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. In fact, it’s currently valued at hundreds of billions of dollars.
Recent estimates show that total sales figures for 2023 are forecast at $494.89 billion. This represents a fashion industry growth rate of 4.5% from 2022’s sales numbers.
The US fashion industry’s growth rate this year marks a slowdown from the previous years. In 2022, the industry grew at 8.3%, while the previous year saw growth hit 18.4%, the fastest US fashion industry growth rate between 2019 and 2023.
The surge in growth came after the steep fall in the US fashion industry sales in 2020, during which sales tumbled 21.9% and marked a more than $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 have since rebounded, bringing annual sales of over $400 billion since 2021.
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US Ecommerce Fashion Industry Growth Rate
In terms of ecommerce sales, the US fashion industry’s growth rate in 2023 is expected at 14.6%, a marginal 0.8 percentage point decrease from the 15.4% recorded in 2022. This makes it the fourth-fastest growing ecommerce category in terms of sales, after auto and parts, food and beverage, and health, personal care, and beauty.
The online fashion industry’s growth rate in 2023 is also higher than the average across all industries, which is forecast at 13.8%.
The online fashion industry’s growth rate is set to decelerate in the following years. In 2024, it’s expected to slow slightly to 14.5%, before falling further to 14.1% and 13.4% in 2025 and 2026, respectively. Despite the slowdown, sales growth from the online fashion industry is still set to outpace overall ecommerce sales in the US during this period.