The Fashion Retailing Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Fashion Retailing Global Market Report 2024, 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.
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.
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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
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.
The fashion retailing market report table of contents includes:
1. Executive Summary
2. Fashion Retailing Market Characteristics
3. Fashion Retailing Market Trends And Strategies
4. Fashion Retailing Market – Macro Economic Scenario
5. Global Fashion Retailing Market Size and Growth
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32. Global Fashion Retailing Market Competitive Benchmarking
33. Global Fashion Retailing Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Fashion Retailing Market
35. Fashion Retailing Market Future Outlook and Potential Analysis
36. Appendix
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