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American tariffs' limited impact on the global apparel market
Credits: FashionUnited The global fashion market was worth approximately 1.8 trillion dollars in 2024. The fashion market in the US was worth around 400 billion dollars in 2024, making it the largest sales market in the global fashion industry. Americans account for 22 percent of total global spending, according to Uniform Market. The trade tariffs that the US imposes on all other countries create a reasonably level playing field, and American consumers will ultimately foot the bill. Rising prices in the US could cause the fashion market to shrink if the country enters a recession. In the unlikely event that US sales fall by 4 percent, this would represent a 0.9 percent decrease on a global level. As the US has become a less attractive sales market, trade between the remaining 196 countries will increase. This could further increase the expected growth of the international fashion industry of 1.8 percent, which would offset any market contraction caused by American challenges.
The global fashion market was worth approximately 1.8 trillion dollars in 2024. The fashion market in the US was worth around 400 billion dollars in 2024, making it the largest sales market in the global fashion industry. Americans account for 22 percent of total global spending, according to Uniform Market.
The trade tariffs that the US imposes on all other countries create a reasonably level playing field, and American consumers will ultimately foot the bill. Rising prices in the US could cause the fashion market to shrink if the country enters a recession. In the unlikely event that US sales fall by 4 percent, this would represent a 0.9 percent decrease on a global level.
As the US has become a less attractive sales market, trade between the remaining 196 countries will increase. This could further increase the expected growth of the international fashion industry of 1.8 percent, which would offset any market contraction caused by American challenges.
