More consumers are choosing to buy clothes and footwear online rather than in store and according to new research from Forrester, this trend is set to continue as the marketplace adjusts to consumer demands and technology. By 2022 the number of online fashion shoppers is set to reach 911 million, up from 700 million in 2018 – 31% of the total online population.
“Fashion is the second-largest retail category after grocery. A quarter of clothing, accessories, and footwear spending already occurs online and is still rapidly growing,” confirms senior analyst Satish Meena.
Globally, Forrester predicts that online fashion retail sales will reach a staggering $765 billion in 2022 at a CAGR of 13%, accounting for 36% of total fashion sales around the world. But what’s happening in Europe?
The UK is number one in Europe for online fashion sales, surpassing the global online retail penetration average of 15% of total retail.
Germany is the second largest market in Europe. Online fashion penetration in Germany was lower than global average in 2017 and is forecasted to close the gap by 2022 thereby moving close to mature markets. Online fashion is expected to grow at 13.1% for the forecasted period a touch higher that the global average growth.
France falls closely behind Germany, with an online penetration of 18% in 2017. The market is expected to grow by 12.1% from 2017 to 2022, registering the lowest growth among the EU-7 countries.
Italy is still a nascent market for online retail fashion with lowest penetration among EU-7 countries. Recent increase in consumer confidence bodes well for Italian online retail market with fashion forecasted to grow by an impressive 24% from 2017 to 2022.
The fashion market is leading the way in terms of the migration to online with per capita online spend on fashion proportionally larger than other retail categories.
Forrester’s five-year global forecast covering 32 countries has found the online fashion sector to be much more mature than other markets with the likes of Amazon developing new technologies and launching new labels to increase the number of consumers shopping online.