Thought i will Share some of the Fashion Economy with you Fashionistas.(Got the info off the internet)
The Fashion Global economy is a Trillion dollar industry. There are an estimated 7 billion people on earth today. If every INDIVIDUAL person owns the basics of one pair of pants, a sweater and a jacket that will equal 21 billion garments of clothing. It is clear that some of us has probably way more than three items of clothing.
Clothing is one of the most basic needs, everyone needs it. That is what makes the industry’s top brands giants in the ECONOMIC world. The Fashion industry is twice the size of the car industry and almost in the ranks of the housing industry reported by the British Fashion Council.
The Fashion industry also provides JOBS, it is reported by the Oxford ECONOMICS research that the industry supported 797000 JOBS IN the UK.It was a 2.3 percent drop from the previous year. In the US the retail industry employees four million people.
The technology environment impacts the the Fashion industry as now machines take over the jobs humans did.This cuts labour costs for the brands but on the other side leads to job losses.Global statics show a major drop from 1990 to 2000:
Clothing – number of people employed
- 14.5 million in 1990
- 13.1 million in 1995
- 13.0 million in 2000
Textiles – number of people employed
- 19.7 million in 1990
- 16.8 million in 1995
- 13.5 million in 2000
Textiles & Clothing – number of people employed
- 34.2 million in 1990
- 29.9 million in 1995
- 26.5 million in 2000
Facts and Stats on the Fashion Industry
- 6.9 million U.S. women go online to shop for their fashions and of these about 58% of them are between the ages of 25 and 45
- The global apparel market was valued at US$1.7 trillion in 2012 and EMPLOYS approximately 75 million people.
- The world clothing and textile industry (clothing, textiles, foot wear and luxury goods) reached almost $2,560 trillion in 2010.
- The world market for textiles made from organically grown cotton was worth over $5 billion in 2010.
- In 2010, American households spent, on average, $1,700 on apparel, footwear, and related products and services.
- Catherine, Duchess of Cambridge has spent more than £35,000 $54,000 on clothes since the beginning of 2012.
- Consumers in the United Kingdom have an estimated £30 billion ($46.7 billion) worth of unworn clothes lingering in their closets.
- The world bridal wear market is expected to reach almost $57 billion by 2015.
- The world men’s wear industry should exceed $402 billion in 2014.
- The world women’s wear industry is expected to pass $621 billion in 2014.
- In 2010, China’s textile industry processed 41.3 million tons of fiber and accounted for 52-54 percent of the world’s total production.
- The Chinese textile industry creates about 3 billion tons of soot each year.
- Millions of tons of unused fabric at Chinese mills go to waste each year when dyed the wrong colour.
- A SINGLE mill in China can use 200 tons of water for each ton of fabric it dyes; many rivers run with the colours of the season as the untreated toxic dyes wash off from mills.
- In 2010, the textile industry ranked third for overall in Chinese industry for waste water discharge amount at 2.5 billion tons of waste water per year.
- The textile industry discharges about 300,600 tons of COD and contributes to 8.2 percent of COD pollution in China.
|Top Fashion Brands by Revenue||Annual Revenue|
|LVMH Moët Hennessy – Louis Vuitton S.A||$37,140,000,000|
|Tiffany & Co||$3,790,000,000|