The issues surrounding the fashion industry are complex and important. It has a massive impact on the environment, society, and the economy. According to fashion industry statistics, the apparel and textile sector is the world’s fourth largest. But do you understand what that means?
Continue reading to learn the most important statistics about it.
Statistics on the Fashion Industry: General Information
According to Fashion United, the industry employs 3,384.1 million people. Its monetary value is three trillion dollars. This equates to 2% of the world’s Gross Domestic Product (GDP).
In 2019, the Joint Economic Committee of the United States released a survey confirming that consumers spent nearly $380 billion on apparel and footwear in the United States alone. More than 1.8 million people are employed in the industry, which includes everything from textile and apparel brands to wholesalers, importers, and retailers. Its population has only increased, and the post-pandemic scenario is optimistic.
The fashion industry is still growing, particularly in emerging markets in the Western, Asian, and European regions. In the previous year, the Asian market was expected to account for 38 percent of global apparel demand.
Statistics on the Fashion Industry: The Companies
To give you a sense of scale, 3,000 billion textile and garment companies enter the market every day. The majority of these businesses are unknown to the majority of consumers. However, this does not mean they do not thrive in their community and circle.
According to Forbes, Louis Vuitton Mot Hennessy (LVMH), which includes enormous luxury brands such as Louis Vuitton, Christian Dior, and Givenchy, is at the top of the list of the largest apparel companies. The group is led by the French billionaire Bernard Arnault. The company is the 73rd largest publicly traded organization in the world, with a market value of US$194 billion and assets worth more than US$108 billion.
Nike finished second in the category and far behind other ranked apparel companies, climbing 35 places to become the world’s 244th largest publicly traded company. Meanwhile, Adidas advanced, ranking among the top 400 companies with more than $25 billion in sales.
