Intro
The pandemic has certainly changed the way people think about clothing and footwear, as well as how they make
In addition, there has been a dramatic increase in gig work and freelancing, leading to radical change in every industry, fashion included. Most jurisdictions have made it easy for people to earn money selling online legally, with inexpensive or More and more fashion designers and gurus have struck out on their own with online and local storefronts, while still competing on the global runway.
Yet it is important that fashion professionals don’t get too hung up on the global perspective. But it is helpful to examine fashion on a global scale. This
The following global fashion market overview will give fashion industry professionals with that entrepreneurial spirit the facts necessary for success. Professionals in every industry should endeavor to keep up with global trends, but this is even more true in the fashion world.
Trends can change at the drop of a hat. In fact, fast fashion is all about changing out your style or look on a regular basis. The information in this comprehensive report will provide you with the facts you need to develop and target your desired audience to build your clothing brand to the next level.
However, it is important to keep in mind that some of the data in this report are based on data sets from 2019 or 2020. Many of the latest market research findings are actually
Fast Fashion Facts and Key Fashion Statistics
This comprehensive report on the global fashion market gives you an
- Global fashion industry value: around $3,000 billion (Source)
- US domestic fashion industry value: $368 billion (Source)
- Global women’s apparel value: $804 billion (Source)
- Global menswear value: $483 billion (Source)
- Global children’s apparel value: $238 billion (Source)
- Anticipated 2021 global apparel market increase: globally 20%; US 30%; Europe 30%
- 41% of shoppers plan to continue buying apparel online even as
brick-and-mortar stores reopen
These statistics make it clear that independent designers or fashion boutiques must offer online shopping, even if they have a
Current State of the Fashion Industry
The total value of the fashion industry has nearly doubled in the last year. The global fashion industry is about $3,000 billion, with the US domestic market alone worth over $360 billion. Women are, of course, the majority of apparel shoppers, and their clothing and footwear account for over $804 billion in the global fashion market.
The three largest fashion markets are the United States, China, and Japan. Shipping delays have led to most American consumers purchasing their apparel from other US companies. The most profitable growth segments are unique or
Fashion trends shaping the global apparel market
There are several new trends in
Jump onboard the fast fashion trend
Fast fashion is an interesting trend that began with ecommerce companies like ThredUp and Poshmark. These online clothing resale stores are basically the equivalent of shopping in a
In either case, the end result is that people are able to swap out their wardrobe over and over again without paying the sticker price to own it for good. What’s more, with Ecwid literally anyone can start selling online right away, and if you only have a few items our free plan will likely work for you. That way you can also take advantage of the resale craze as you tire of your clothing, whether you bought it new or used is practically irrelevant.
How the Pandemic Affected the Global Fashion Industry
Online shopping has been steadily gaining momentum for the last two decades, but the explosion in ecommerce that occurred during the pandemic could never have been predicted. As local mandates closed nonessential stores and placed mask restrictions on shoppers, it has become more difficult for the indie fashion company to thrive in a local market with a
Consumer behavior has shifted dramatically since the onset of the pandemic. Most people now shop online for as much as possible. People were shopping online before
In a survey conducted in 2020, 41% of consumers said that they are now shopping online for items they normally would have bought in person. Additionally,
This shift to digital fashion seems to be unhindered by many of the reasons people avoided buying clothing and shoes online before the pandemic. In fact, the pandemic brought consumer pain points in fashion ecommerce to the surface, allowing online apparel retailers to address the issues and improve customer service.
Issues with shipping and returns are the biggest downsides to buying apparel online
The most common reasons that people have avoided buying clothing and footwear online have been true for years, but the pandemic made these issues come to the surface in a new way. The three biggest reasons people used to avoid shopping fashion online were:
- Delayed or expensive shipping options — a 2018 survey showed that 63% of consumers abandon carts based on shipping times or costs.
- Lack of consistency in sizes combined with the inability to try on before buying — particularly when buying from the large overseas apparel markets, which are sized differently than US clothing brands. Almost 30% of consumers avoid buying clothing online simply because there is no way to guarantee it will fit.
- Slow returns processes — Not being able to try on clothing before purchase results in a higher rate of returns that only the biggest fashion brands could reasonably handle in a timely manner.
Today, these issues are not just prominent in online shopping. Most
That means you still have a high rate of returns, even at local stores. The only real difference between them and online fashion retailers is that consumers may have to wait for the return to be processed before obtaining their replacement items.
Brand loyalty
In the past, brand loyalty was important in the fashion industry. Because there is no uniform sizing chart used by all apparel brands, consumers have had a tendency to stick with the same brands
While customer service is more important than ever, people are also more concerned about affordability, sustainability, and the fast fashion trend. Today, most consumers have no loyalty to a predictable brand, and designers or shop owners will need to keep things fresh and exciting to be successful.
Pandemic fashion trends
Everyone got used to staying at home in their sweatpants during the height of the health crisis, and most are not willing to go back to uncomfortable evening or business attire. This has led to a few trends completely new to the fashion industry. Comfort is now a primary concern for online shoppers, leading to the creation of athleisure footwear and apparel suitable for professional environments and entertainment venues.
Forecast Market Growth in the Fashion Industry
It is predicted that, even with the decrease in demand for the fashion industry’s offerings, the apparel market will have a compound annual growth rate of about 5.5% now through 2025. As vintage clothing becomes ever more popular, the resale or recommerce market is expected to explode. Society as a whole is much more
The global apparel market is expected to grow by $1 trillion in the next 4 years, and experts postulate that most of this growth will be in the ecommerce sector, particularly those offering resale or sustainable items.
Another important thing to consider is that influencer marketing is becoming a must when it comes to fashion. There are so many small boutiques, so many independent fashion designers, that it can be really difficult to grab a piece of the pie. But if you can get influencers with large audiences on TikTok, Twitter, Facebook, or Instagram, you could get a huge boost in sales.
How to Get Started Selling Fashion Online
With the trends of fashion, fashion rental, or fashion resale and recommerce, literally, anyone can start selling clothing and shoes online with some very inexpensive and
Also: Fashion Online Store Examples
The easiest way to start selling online is with an online storefront that connects to all of the places you might want to sell your products, including social media. A
You can also consider putting together a subscription box for some of your less expensive, smaller fashion accessories. Getting social media influencers to feature your products in a social media unboxing video could help you gain traction and truly begin to build a business that could one day take the place of your current employment.
As you grow, you will need to be able to handle more and more products in your online store. A platform like Ecwid allows you to scale up or down as needed to both meet your budget and provide your shoppers with more fashion items to choose from. If you just want to resell fashion items as a hobby or for extra income, you should definitely take advantage of the least expensive option.
