217 billion five years from now. Following the US, there are China, the UK, India, and Japan. For the real-time market value and other stock information on these companies, refer to the FashionUnited Top 100. In the United States an estimated 1.8 million people are in employed in the fashion industry, among whom 232,000 in manufacturing textiles for apparel and other fashion items. In the near future, AI looks all set to make fashion shopping a lot more fun affair compared to what it is today. A recent report by market insights specialist Retail Economics claims that while the fashion industry is entering a “seminal decade” in which … You’d imagine Nike is worth a lot, but did you know it earned $39.1 billion in 2019? These are some huge numbers, but they’re difficult to visualize without some relevant comparisons. VF owns several brands including Lee, The North Face, Timberland and Napapijri. - is the world ’ s H & M earned the second and third largest company! Embracing the digital age a list of the total sales of clothing in 2019, to! Over 40 percent of the fashion industry intrigued you the most exported apparel products are non-knit women ’ income! Fond of writing make fashion shopping a lot of big fashion brands have e-commerce platforms which! With 27,510 dollars, meaning that they receive over 30 dollars per hour email... 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