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Fashion Retailing Market Outlook 2024 : Expected Market Growth Rate, Major Driver And Segments
Fashion Retailing Global Market Report 2024
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According to The Business Research Company's, The fashion retailing market size has grown strongly in recent years. It will grow from $86.19 billion in 2023 to $92.58 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to growing disposable income, affordability and accessibility of fast fashion products, consumer preference for online shopping and eCommerce platforms, increase in making and purchasing of business attire, and big fashion brands shifting to the online retailing.
The fashion retailing market size is expected to see strong growth in the next few years. It will grow to $123.85 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to increasing demand for fashionable products, growing online sales, increasing focus on product innovation, increasing demand for sustainable fashion products, and growing acceptance of digital payment systems. Major trends in the forecast period include technological advancements, rising global as well as local online fashion retailers, growth of retail experience, advent of AR and VR technologies in fashion shopping, and eco-friendly & moral clothing.
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Market Drivers and Trends:
The rapid growth in the working population is expected to propel the growth of the fashion retailing market going forward. The rapid growth in the working population is attributed to demographic shifts, urbanization, economic development, increased education, a rising female workforce, and immigration. Fashion retailing helps the working population by providing convenient access to professional and stylish attire that enhances their confidence and suits workplace environments. For instance, in June 2024, the Office for National Statistics, a UK-based government agency, estimated that in March 2024, the total number of Workforce Jobs (WFJ) in the UK increased by 431,000 compared to the previous year, reaching 37.2 million. Therefore, the growing working population is driving the fashion retailing market.
Major companies operating in the fashion retailing market are focusing on artificial intelligence (AI) to gain a competitive advantage. AI in fashion retail leverages algorithms to create personalized shopping experiences, improve inventory management, and enhance customer service. For instance, in May 2023, Zyler, a UK-based virtual fashion try-on firm, launched an AI-powered tool to set up personalized shopping experiences. The tool uses advanced AI to analyze customer preferences and body measurements, offering features such as customized outfit recommendations and virtual try-ons, which provide a realistic and engaging shopping experience. This innovation improves customer satisfaction by offering tailored fashion suggestions and helps retailers optimize their stock by understanding popular trends and sizes, thereby reducing overstock and stockouts.
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Major Key Players of the Market:
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.
Fashion Retailing Market 2024 Key Insights:
• The fashion retailing market size is expected to see strong growth in the next few years. It will grow to $123.85 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%.
• Impact of the Growing Working Population on the Fashion Retailing Market
• Leveraging AI for Enhanced Customer Experience and Inventory Management in Fashion Retail
• North America was the largest region in the fashion retailing market in 2023
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