1、RXSFS24RP499|April 2024WWW.RETAILX.NET2024RetailX Global FashionIn partnership with:2|RetailX|April 2024RXSFS24RP 2024 GLOBAL FASHION REPORT 2024|INTRODUCTIONThe global fashion market,across apparel,footwear and accessories,hit$661bn in 2023,recovering from a downturn in 2022 and way ahead of its pr

2、e-pandemic level.All segments have seen 8%growth in a year,with apparel the largest segment of the market accounting for two thirds of sales.Footwear and accessories make up almost equal parts of the remaining revenues.The global fashion market is dominated by sales from Asia.The market here outstri

3、ps its nearest rivals in the Americas and Europe two-to-one,with Asian fashion accruing a massive$325bn of the global total of$673.6bn,almost 50%of the worlds fashion market.Africa,while a small ecommerce market,has witnessed impressive growth of almost 11%across 2022 to 2023,ahead of growth in the

4、Americas and in Asia.Asian consumers spend some$275.60 each per year on fashion,compared to$430.30 in Europe and$447.80 in the Americas.The disparity comes down squarely to the relative standards of living across the regions.Australasian shoppers spend the most,racking up a spend of$504.40 on averag

5、e each year on fashion purchases.The propensity to shop clothing in a physical store is seen across most markets,with more than 70%of shoppers in the UK,US and Australia all opting Introductionfor physical retail.Only in the tech-savvy and youth-orientated markets of China,South Korea and Taiwan do

6、we see less draw for in-store clothes shopping,with consumers here increasingly preferring hybrid,or online channels.That said,the worlds consumers have embraced online fashion shopping above all other sectors,with 54.7%of consumers having purchased fashion apparel or accessories online in 2023.This