Global Apparel Market Slowdown Continuing in August & Sep., 2023
06 November 2023, Mumbai
Key Findings of WAZIR October report
US
Online sales of clothing and accessories registered only a nominal 1% growth in Q2 2023 over Q2 2022.
Apparel imports in August 2023 were $7.8 billion, 25% lower than August 2022.
UK
Year-to-date (YTD) apparel imports were 14% lower than 2022.
Apparel imports in August 2023 were $1.8 billion, 10% lower than last year.
China's share of the UK apparel market decreased 6% since 2021, while Bangladesh's share increased 2%.
EU
Apparel imports in August 2023 were $8.2 billion, 23% lower than August 2022.
YTD apparel imports were 10% lower than 2022.
Implications
The slowdown in the global apparel market is likely due to a number of factors, including the ongoing war in Ukraine, rising inflation, and supply chain disruptions. This slowdown is having a negative impact on both apparel brands and retailers, as well as the countries that rely on apparel exports.
Outlook
It is too early to say when the global apparel market will fully recover. However, it is clear that the market is facing a number of challenges.
Apparel brands and retailers will need to adapt to the changing market landscape in order to remain successful. This may include focusing on sustainable and ethical practices, offering more competitive prices, and improving customer service.
