In 2023, the household expenditure on clothing and footwear in Australia stood at 55.00 Billion Australian Dollars. Based on forecast data, significant year-on-year growth is expected from 2024 to 2028. Specifically, the expenditure is projected to increase from 60.25 billion AUD in 2024 to 83.25 billion AUD by 2028. This indicates strong annual growth rates: 9.7% from 2024 to 2025, 8.8% from 2025 to 2026, 8.0% from 2026 to 2027, and 7.3% from 2027 to 2028.
The compound annual growth rate (CAGR) from 2024 to 2028 is estimated to be around 8.46%, highlighting robust and sustained growth in household spending on clothing and footwear over these five years.
Future trends to watch for:
- Technology advancements in e-commerce, driving online sales.
- Sustainable and eco-friendly fashion gaining market share.
- Influence of global fashion trends on local expenditure.
- Impact of economic conditions and disposable income levels.
