10 Fascinating Textiles & Apparel Industry Facts
The textiles and apparel industry is a major player in the global marketplace worth several trillion dollars. With such large amounts of capital flowing through the textile and apparel industry, funding options such as non-recourse accounts receivable financing and purchase order funding are ideal. Here are 10 fascinating facts about the industry:
- The global textile and apparel industry, which includes fabrics, clothing, footwear and many other manufactured goods, is currently worth nearly $3 trillion.
- The world childrenswear market is expected to reach beyond $266 billion in 2016, marking a 31 percent increase in five years.
- Global bridalwear is expected to be valued $66.6 billion by 2017.
- Global menswear is expected to be valued at $571 billion in 2018.
- Global womenswear is expected to be valued $773 billion in 2018.
- The global market for textiles made from organic cotton was over $16.7 billion in 2014.
- The US is the largest importer of garments in the world.
- Nearly 40% of apparel products sold in the US are imported from China.
- American households spend nearly $2,000 on apparel, footwear and other textile related products and services annually.
- The global fashion apparel industry represents nearly 2% of the world GDP. Nearly 75% of world’s fashion market is concentrated in Europe, the USA, China and Japan.