Globally, the apparel industry (clothing, footwear and accessories) is worth approximately USD1.5 trillion annually, while the global jewellery and cosmetics markets each worth around another USD500 billion annually.
The vast majority of revenue comes from the sale of new items but recent years have started to see a backlash against so-called ‘fast fashion’ in developed countries, which many consumers, particularly millennials, see as a wasteful and environmentally harmful industry. This has led to growth in fashion resale, particularly online, which is experiencing double-digit year on year growth in major markets, with the US market alone expected to reach USD33 billion by 2021.
In the UK, the value of fashion sector rose to a record GBP32 billion in 2018, and supports around 890,000 jobs across the country. Substantial growth of the fashion resale market is also anticipated in the UK, with specialist sites such as Depop, Vinted and HEWI (Hardly Ever Worn It) gaining in popularity.
FieldworkHub’s credentials in the fashion and style sector include market research to assist a new footwear brand in the UK, mini focus groups with teens about streetwear in the top 5 European markets, and ethnographic research on male grooming the USA.