Apparel market in Latin America - statistics & facts
The Latin American apparel landscape is a blend of tradition, modernity, craftsmanship, and manufacturing that encompasses various countries and cultures. While a list of countries makes up the Latin American apparel market, one country stands out: Brazil.
Taking into consideration the sheer size of the country and its economy, it is no surprise that Brazil finds itself among the leading apparel markets worldwide, even surpassing Spain, home of the fashion giant Inditex. While Brazil is by far the leading LATAM country in the segment of women’s apparel, Mexico is a close second when it comes to the revenue of the men’s apparel market, generating roughly 2.7 billion U.S. dollars less than Brazil in 2023. In both segments, Colombia ranks in third place.
The Latin American apparel market is determined by a blend of consumer tastes, trends, and economies from a list of countries. Overall, the market is set to grow steadily, reaching a revenue of over 110 billion U.S. dollars by 2028.
Argentina’s apparel market decline
One market that stands out the most in its recent development, is the Argentinian apparel market. Not only has it experienced a stark decline since 2018, but it is expected to further decline by 2028. This negative development can also be seen in the percentage that clothing and accessories make up of Argentina’s total direct retail sales, which amounted to less than one percent in 2023. In comparison, Colombia’s clothing and accessories direct retail sales made up almost 30 percent of the direct retail sales in 2023. In terms of Argentina’s trade balance in the apparel market, imports far exceed exports throughout the past years, creating a trade deficit in this industry. In addition, the clothing inflation rate in Argentina has skyrocketed in 2024.Leading LATAM apparel companies
Contrary to the global apparel market, international fast fashion companies, such as Shein, Zara, and Primark are not the market leaders in Latin America, where local apparel companies seem to dominate. This is the case with Falabella, the Chilean multinational retailer, who is considered to be the leading fashion retail company in Chile and Peru. Also in Brazil, their country’s own Lojas Renner leads the list, followed by several Brazilian footwear companies, including Alpargatas and Grendene, who own the famous flip flop brands Havaianas and Ipanema.The Latin American apparel market is determined by a blend of consumer tastes, trends, and economies from a list of countries. Overall, the market is set to grow steadily, reaching a revenue of over 110 billion U.S. dollars by 2028.
