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How big is the fashion retailing market today, and what are its future growth expectations?
The fashion retailing market size has grown strongly in recent years. It will grow from $92.58 billion in 2024 to $99.81 billion in 2025 at a compound annual growth rate (CAGR) of 7.8%. 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 $133.02 billion in 2029 at a compound annual growth rate (CAGR) of 7.4%. 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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Which industry factors have accelerated the fashion retailing market’s expansion?
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.
What are the primary segments of the fashion retailing market?
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, Supermarkets, Discount Stores, Online, Other Applications
4) By End-User: Children, Men, Women
Subsegments
1) By Bag and Accessories: Handbags, Backpacks, Wallets, Belts, Sunglasses, Jewelry, Watches, Scarves and Gloves, Hats and Caps
2) By Clothing and Apparel: Men’s Apparel, Women’s Apparel, Children’s Apparel, Casual Wear, Formal Wear, Sportswear, Outerwear, Lingerie and Sleepwear, Activewear
3) By Footwear: Men’s Footwear, Women’s Footwear, Children’s Footwear, Casual Footwear, Formal Footwear, Sports Footwear, Boots, Sandals and Flip-Flops
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Which firms are leading the fashion retailing market?
Major companies operating in the fashion retailing market are 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.
Which market trends are set to define the future of 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.
Which geographic trends are shaping the fashion retailing market, and which region has the highest market share?
North America was the largest region in the fashion retailing market in 2023. The regions covered in the fashion retailing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Fashion Retailing Market Report 2025 Offer?
The fashion retailing market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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.
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