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As a result, revenue in the fashion market dropped by 10.4% in 2020, amounting to $8.8 billion. 6 The number of users also declined by 6.6%, reaching 13.9 million. User penetration decreased from 47% in 2019 to 44.2% in 2020. On a brighter note, however, the latest online shopping statistics in Australia reveal that more consumers are turning.
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5. Smart Clothing: Smart clothing is a 2023 fashion trend that incorporates technology such as sensors, microelectronics, conductive fibers and Bluetooth connectivity in clothing. It enables people to stay connected, monitor their health and fitness, track their movement and provide feedback on performance.
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Fashion industry challenges and global disruptions | McKinsey. Article (8 pages) In this episode of The McKinsey Podcast, McKinsey senior partner Achim Berg talks with executive editor Roberta Fusaro about findings from McKinsey's The State of Fashion 2022 report. They cover the concurrent effects of the many challenges facing both suppliers.
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Source: Fashion E-commerce Global Market Report 2022, Research and Markets, May 2022. Statista estimates that the online clothing and apparel industry will reach a value of 1.2 trillion U.S. dollars by 2025, Research and Markets expects the e-commerce fashion industry will grow to $1.1 trillion dollars in 2026.
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For example, as the gorpcore trend cools in 2024, brands like Salomon and Arc'teryx may shift their outwear offerings from flashy jackets to more minimalist, "quiet outdoor" styles, according to BoF and McKinsey's State of Fashion report. Still, expect to see some pushback in 2024: "loud luxury," best characterised by more opulent.
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According to Boston Consulting Group, revenue generated by the fashion industry dropped by more than one-third in 2020, which is equivalent to around $640 billion in lost sales. This is tremendous.
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Fast fashion market value forecast worldwide from 2021 to 2027 (in billion U.S. dollars) Premium Statistic Value of the secondhand apparel market worldwide from 2021 to 2027
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1:21. Zara founder Amancio Ortega struck a deal with Blackstone Inc. to buy a warehouse in the Netherlands let to Irish fashion retailer Primark, the latest of a series of logistics-asset.
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As Australian Fashion Week kicks off, the Australian fashion industry says it generates $27.2 billion annually and employs 489,000 workers - 77 per cent of them women.
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Trend #2: Environmental commitment in fashion is here to stay. In 2022 there were close to 53m online mentions relating to sustainability and fashion. We used Google Trends and Consumer Research to look back five years. As you can see, Google searches and consumer mentions relating to sustainability and fashion have grown steadily since 2017.
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Australia has a relatively small apparel market compared to other Asia Pacific countries, such as China. Nonetheless, in 2022, Australia recorded an apparel market revenue of over 18 billion U.S.
