THE APPAREL INDUSTRY has been facing some seismic shifts.For one, Americans are spending less and less on clothing. In1977, clothing accounted for 6.2% of U.S. household spending, but four decades later, it’s plummeted to half that.Apparel is being displaced by travel, technology, eating out and other leisure activities. To make matters worse for traditional retailers, consumers glued to their phones would rather browse online – spawning a new universe of fast fashion, online fashion influencers, e-tailers, and the rise of all things digital.
U.S. Apparel Industry – Key Stats
- The US Apparel market is growing, but at a slower pace: The United States’ apparel market is expected to grow from $225 billion in 2012 to $285 billion in 2025; a CAGR of 2%.
- Apparel is one of the most popular retail e-commerce product categories: US Retail e-commerce sales of apparel and accessories is anticipated to reach $103.66 billion…
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