US Fashion Industry Growth Rate (2019–2023)
As one of the top online shopping categories among consumers, it should come as no surprise that the US fashion industry size is huge—currently, it’s valued at hundreds of billions of dollars.
The sales figures for 2021 are forecast at $437.29 billion. This represents a strong fashion industry growth rate of 18.4 percent from 2020’s figures.
This high fashion industry growth rate this year isn’t due as much to an increase in interest in fashion items among consumers as it is a recovery from the steep fall in the US fashion industry sales in 2020.
At $369.39 billion, the US fashion industry size in 2020 marked a 21.9 percent tumble and more than a $100 billion loss from 2019.
This plunge is the result of the coronavirus pandemic, which has affected both the US fashion industry growth rate and sales figures. The closure of brick-and-mortar fashion retailers in compliance with local coronavirus regulations meant a fall in visitors and, subsequently, sales.
Cutbacks by consumers on inessential items and an increased focus on household essentials also contributed to the negative US fashion industry growth rate in 2020.
The US fashion industry sales are, however, expected to rebound from 2021 onwards. Total sales for 2022 are forecast at $473.42 billion, an 8.3 percent annual increase, before rising 4.3 percent more to $494.89 billion in 2023.
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US Ecommerce Fashion Industry Growth Rate
In terms of ecommerce sales, the US fashion industry growth rate in 2020 was in the green, albeit a deceleration. At 8.6 percent, it’s nearly half of 2019’s 15.9 percent growth rate.
This is, also, due to recover in 2021. The US fashion industry sales statistics show a 12.2 percent year-over-year growth from 2020’s $135.49 billion to hit $152.03 billion this year.
This ecommerce fashion industry growth rate is set to hold relatively steady until at least 2024, ranging between 12.2 percent and 12.9 percent each year.
This constant increase means that the US ecommerce fashion industry size is forecast to surpass the $200 billion mark in 2024.
From 2020 to 2024, total US fashion ecommerce sales are set to grow by over $80 billion—a 60 percent increase overall and an average annual growth rate of 11.68 percent.