In 2021, soaring costs are the number one concern for US fashion companies. The turmoil caused by COVID has pushed up production and procurement costs, causing shipping delays and supply chain turmoil. In response, US fashion companies have strengthened relationships with major vendors, emphasized procurement agility and flexibility, and digital, according to the 8th Annual Fashion Industry Benchmark Survey by the American Fashion Industry Association (USFIA). We are adopting strategies such as utilizing technology.
The study, conducted in collaboration with Dr. Sheng Lu, an associate professor of fashion and apparel research at the University of Delaware, gave respondents views on business prospects, procurement practices, free trade agreements, priority programs, and trade policies. I asked about. In a press release, USFIA said executives from more than 30 major fashion brands, retailers, importers and wholesalers, including the country’s largest brands and retailers, were surveyed.
The survey found that Asia remains a major supplier of apparel. This important discovery has been consistent for the past eight years. Almost all of the top 10 most used apparel sources in 2021 are based in Asia, led by China (93%), Vietnam (87%), India (77%) and Bangladesh (73%). I will.
Respondents represent companies that have headquarters or major management offices in the United States. This year, about 75% of respondents are headquartered or in major management outside the United States, including China (27%), non-China Asia (46%), Europe (18%), East and Central America (18%). I have an office. Especially 16%) and Mexico (4%).
In addition to selling 100% of our products in the United States, more than half of our respondents also sell our products in Canada, Western Europe, Mexico and Asia. These patterns reflect the global nature of today’s fashion business and the close relationship between the US fashion industry and the market.
Fiber2Fashion News Desk (KD)
According to a recent survey, industry stakeholders are confident in the outlook for the US fashion industry in both 2021 and the next five years due to increased vaccination and a strong economic recovery from US and global COVID-19. I’m waiting. Approximately 60% of respondents expect funding or funding to fully recover to pre-COVID levels by 2022.
The US fashion industry expects volume to return to pre-COVID levels by 2022
Source link The US fashion industry expects volume to return to pre-COVID levels by 2022