If you are interested in the fashion industry in Asia, you might want to know some statistics about the market size, consumer spending, and leading countries in this region. Here are some facts and figures that can help you understand the current trends and opportunities in the Asian fashion market.
According to Statista, the revenue in the fashion segment in Asia is projected to reach US$483.90 billion in 2023, and grow at an annual rate of 9.18% from 2023 to 2027, resulting in a market volume of US$687.60 billion by 2027.
The fashion segment includes online and offline sales of clothing, footwear, bags and accessories. With a projected market volume of US$336.80 billion in 2023, China is expected to generate the most revenue in this segment, followed by Japan (US$71.30 billion) and India (US$39.10 billion).
Consumer spending on clothing and footwear is another indicator of the demand and potential of the fashion industry in Asia. Statista estimates that the total consumer spending on clothing and footwear in Asia amounted to US$1,026.90 billion in 2020, with China accounting for more than half of that amount (US$586.10 billion). Other countries with high consumer spending on fashion products include India (US$87.40 billion), Japan (US$85.40 billion), and South Korea (US$43.20 billion).
The apparel industry in China is also a major player in the global fashion market, as it is one of the largest producers and exporters of clothing, textiles, and accessories in the world. According to Statista, the apparel market revenue in China reached US$286.50 billion in 2020, and is expected to grow at a compound annual growth rate of 4.6% from 2020 to 2025, reaching US$360.10 billion by 2025. The apparel industry in China employs about 10 million people and contributes to about 7% of the country’s GDP.
These statistics show that the fashion industry in Asia is a dynamic and growing sector that offers many opportunities for businesses and consumers alike. However, there are also some challenges and risks that need to be considered, such as environmental sustainability, social responsibility, cultural diversity, and changing consumer preferences. Therefore, it is important for anyone who wants to enter or expand their presence in this market to do their research and understand the local trends and demands.
