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. The fashion industry continues to have positive growth, especially in emerging markets within the Asia-Pacific and European regions. Asia Pacific was forecast to have a 38 percent share of global apparel demand by 2020.
U.S. apparel market
The United States apparel market was valued at approximately 368 billion U.S. dollars as of 2019, with leading retailers such as TJX and Macy’s each bringing in around over 20 billion U.S. dollars in sales. Store-based retailing was valued at over 268 billion U.S., while e-commerce brought in over 100 million U.S. dollars of revenue. As the internet increasingly influences social and economic activities, the e-commerce market for retail goods is expected to grow steadily. In contrast, employment within the United States’apparel manufacturing industry decreased rapidly over the past several decades as manufacturing sectors generally transitioned to other regions.
Retail sales from women’s clothing stores reached approximately 39 billion U.S. dollars in 2019, with a revenue for the women’s apparel market in the United States reaching a total of 187.8 billion U.S. dollars. Sales from the men’s clothing stores dropped to 9.1 billion U.S. dollars that year, with a revenue of 85.9 billion U.S. dollars. In April 2020, U.S. monthly clothing store sales fell to 2.9 billion U.S. dollars due to the impact of the coronavirus (COVID-19) pandemic.
In terms of apparel brand companies, the industry has several heavyweights, many of which are based in the United States. The TJX companies, Nike, and the Gap all get a majority of their revenue from the U.S. retail market. The U.S. apparel market is always changing, attempting to adapt to customer trends and new technology that will allow the consumers’ shopping experience to be more enjoyable.