Consumers are less inclined to globally buy apparel in 2015

Consumers are less inclined to globally buy apparel in 2015

Global consumption of apparel products slipped by 7.92 % in 2015. The slower consumption comes as a challenge to leading readymade garment exporting countries, which have seen negative growth. Bangladesh though is the exception. Bangladesh’s global market share in clothing products rose to 5.9 % in 2015, which was 5.1 % in the previous year

China, the number one exporter accounting for a 39.26 % global market share, has seen a 6.37 % decline in its exports to world markets in 2015 followed by Turkey and Indonesia. Economic ups and downs in the developed countries have cast a shadow on employment. As a result, consumption of clothing products has declined.

Appreciated dollar exchange rate in supplier countries may be another reason behind the fall in global consumption. China’s exports are falling because buyers are shifting orders. China itself is turning to quality but higher labour costs are pushing production costs up. This shift is seen as an opportunity for readymade garment manufacturers in Bangladesh. They feel if they move fast enough orders from buyers will rise significantly. After the economic recession in 2008, global consumption of clothing products witnessed a decline by 13.23 % in 2009

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