The State of Fashion 2020 CONTRIBUTORS ACHIM BERG Based in Frankfurt, Achim Berg leads McKinsey’s Global Apparel, Fashion & Luxury group and is active in all relevant sectors including clothing, textiles, footwear, athletic wear, beauty, accessories and retailers spanning from the value end to luxury. The contents of the average UK household wardrobe are worth £4,000 or more. Jul. | Source: Statista, based on IMF, UN, World Bank, Eurostat and national statistical offices, The indicator shows the number of-fixed broadband subscriptions per 100 inhabitants in the selected region. For the Fashion market, our analysts create reports with detailed comparisons and important background information. Between 2018 and 2019, the organic beauty industry’s revenue grew by 23%, the third-largest increase since 2010. By 2020, the market size of the apparel industry is expected to reach a mind-boggling $1.65 trillion sales in US dollars worldwide. Resale Growth & The Impact of Covid. Revenue in the Fashion segment is projected to reach US$32,527m in 2020. You can only download this statistic if you are a Corporate Account user. New Landmark Report Reveals Fashion Industry Worth £21 billion to UK Economy The direct value of the UK fashion industry to the UK … Get an overview of trends and key players and consult comparisons of the focus regions USA, China, and Europe. •    drives tourism with its highly desirable high street and shopping hubs •    promoting existing best practice on sustainability and working together with Government to implement its Sustainable Clothing Action Plan in this area | Source: Statista, based on national and international statistical offices, Gross domestic product (in current prices, constant exchange rate) of the selected region per capita | Source: Statista, based on IMF, World Bank, European Commission, OECD, ADB, Estimated share of the total population in the selected region using the internet | Source: Statista, based on ITU and national statistical offices, Find your information in our database containing over 20,000 reports, Tools and Tutorials explained in our Media Centre. The COICOP definition varies from the market definitions employed in the Consumer Market Outlook. yoy, Black Friday: products which consumers are likely to buy in the UK 2020, Men's cotton pyjamas and nightgowns exported from Spain 2019, by destination, Value of jewelry exports worldwide in 2019, by country, Black Friday: online v. high street shopping preferences in the UK 2019-2020, Leading iPhone shopping apps by Daily active users (DAU) in the UK 2020, Leading iPad shopping apps by Daily active users (DAU) in the UK 2020, New Look Group revenue worldwide 2020, by geographical region, Fashion - United Kingdom. •    growing international competition from other showcasing capitals which could challenge London Fashion Week’s and London’s reputation as the most creative capital •    is the 15th largest industry (out of 81) in UK  –  similar in size to the food / beverage services and telecommunications industries and bigger than the wholesale and retail of automotives, sports activities, chemical manufacture and advertising/video sectors •    the desire and demand created by the top end designer sector and its influence on and diffusion the mainstream – i.e. print catalogs). 12. Clothing Retailing in the UK industry trends (2015-2020) Clothing Retailing in the UK industry outlook (2020-2025) poll Average industry growth 2015-2020 : x.x lock Purchase this report or a membership to unlock the average company profit margin for this industry. in the Fashion market However, fashion was never as big an industry as it has become now and is not a global phenomenon, worth around $3 trillion on a global level, outranking many major industries in the world. Households denote residential communties of people living and keeping house together. Textile and fashion exports alone are estimated to be worth over £6.5 billion (UKFT Manifesto, UKFT 2012), and the majority of British fashion businesses export to other countries (The Value of Fashion… •    impact of the recession and limited access to investment for the fashion manufacturing and designer sectors About 79 percent of all US employees in fashion work for apparel retailers. The customer later pays directly using their preferred method (e.g. •    limited awareness of the diverse opportunities in the fashion industry amongst young people and career advisors Fashion is a highly sophisticated, $2.5 trillion global industry. Men's, women's and children's clothing (from 4 years), Leather goods (e.g. User penetration in the Apparel segment will be at 60.5% in 2020. The following Key Market Indicators give an overview of the social and economic outlook of the selected region and provide additional insights into relevant market-specific developments. From historic fashion houses huge donations to fashion weeks going digital, this is how the fashion industry is reacting to the Covid-19 pandemic 12/05/2020 Christian Vierig Getty Images I am committed to driving this forward and to ensuring that we come together as an industry to work with Government to discuss forthcoming challenges and agree the support required to overcome them. in million US$. The industry, which encompasses everything … The ‘Value of the UK Fashion Industry’ report, commissioned by the British Fashion Council,defines the industry and analyses the true breadth and economic value of the UK fashion industry for the first time. Quick Analysis with our professional Research Service: Content Marketing & Information Design for your projects: (Core country: data based on in-depth analysis), in the Fashion market The data is based on Statista's Global Consumer Survey. The average revenue per user (ARPU) in the Apparel segment is projected to amount to US$544.56 in 2020. The data is based on Statista's Global Consumer Survey. New, Figures and insights about the advertising and media world, Industry Outlook The growth is higher than the figure for the UK economy as a whole. Apr. The eCommerce data is based on Statista’s primary research (the Statista Global Consumer Survey), bottom-up modeling, market data from independent databases and third-party sources, the analysis of various key market and macroeconomic indicators, historical developments, current trends, the reported performance indicators of the key market players, and Statista interviews with market experts. These indicators, together with data from statistical offices, trade associations and companies serve as the foundation for the Statista market models. It includes two streams of data relating to the clothing market: consumer spending and retail sales. in the Fashion market in percent. Factors behind the growth of the fashion industry cited in the report include: “British Fashion has the talent, creativity and skills to rival anywhere in the world. •    the expansion of fashion brands into other product lines beyond clothing (i.e. in million US$ Jun. Fashion Industry Statistics. Fast facts on fashion’s environmental and social footprint, from your closet to the global industry. This group inlcudes the purchase of vehicles, maintenenace of vehicles as well as transportation services. 11. Accessed December 21, 2020. https://www.statista.com/outlook/244/156/fashion/united-kingdom, Fashion - United Kingdom. The events sector is worth £42.3 billion to the UK economy in terms of direct spend by event delegates, attendees and organisers, an 8% rise on the previous report. The direct value of the UK fashion industry to the UK economy is £26 billion – one of the biggest in the world; up from £21 billion in 2009. | Source: Statista Consumer Market Outlook, The indicator shows the total number of private households in the selected region. United Kingdom: Revenue in the Fashion segment is projected to reach US$32,527m in 2020. hats, scarves, gloves and leather bags, suitcases, purses and briefcases). You probably don't want to relive the overall horror show that was 2020, but it's worth pointing out that the fashion industry changed more this year than any other (that I've worked in it, at … The “User” box shows the number of active paying customers (or accounts) of the selected market (market segment, region) in millions for each year. The following boxes show the top 5 online stores by eCommerce net sales (first party sales) in the Fashion segment in United Kingdom. The markets for Alcoholic, Non-Alcoholic and Hot Drinks in turn not only include sales for at-home consumption (off-trade) but also sales to the on-trade sector (restaurants, bars, cafés). (n.d.). The market's largest segment is Apparel with a projected market volume of US$22,381m in 2020. I was shocked when I discovered this as it amounts to a whopping 60% increase in the market size since the $1.05 trillion dollar pool in 2011. Wipro Furniture Business9.2.2. Upper Saddle River, NJ: Pearson. Apparel industry … Showing an increase of 22% in nominal terms. creative economy is the fashion industry. in percent. The UK music industry is set to halve in size this year as issues including an effective shutdown of concerts, gigs and festivals strip £3bn from its contribution to the economy. $2.4 trillion was the estimated worth of the global fashion industry in 2016. •    is evolving and innovating  – with growth in online fashion retail, sustainable clothing lines, as well as modern textile R&D and manufacturing - such as sweat resistant sports fabrics. In the year 2020 a share of 35.5% of users is in the medium income group. Discover other market segments and categories related to your topic. 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. Accessories (e.g. •    provision of greater funding and co-ordinated business support for young fashion design businesses to reduce their high fold rate The Users by income box shows the income distribution of users of the selected market (market segment, region) in tertiles. The fashion industry accounts for about 10% of global carbon ... That’s about 10 years’ worth of drinking water for one person. Reading Support Business facilities as well as institutional housholds (like unversity dormitories or retire homes) are not counted as households. Mintel predicts that sales of womenswear will decline dramatically, dropping by 21% in 2020. E-invoice: the electronic invoice is issued at the checkout by the payment provider, who performs an instant credit check and carries the fraud risk. The report shows that the modern UK fashion industry: The market for Alcoholic, Non-Alcoholic and Hot Drinks not only include sales for at-home consumption (off-trade) but also sales to the on-trade sector (restaurants, bars, cafés). Overview and forecasts on trending topics, Key figures and rankings about brands and companies, Consumer insights and preferences in various industries, Detailed information about political and social topics, All key figures about regions and countries, Everything you need to know about Consumer Goods, Identify market potentials of the digital future, Technology Market Outlook The global apparel market is valued at 3 trillion dollars, 3,000 billion, and accounts for 2 percent of the world’s Gross Domestic Product (GDP). The industry was making revenue worth … You can find further source information in the methodology section. At a press conference to open London Fashion Week Natalie Massenet, chairman of the British Fashion Council, announced the increase of 22 per cent; up from £21 billion in 2009. The study concludes by citing activities that would help ensure the future growth and success of the industry including: In the Apparel segment, the number of users is expected to amount to 49.9m by 2025. 23. It covers all private household spendings meant for consumption at home. Jan. Feb. Mar. All monetary figures refer to the annual gross revenue and do not factor in shipping costs. Retail sales form our sector size. | Source: Statista, based on IMF, UN, World Bank, Eurostat and national statistical offices, Consumer spending per capita for communication (according to the Classification of Individual Consumption Purposes, COICOP) in the selected region (in current prices, constant exchange rate) | Source: Statista, based on IMF, UN, World Bank, Eurostat and national statistical offices, Consumer spending per capita for recreation and culture (according to the Classification of Individual Consumption Purposes, COICOP) in the selected region (in current prices, constant exchange rate) | Source: Statista, based on IMF, UN, World Bank, Eurostat and national statistical offices, Consumer spending per capita for education (according to the Classification of Individual Consumption Purposes, COICOP) in the selected region (in current prices, constant exchange rate) | Source: Statista, based on IMF, UN, World Bank, Eurostat and national statistical offices, Consumer spending per capita for restaurants and hotels (according to the Classification of Individual Consumption Purposes, COICOP) in the selected region (in current prices, constant exchange rate) | Source: Statista, based on IMF, UN, World Bank, Eurostat and national statistical offices, Consumer spending per capita for miscellaneous goods and services (according to the Classification of Individual Consumption Purposes, COICOP) in the selected region (in current prices, constant exchange rate). high street retailers  (including department stores) and supermarkets These include personal care products and services, personal items like watches and jewellery as well as all other products and services not mentioned elsewhere. As one of the world’s largest consumer industries, the fashion industry is a true powerhouse for global development, worth an estimated $2.4 trillion and employing around 60 million people along its value … Data basis for net sales and market share are company surveys, annual reports and a complex sales forecast model developed by Statista. 1 Almost 75% of the world’s fashion market is concentrated in Europe, USA, China and Japan. The carbon emissions generated by the clothing of the average UK … 2016. The “ARPU” box shows the average annual revenue per paying user of the selected market (market segment, region) for each year. The “Revenue Growth” box shows the year-over-year revenue development of the selected market (market segment, region) in percentage terms. In contrast, the Food market in the Consumer Market Outlook covers only certain segments of processed food and excludes for example fresh food, oils and fats and some other items. In the year 2020 a share of 24.1% of users is 35-44 years old. AFP via Getty Images. in US$. 2. Next is mostly active in retail market in the UK, where it makes … The report also highlights the pivotal role of cutting edge British design, and showcasing events such as London Fashion Week, in driving innovation and growth within the industry itself, as well as attracting millions of visitors from across the globe to the UK every year. 2020. Included are both consumption of goods as well as services (cleaning and cobblers). Industry Experts Agree: Resale is Set to Soar. In the Fashion segment, 29% of total market revenue will be generated through online sales by 2023. “Fashion is a great British success story and this landmark piece of research underlines its true scope and economic impact. Last year the fashion industry contributed £32.3 billion to UK GDP, a 5.4 per cent increase on 2016. 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