The report highlights key challenges facing the sector: Resale Growth & The Impact of Covid. (n.d.). Revenue is expected to show an annual growth rate (CAGR 2020-2025) of 4.2%, resulting in a projected market volume of US$39,946m by 2025. In the United States alone, consumers spent nearly $380 billion on apparel and footwear in 2017. The COICOP definition varies from the market definitions employed in the Consumer Market Outlook. •    is the 15th largest industry (out of 81) in UK  –  similar in size to the food / beverage services and telecommunications industries and bigger than the wholesale and retail of automotives, sports activities, chemical manufacture and advertising/video sectors This figure incorporates … Harold Tillman CBE, Chairman of the British Fashion Council and Chairman of Aquascutum and Jaeger commented: This report examines the UK clothing and accessories market. Retrieved December 21, 2020, from https://www.statista.com/outlook/244/156/fashion/united-kingdom, "Fashion - United Kingdom." The COVID-19 pandemic has shed light on bad practices and unsustainable business models across industries, but one sector in particular has found itself at the forefront of this exposure—the fashion industry.. As one of the world’s most destructive business sectors, fashion … •    the (long term) need to incentivise and encourage growth of UK manufacturing base Included are both consumption of goods as well as services (cleaning and cobblers). Values shown are only based on survey respondents who answered the question regarding their income. It covers all private household spendings meant for consumption at home. The Users by gender box shows the gender distribution of users of the selected market (market segment, region). 1. Industry Experts Agree: Resale is Set to Soar. This comprises of men’s, women’s and children’s clothing through all retail outlets. •    a cross-sector long term strategy and plan to showcase UK fashion design to help it stay ahead of the international competition The industry’s direct economic contribution to UK GDP was collated by analysing the industry’s profits and wages (known as gross value added (GVA)) across a wide range of fashion products and items – including womenswear and menswear through to handbags and shoes  – plus the contribution of fashion education, fashion marketing and fashion media. The organic industry has had nine years of consecutive growth and it shows no signs of slowing down. Households denote residential communties of people living and keeping house together. •    drives tourism with its highly desirable high street and shopping hubs •    impact of the recession and limited access to investment for the fashion manufacturing and designer sectors in the Fashion market By 2020, the market size of the apparel industry is expected to reach a mind-boggling $1.65 trillion sales in US dollars worldwide. Revenue in the Fashion segment is projected to reach US$32,527m in 2020. •    a national campaign to promote the diversity of careers to young people combined with the promotion of greater business teaching in fashion courses Reading Support Data basis for net sales and market share are company surveys, annual reports and a complex sales forecast model developed by Statista. in percent. in US$. The State of Fashion 2020 CONTRIBUTORS ACHIM BERG Based in Frankfurt, Achim Berg leads McKinsey’s Global Apparel, Fashion & Luxury group and is active in all relevant sectors including clothing, textiles, footwear, athletic wear, beauty, accessories and retailers spanning from the value end to luxury. The Fashion segment is expected to show a revenue growth of 7.2% in 2021. Discover other market segments and categories related to your topic. | Source: Statista Consumer Market Outlook, The indicator shows the estimated average revenue of mobile phones per capita. In the Fashion segment, the global online share of revenues already reached 20% in 2018, but the segment’s growth will continue in the next years, driven by East and Southeast Asia regions with their growing middle class and lagging offline shopping infrastructure. The following boxes show the top 5 online stores by eCommerce net sales (first party sales) in the Fashion segment in United Kingdom. in percent. in percent I delved into the annual The State of Fashion 2021 Report with heightened anticipation after a year of global health … •    provision of greater funding and co-ordinated business support for young fashion design businesses to reduce their high fold rate It includes outerwear, underwear and fashion accessories, but excludes footwear and jewellery. Steelcase is the … Reading Support Retail sales form our sector size. The data is based on Statista's Global Consumer Survey. •    limited awareness of the diverse opportunities in the fashion industry amongst young people and career advisors In the year 2020 a share of 55.6% of users is female. Accessed: December 21, 2020. https://www.statista.com/outlook/244/156/fashion/united-kingdom, Fashion - United Kingdom Statista, https://www.statista.com/outlook/244/156/fashion/united-kingdom (last visited December 21, 2020), A definition and detailed explanation of the displayed markets can be found, Number of individuals (all ages) living in the selected region, the data is based on the United Nations' medium variant of World Population Prospects as well as similar projections by national statistical offices | Source: Statista, based on UN DESA and national statistical offices, Number of individuals (age 0-14) living in the selected region, the data is based on the United Nations' medium variant of World Population Prospects as well as similar projections by national statistical offices | Source: Statista, based on UN DESA and national statistical offices, Number of individuals (age 15-24) living in the selected region, the data is based on the United Nations' medium variant of World Population Prospects as well as similar projections by national statistical offices | Source: Statista, based on UN DESA and national statistical offices, Number of individuals (age 25-34) living in the selected region, the data is based on the United Nations' medium variant of World Population Prospects as well as similar projections by national statistical offices | Source: Statista, based on UN DESA and national statistical offices, Number of individuals (age 35-44) living in the selected region, the data is based on the United Nations' medium variant of World Population Prospects as well as similar projections by national statistical offices | Source: Statista, based on UN DESA and national statistical offices, Number of individuals (age 45-54) living in the selected region, the data is based on the United Nations' medium variant of World Population Prospects as well as similar projections by national statistical offices | Source: Statista, based on UN DESA and national statistical offices, Number of individuals (age 55 and older) living in the selected region, the data is based on the United Nations' medium variant of World Population Prospects as well as similar projections by national statistical offices | Source: Statista, based on UN DESA and national statistical offices, Consumer spending, per capita (current prices), Average consumer spending per capita of private households in the selected region (in current prices, constant exchange rate) | Source: Statista, based on IMF, UN, World Bank, Eurostat and national statistical offices, Consumer spending per capita for food and non-alcoholic beverages (according to the Classification of Individual Consumption Purposes, COICOP) in the selected region (in current prices, constant exchange rate). 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