italy's fashion industry is slowing down and revenue may fall to 100 billion euros this year
2024-10-07
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according to the "fashion economic trends" report released by the italian national fashion chamber, the revenue of the italian fashion industry (including related industries such as eyewear and beauty) will reach 97.7 billion euros in 2024, a decrease of 3.5% from 2023, falling to 100 billion euros. close.
source: internet
the italian national fashion chamber said that warning signs of a slowdown in the fashion industry have been present for some time: from the slowdown in the growth of luxury goods giants to the decline in consumption in the chinese market, from the rise in logistics costs caused by the conflict in the middle east to the costs of energy and raw materials caused by the russia-ukraine conflict. soaring; in addition, a series of important political elections in europe and the united states and high currency costs have also had an impact...
data shows that the "core" areas of the fashion industry have been particularly affected: sales of textiles, clothing, footwear and leather goods fell by 10% in the first quarter and by 6.7% in the second quarter. on the other hand, other related industries (beauty, eyewear, jewelry and costume jewelry) showed growth in both the first two quarters (+4.9% and +3.2%), partially offsetting the decline in the core industry.
despite the complicated international situation, exports continue to drive the development of "made in italy". in the first five months of this year, exports of fashion-related products increased by 5.1%. by the end of 2024, exports are expected to reach 94 billion euros, an increase of 5.5% compared with 2023. the italian domestic market (including the b2b market) is in the most difficult period, and the 1.4% decline in imports also confirms this situation.
on the positive side, the trade surplus of 46.1 billion euros came from the increase in exports, which was 14 billion euros more than the same period in 2019. it should be pointed out that the core areas of the fashion industry are showing huge differences from other areas: exports in the core areas fell by 2.8% in the first five months, while exports in other related areas increased by nearly 30%, mainly due to this was due to the booming jewelery industry (up 58%) and record exports to turkey, the uae, spain and the uk.
lorenzo galanti, general manager of the italian foreign trade association, said: “globally there is a strong demand for fashion-related made in italy products and we must seize this opportunity because the fashion industry is more diverse than other industries. helping to solidify italy’s image of excellence globally, geopolitical instability and conflict can have a serious impact on supply chains and logistics, requiring italian manufacturing companies to have strong adaptability and flexibility in order to cope with improving prospects and continued demand. growth markets respond and seize opportunities, and sustainability and innovation are areas where italian companies can differentiate themselves in foreign markets.”
"this is a critical moment. we all know that wars are taking place in major parts of the world, and consumption in the chinese market is also declining, but the prospects for the italian fashion industry will still be growth: we expect a growth of 20% in the next 5 years." italian fashion carlo capassa, president of the chamber of commerce, said, “we must show resilience over the next 12 to 18 months and work to build solid systems, whether it is a big brand or a small business. this is why we have the government has called for a series of measures, starting with the protection of small and medium-sized enterprises and providing special funds for companies with less than 15 employees, and the government seems to have already started working on related aspects.”
contributing writer li shi
