19 July 2022, Mumbai:
The United States Fashion Industry Association (USFIA) has released the ninth annual Fashion Industry Benchmarking Study, a survey of executives from over 30 leading fashion brands, retailers, importers, and wholesalers, including some of the largest brands and retailers in the country.
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Conducted in conjunction with Dr. Sheng Lu, Associate Professor in the University of Delaware Department of Fashion & Apparel Studies, the survey asked respondents about the business outlook, sourcing practices, utilization of Free Trade Agreements and preference programs, and views on trade policy.
This year’s study finds that most respondents (77 percent) feel at least somewhat optimistic about the next five years, despite the current short-term challenges. Nearly all respondents—97 percent—plan to increase hiring over the next five years.
As the industry continues to recover from the global pandemic shutdown, more than 90 percent of respondents expect their sourcing value or volume to grow in 2022.
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