The fashion retailing market has shown strong growth, increasing from $86.19 billion in 2023 to $92.58 billion in 2024, with a compound annual growth rate (CAGR) of 7.4%. This growth can be attributed to rising disposable incomes, the affordability and accessibility of fast fashion products, consumers' preference for online shopping and eCommerce platforms, the increase in business attire purchases, and major fashion brands shifting to online retailing. The market is expected to continue its growth trajectory, reaching $123.85 billion by 2028 at a CAGR of 7.5%. This future growth is driven by the rising demand for fashionable products, growing online sales, increased focus on product innovation, demand for sustainable fashion products, and acceptance of digital payment systems. Major trends in the forecast period include technological advancements, the rise of global and local online fashion retailers, enhanced retail experiences, the advent of augmented reality (AR) and virtual reality (VR) technologies in fashion shopping, and the emphasis on eco-friendly and ethical clothing.
Global Fashion Retailing Market Key Driver
The rapid growth in the working population is expected to propel the growth of the fashion retailing market. This growth is driven by demographic shifts, urbanization, economic development, increased education, and rising female workforce participation. Fashion retailing supports the working population by offering stylish and professional attire. The Office for National Statistics estimated that the total number of Workforce Jobs (WFJ) in the UK increased by 431,000, reaching 37.2 million in March 2024. Therefore, the growing working population is driving the fashion retailing market.
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Global Fashion Retailing Market Segments
The fashion retailing market covered in this report is segmented –
1) By Product: Bag And Accessories, Clothing And Apparel, Footwear
2) By Price Range: Luxury, Mid Range, Budget
3) By Application: Department Stores, Variety Stores, Independents, Super markets, Discount Stores, Online, Other Applications
4) By End-User: Children, Men, Women
By Geography:The regions covered in the fashion retailing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the fashion retailing market in 2023.
Major Fashion Retailing Industry Players
Christian Dior SE, LVMH Moët Hennessy Louis Vuitton S.E., Nike Inc., Industria de Diseño Textil S.A., Adidas AG, H & M Hennes & Mauritz AB, Kering S.A., Uniqlo Co. Ltd., Chanel Inc., Gap Inc., John Lewis Partnership plc, Hermès International S.A., PVH Corp., The Swatch Group Ltd., Hanesbrands Inc., Ralph Lauren Corporation, Levi Strauss & Co., Prada S.p.A., ASOS plc, Burberry Group plc, Gildan Activewear Inc., Boohoo Group Plc, VF Corporation, Jockey International Inc., Golden Lady Company S.p.A.
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Fashion Retailing Market Overview
Fashion retailing involves the buying and selling of clothing, footwear, and accessories to consumers through various distribution channels, including physical stores and online platforms. Its primary aim is to meet consumer demand for current fashion trends while providing a convenient and enjoyable shopping experience. This sector focuses on curating and marketing collections that cater to diverse styles and preferences, ultimately driving sales and brand loyalty.
Fashion Retailing Global Market Report 2023 provides data on the global fashion retailing market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The fashion retailing market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
