How much is the fashion industry worth in China?
For decades, China’s fashion industry lagged behind the West. But today, China is the second largest apparel market in the world, valued at nearly $2 billion USD. Younger, middle-class Chinese consumers are changing the established paradigm at nearly half of the world’s total luxury fashion sales.
How big is the textile industry in China?
The textile industry in China is the largest in the world in both overall production and exports. China exported $274 billion in textiles in 2013, a volume that was nearly seven times that of Bangladesh, the second largest exporter with $40 billion in exports. This accounted for 43.1% of global clothing exports.
How much does the apparel industry make?
In 2019, global retail sales of apparel and footwear reached 1.9 trillion U.S. dollars, and were expected to rise to above three trillion U.S. dollars by 2030.
How much is the clothing industry worth?
Fashion Industry Statistics: General Data
Its value is equivalent to 3 trillion dollars. That means, it corresponds to 2% of the world’s Gross Domestic Product (GDP).
Why is the fashion industry so big in China?
China surpassed the US as the world’s biggest fashion market in 2019, according to McKinsey. … With the rapid urbanization and the increasing spending power of the population, markets for both high-tier and low-tier clothing are rapidly growing.
How many textile factories are in China?
In total China has nearly 44,000 companies in the manufacture of textile. Wearing apparel, accessories, leather goods and footwear. Among these 21,000 companies focus on textile manufacturing, 15,000 companies focus on apparel and accessories and 8,000 companies manufacture leather goods and footwear.
How much clothing does China export?
In 2020, China accounted for 31.6 percent of the global clothing export value, representing a decrease from 36.6 percent in 2010. China remained the world’s largest apparel exporting country that year.
How much clothing is produced in Asia?
At present, more than 60 percent of world clothing exports are manufactured in developing countries. Asia is the major world supplier today, producing more than 32 percent of the world’s clothing exports.
In which year the first textile industry was established in China?
Cotton, which is called mian (棉) or mumian (木棉) in Chinese was first reported from an area now known as Yunnan, some time around 200 BC. Lao-ai tribe in the southwest border region is reported to have produced quality cotton cloth around 25–220 CE.
How much is the clothing industry worth 2019?
The value of the total fashion retail market, including footwear but excluding jewellery, is $1.78 trillion, a jump of 14% since our 2018 report. Apparel alone now has a global retail value of $1.4 trillion – that’s the equivalent of everyone on the planet, all 7.7 billion of us, each spending $231 on clothing in 2019.
How much is the fashion industry worth 2020?
Fashion industry statistics for the UK estimate the industry’s worth at about £60.3 billion in 2020 and £62.2 billion in 2021. The UK fashion industry also employs about 555,000 people, according to FashionUnited.
How much money did the fashion industry make in 2020?
The global apparel market was worth $1.46 trillion in 2020, and it’s anticipated to increase to roughly $2.25 trillion by 2025. Meanwhile, the global fashion retail market industry hit $300 billion in 2020 and is projected to reach $360 billion after five years.
Who dominates the fashion industry?
Fashion remains a male-dominated business, wherein women spend 226% more than their male counterparts, but men still hold majority of the power in regards to running the fashion houses.
What is the apparel market?
The apparel and footwear market in the United Kingdom (UK) is projected to grow steadily in the coming years. In 2020, revenues in the apparel market in the UK are estimated to stay at around 52 billion British pounds, around 2 billion less than as in the year prior due to the COVID-19 pandemic.
How much clothing is produced each year?
A staggering 100 billion items of clothing are produced each year, that’s nearly 14 items for every human being on the planet.