Despite the enormous power and influence of brands like Nike, Adidas, Under Armor, Zara, and others, 2020 was definitely not the year of the fashion industry. Companies like Brook Brothers filed for bankruptcy in the United States (USA), under pressure from the low number of sales. Others, like Burberry, almost saw their sales cut in half. And as of the most recent close of the quarter, Hugo Boss was losing $ 240 million.
But a remarkably different situation could be seen in its ecommerce counterpart. At least in Mexico, fashion, clothing, and accessories has always been one of the most popular categories in online shopping. And with the momentum of COVID-19, a significant change in the dynamics of this sub-segment could be seen around the world. Statista prepared a report detailing some of these changes and many could be key for this next 2021.
How fashion ecommerce closes the year
Compared to 2019, it is estimated that global sales of clothing, accessories and footwear will grow in value almost 140 million dollars, for a total of 664.5 million dollars. This trend will continue in the long term, since Statista estimates that the industry as a whole will experience an average annual growth rate of 11.4 percent at least until 2025. Although these advances have been seen throughout the world, the regions that are leading the change are China, the US and Europe.
The case of the Asian country is peculiar. By 2025, the majority of ecommerce fashion buyers are expected to live in China. In total, only online clothing buyers in this country would be 873 million for that year. That is, almost double what is expected for the US. However, when it comes to spending, it is the American Union that is at the forefront of the charts. While the Asian country will invest 356 million dollars in that category by then, its American counterpart will have a total annual investment of 579 million dollars. That is, 62 percent more money.
The differences between country and country are also evident not only between the US and China, but in the European zone. Although the nations of the Old Continent share more or less the same economic capacity and internet penetration, the United Kingdom is the one that shows the greatest affinity to online shopping. Do you want to know more about ecommerce fashion? Check out this infographic: