Jul 23 , 2020
The apparel and fashion industry saw amazing growth in 2019. After a turn-down in the last few years, the industry is all set to take its graph high in the coming year. The fashion industry is moving towards consumer centric approach and consumers are demanding sustainability and digitalization.
Players who can respond to changes in the fashion industry are the only ones who can survive, according to MC Kinsey and Company.
In 2017, 1875 fashion retailers shut down as changing consumer-spending patterns made it difficult for them to survive. In 2018, the situation turned worse – 9000 retailers outlets are believed to go out of business due to changes in consumer shopping patterns.
In the year 2019, the fashion industry could post growth of between 3.5 percent to 4.5 percent. And that’s impressive!
On the other hand, the industry revenues are projected to rise from $481.2 billion in 2018 to $712.9 billion by 2022. As the saying goes, “Opportunity comes with Challenges”.