Apparel GDP

In 2022, the global fashion industry generated USD 2.5 trillion in revenue driven by a growing population and rising disposable incomes. The fashion industry has expanded over the last ten years at a 3.2% compound annual growth rate versus global GDP at 2.4% according to Morgan Stanley. Notably, with an increased interest in fitness and changing social norms, the sportswear segment has grown at the twice the rate of the apparel industry as a whole. However, despite the tremendous opportunity, the industry continues to grapple with negative impacts from emissions to worker rights. To learn more about the investment implications of sustainability in the fashion industry, please see Robeco’s article Fixing fashion’s faux pas.

Source: Euromonitor, Morgan Stanley 2023