US Fashion Industry Growth Rate (2019–2028)
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. Here’s a closer look at the US fashion industry’s growth rate in recent years.
US fashion industry size: Table
|
Year |
US fashion industry size |
Annual change |
|
2018 |
$314.0 billion |
|
|
2019 |
$319.1 billion |
+1.7% |
|
2020 |
$294.3 billion |
-7.8% |
|
2021 |
$317.4 billion |
+7.9% |
|
2022 |
$326.0 billion |
+2.7% |
|
2023 |
$351.4 billion |
+7.8% |
|
2024 |
$358.7 billion |
+2.1% |
|
2025 |
$365.7 billion |
+2.0% |
|
2026 |
$372.6 billion |
+1.9% |
|
2027 |
$379.3 billion |
+1.8% |
|
2028 |
$390.0 billion |
+2.8% |
US fashion industry growth rate: 2019–2024
Recent estimates show that the sector’s sales in 2024 are forecast at $358.7 billion. This represents a fashion industry growth rate of 2.1% from 2023’s numbers.
The US fashion industry’s growth rate in 2024 marks a slowdown from the previous year. In 2023, the industry expanded by 7.8%—more than three times the expected growth rate of 2024.
The data shows that the US fashion industry’s growth rate has fluctuated over the past few years. In 2019, the sector grew at 1.7%, before the numbers took a nosedive in 2020, as revenues plummeted by 7.8%. This is the only time the industry is projected to shrink between the forecast period of 2019 to 2028.
This plunge is the result of the coronavirus pandemic, which heavily affected the US fashion industry’s growth rate. The closure of brick-and-mortar fashion retailers in compliance with local coronavirus regulations meant a fall in visitors and 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 sector has since rebounded—in 2021, revenues surged by 7.9% as sales returned to pre-pandemic levels. In 2022, the US fashion industry’s growth rate slowed to 2.7%.
US fashion industry growth rate: 2025–2028 forecast
US fashion industry sales statistics show that the sector is set to continue growing year on year until at least 2027. In 2025, revenues are projected to rise by 2%. Smaller increases of 1.9% and 1.8% have been forecast for 2026 and 2027, respectively. In 2028, the US fashion industry size is anticipated to expand to $390 billion, following a 2.8% annual growth.
US fashion industry growth rate: 2024 best performers
|
Category |
Revenue in 2024 |
Annual change |
|
Women’s apparel |
$191.4 billion |
+2.1% |
|
Men’s apparel |
$113.5 billion |
+2.2% |
|
Children’s apparel |
$53.8 billion |
+1.6% |
In 2024, revenue from the subcategory of men’s fashion is set to register the largest growth, rising by 2.2%. The figure compares to a 6.3% increase from the previous year.
Meanwhile, revenue from women’s apparel is expected to continue accounting for the lion’s share (53.4%) of US fashion industry sales, as it rises at a slower 2.1%. Children’s apparel will mark a 1.6% annual increase.