Revenue generated through the global fashion market is currently estimated to be worth EUR 714.8 billion and is set to grow significantly to EUR 1,108.4 billion by 2029. The market is expected to grow this year by over 12% overall and this will be largely driven by enhanced online shopping experiences (7.06%), social commerce trends (4.79%), and innovation and
advances in technology (2.87%).
What’s important to note is that the market is dominated by marketplaces rather than single brands, with Amazon alone responsible for a fifth of the market.
However, it’s no real surprise that consumers are turning to marketplaces – as an increasing share of fashion sales are forecasted to be made online, it can be expected that the share of marketplace purchases will also increase. Very few European countries top the list in terms
of revenue, with China and the United States expected to dominate the market with a forecasted revenue of EUR 337.7 billion and EUR 279.6 billion respectively in 2029. As a result, fashion brands are considering ways to expand internationally to avail of these promising markets.
