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Europe apparel market analysis

akhilesh21 Sep 2022 Business

The apparel market size in Europe was $532.8bn in 2021 and will expand with a CAGR of more than 8% during 2020 to 2025. However, its recovery will be hindered by spiraling inflation in 2022 due to the global supply chain crisis and compounded by the Russian invasion of Ukraine. High inflation rates in Europe have led to increased costs for apparel brands, causing some, such as Next and Lacoste, to increase the prices of their products. Consumers’ growing preference to buy secondhand apparel will start to divert sales from traditional retailers to consumer-to-consumer resale channels. The Europe apparel market report offers a detailed analysis of the apparel market with analysis of COVID-19 impact on customer shopping behavior, key apparel retailers, sector analysis, trends, and retailer reactions.

The European textile and clothing manufacturing industry is expecting a drop of more than 50% in sales and production this year as a result of the coronavirus outbreak, with the majority already laying off workers and suffering financial constraints, new figures show.

Despite good retail sales and export performances in 2019, Europe’s textile and clothing sector went through a difficult year in 2019 as a result of the bloc’s economic slowdown, trade friction, and manufacturing pressure from Brexit, Eurostat data shows.

Figures for the textile and clothing industry are in line with that general situation, the European Apparel and Textile Confederation (Euratex) says. Employment declined over 2%, and the EU27 turnover evolution turned negative for the first time since 2012-2013 with a -2% setback for textiles, and a -1.3% for clothing, compared to 2018.

Yet an ongoing poll of Euratex members shows this trend will worsen this year due to Covid-19, with March 2020 industry confidence having fallen “dramatically”.

Preliminary results indicate that more than half of the companies expect a drop in sales and production by more than 50%. Moreover, almost nine out of ten companies face serious constraints on their financial situation and 80% of companies are temporarily laying off workers. One out of four is considering closing down.

However, Euratex says some positive signs are still coming Europe apparel from the retail sales and trade. The growth rate in the retail sales of textiles, clothing, footwear and leather goods in specialised stores remained positive in 2019 (+0.9%). In addition, EU27 trade is now exceeding EUR170bn (US$186bn) – a 4% increase compared to the previous year. Exports grew at a higher pace than imports.

Euratex says it is concerned about the crisis and the pressure on the functioning of the internal market. Border controls within the EU have increased sharply, leading to delays in supplies but also cancelling of orders, thus aggravating the economic impact.

 

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