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There were also acquisitions and layoffs in the industry. The industry also had to survive floods, labor disruptions, a surge in raw material prices, currency appreciations and many more.
Global textile and apparel industry, during 2010 was in a recuperating phase following the global turmoil during 2009. During 2009, global apparel industry grew by 2.87% with a CAGE of 2.6%. Increasing disposable income, low interest rates, increasing consumer sentiments, and a marginal increase in inflation led to an increasing trend in apparel consumption.
Traditions and skills were not enough to save the apparel makers. There were also acquisitions and layoffs in the industry. The industry also had to survive floods, labor disruptions, a surge in raw material prices, currency appreciations and many more. The article views the major trends and happening of the global apparel industry during 2010. It also forecasts the upcoming trends and discusses the issues that will shape it.
Clothing exports of China increased by 16.2% while US witnessed an increase of 8.4%, and Pakistan by 2.5%. Apparel exports of EU declined by 3.9%. Chinas clothing sector was strong with the manufacturers boosting their productivity, and avoiding labor unrest. Chinese firms are threatened by the increasing labor costs, raw materials, and escalating RMB.
Despite the rising cotton prices, Indias clothing sector had a rosy period in 2010. Market performance of the country was surpassed by China and Bangladesh. Pakistan was able to supply the Western markets with good quality clothes and fabrics. Sri Lankas apparel sector was in a despondent phase. US decided to review the countrys GSP status regarding workers rights.
Global apparel retail sector grew by 2.1% during 2009-10, and is further increase of 13.4% is anticipated. Trends keep changing constantly in the apparel sector consequent to the change in fashion. Along with this, country-wise performance in the global arena also keeps undergoing rapid transformations.
Manufacturers and retailers attempted appealing strategies to charm the apparel shoppers. More focus was laid on in-store arrangements, and other factors that would offer an exciting shopping experience to the customers.