Imports on the rise

The report reveals that apparel imports in major markets such as the US and the EU have seen a slight increase in 2024 compared to previous year. This growth comes despite a challenging economic environment, marked by inflationary pressures and lower consumer confidence.

Table: Changing imports

Mixed report on exports

On the export side, the report reveals a mixed picture. While major suppliers like China and Vietnam have experienced growth in 2024, Bangladesh and India have seen their exports decline. This decline can be attributed to factors such as increased competition and rising production costs.

Table: Exports mixed results

India's perspective

The report highlights that India's apparel exports have shown a slight increase in 2024, despite the overall decline in exports. This growth can be attributed to the government's initiatives to promote the textile and apparel industry, as well as the increasing demand for Indian-made products in key markets.

The report concludes that the global apparel trade is undergoing a shift, with new suppliers emerging and existing suppliers facing increased competition. The report also highlights the importance of factors such as sustainability and ethical sourcing in the current market. Overall the report provides valuable insights into the changing dynamics of the global apparel trade. The report's findings suggest that the industry is in a state of flux, with both challenges and opportunities for businesses operating in this space.

Retail scenario

The report also gives an insight on the apparel retail market scenario especially in the US. The market is showing mixed signals, says the Wazir Advisors report. While apparel store sales have remained flat, home furnishing sales have seen a significant uptick. E-commerce sales, however, have experienced a slight dip.

Monthly apparel store sales in the US remained relatively flat in 2024 compared to 2023. This indicates a stable but not booming market, with consumers maintaining their spending levels despite economic uncertainties. In contrast, home furnishing stores have seen a significant sales rise. This suggests a shift in consumer spending habits, with more focus on home improvement and comfort.

Online sales of clothing and accessories saw a slight decline in 2024. This comes after several years of strong growth in the e-commerce sector, indicating a potential saturation of the online market.

Table: US retail sales

The mixed trends in the US apparel retail market therefore reflect the complex economic conditions prevailing in the country. While stable apparel store sales indicate resilience in consumer spending, the decline in e-commerce sales suggests caution and a potential shift in consumer behavior. The growth in home furnishing sales could be attributed to factors such as increased focus on home improvement and nesting trends.

By Fashionating World
https://www.fashionatingworld.com/new1-2/year-2024-global-apparel-trade-sees-a-change-in-landscape