Fashion geopolitics: winners and losers in the global arena
Between 2018 and 2022, India, Ukraine and Argentina will be the markets where the sector will grow the most, while Venezuela, Egypt and France will be the three where sales will fall the most.
India, Ukraine, Argentina or China, on one hand. Venezuela, Egypt, France, Germany and Italy, on the other. Countries place their bets on the global fashion business board with new winners and old losers. In the period from 2018 to 2022, India will stand as the market where fashion sales will rise the most, and Venezuela, the country where they will fall the most, at least in relative terms.
According to Euromonitor, the Indian giant will be the market where fashion sales will grow more in relative terms, with a 40% growth in this period. The revenue of the sector in the country will increase from 54.8 billion dollars to 76.6 billion dollars, an increase of 21.8 billion dollars.
Although India will outperform the rest of the countries in relative growth, it will not be the main driver of the increase in fashion sales in the world. China, which in 2022 will be the main world market in the fashion sector, will increase its sales by 10.2% since 2018, but this increase will represent 30.2 billion dollars more in its revenue.
The revenue of the sector in India will go from 54.8 billion dollars to 76.6 billion dollars
Ukraine will be the second largest growth of the fashion industry in the world until 2022. The fashion business in the country will increase by 35% between 2018 and 2022, to 4.8 billion dollars. In absolute terms, the increase will be 1.2 billion dollars.
Despite the uncertainty in Argentina, the country will be the third world market that will increase its fashion sales the most between 2018 and 2022. The sector will end 2022 with a revenue of 13 billion dollars, a 27.9% increase.
The other two markets that will lead the growth of the fashion industry are Nigeria and Indonesia. Fashion in the African country will register a growth of 25% until 2022, while sales of the sector in the Asian country will rise 22.8% in the period.
Argentina will be the third market that will increase its fashion sales between 2018 and 2022
Although the United States is in the middle, with a growth of 4.8% of the fashion business until 2022, it will be the third largest market where the sector will increase its revenue in absolute terms. Revenue in the American country will increase by 12.9 billion dollars, ending 2022 with sales of 283.6 billion dollars.
On the other hand, Poland, Mexico, Thailand and Russia will also increase their fashion sales above one billion between 2018 and 2022. The revenue of the sector Eastern Europe country will increase by 21%, to 9 billion dollars, 1.5 billion dollars more year-on-year.
In Russia, sales of the sector will grow 3.5 billion dollars in absolute terms. In relative terms, fashion business in the country will rise 9.5%. Thailand, meanwhile, will reach a 19% growth in its fashion sales, with 1.3 billion dollars.
In Russia, sales of the sector will grow 3.5 billion dollars in absolute terms
Mexico, which is in the tenth position of countries where fashion sales will grow the most, will end the period with a 16% increase. In absolute terms, fashion in the country will reach 2.4 billion dollars.
On the other hand, the bottom positions are Venezuela, Egypt and France. Fashion sales in the Latin American country will drop by 21.5% between 2018 and 2022. In absolute terms, the Venezuelan fashion sector will lose 48 million dollars.
Egypt, on the other hand will drop 10.9% its fashion sales, going from a revenue of 1.5 billion dollars in 2018 to 1.3 billion dollars in 2022, 165 million dollars less.
Fashion sales in Venezuela will drop by 21.5% between 2018 and 2022
France, one of the largest fashion markets in Europe, will also drop its revenue in the sector between 2018 and 2022. The business in the country will reach 1.4 billion dollars less, a 3.9% drop. In addition to France, other markets such as Italy and Germany will also decrease their revenues in the sector between 2018 and 2022.
In the Mediterranean country, fashion sales will register a 1.5% drop, 546 million dollars less, while the fashion sales in the Germanic market will decrease by 1%, which means 661 million dollars less.
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