by The U.S. fashion ecommerce market comprises online sales of a wide range of clothing including tops, bottoms, outerwear, accessories, jewelry, shoes, and cosmetic products. Fashion ecommerce retailers offer a variety of products across categories with innovative features at competitive prices. This has accelerated the sales of luxury and premium fashion products through online channels.
The global U.S. Fashion e-commerce market is estimated to be valued at US$ 108.1 Bn in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Increasing Demand for Luxury and Branded Fashion Products: The growing preference of millennials and Generation Z for luxury and premium brands has significantly boosted the demand for high-end fashion products through online platforms. Ecommerce sites have made luxury products affordable and accessible to a much wider demographic. Brands are heavily investing in their online presence and digital campaigns to attract new younger customers. This shift in consumer behavior towards luxury and premium products online is a key driver propelling the U.S. fashion ecommerce market growth.
Ease of Navigation and Convenient Payment Options: Fashion retail websites and mobile apps offer seamless digital experience to shoppers with simple navigation, optimized search and filters, interactive catalogues, and convenient payment gateways including loyalty programs and cash-on-delivery. The ease of browsing a wide assortment and making secure payments online has encouraged fashion shopping through smartphones and laptops over brick-and-mortar stores. This hyper-convenience offered by fashion ecommerce platforms is fueling their rising demand.
Segment Analysis
The U.S. fashion ecommerce market can be segmented into clothing, footwear, accessories, and others. The clothing segment dominates the market, accounting for over 40% share in 2023. This is because clothing is considered as basic necessity and has high demand in the USA. Consumers prefer to buy clothes online due to availability of wide variety of designs and brands at economical prices.
PEST Analysis
Political: There are no major politically risks in the USA fashion ecommerce market. The government supports growth of ecommerce sector through various initiatives to improve infrastructure and regulations.
Economic: The strong economy of USA with rising disposable income increases spending power of consumers on non-essential goods like fashion. Online shopping provides savings which drives market growth.
Social: Changing lifestyle and busy schedule leaves less time for shopping. Social media promotes trending fashion easily accessible to younger population which drives online purchases.
Technological: Advanced technologies like AI, machine learning help fashion retailers provide personalized experience and targeted promotions. The proliferation of internet and smartphone usage allows consumers to shop conveniently anytime.
Key Takeaways
The U.S. Fashion Ecommerce Market Share is expected to witness high growth over the forecast period supported by rising internet penetration and preferences of millennials and generation Z towards online shopping.
Regional Analysis: The western region currently dominates the market due to presence of fashion capitals like New York and early adoption of online shopping culture.
Key players operating in the U.S. fashion ecommerce market are Johnson & Johnson Vision Care, Inc.ESSILORLUXOTTICA Carl Zeiss AG Bausch & Lomb Inc. Marchon Eyewear, Inc. Zenni Optical, Inc. These players are focusing on enhancing virtual try-on features and launch of mobile applications for improved customer experience.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
