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The biggest e-commerce market
- Fashion, the most popular of all
The latest figures on the top online shopping categories rank fashion as the most popular category of all internet purchases. Consumers spent $759.5 bilion worldwide of the total eCommerce expenditure on fashion-related products in 2021. That’s 27.9 percent of the expected eCommerce revenue worldwide in 2021, which stands at $2.7 trillion. Simply put, more than one in every four dollars spent by consumers online this year is spent on fashion.
As consumers spend more time online and the hype around the metaverse continues to cascade into virtual goods, fashion leaders will unlock new ways of engaging with high-value, younger consumers. To capture untapped value streams, players should explore the potential of nonfungible tokens, gaming and virtual fashion — all of which offer fresh paths to creativity, community-building, and commerce.
*The State of Fashion 2022 Mckinsey