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Eastern markets to drive EU apparel sector growth
24
Nov '12
East-European markets would be the main catalyst of growth for European clothing industry, which is expected to be worth around € 309.9 billion or £ 249.33 billion by 2017, according to a recent report on the European clothing industry. 
 
The report says, having reversed all previous trends over the last five years, eastern markets consisting of countries like the Czech Republic, Poland, Bulgaria, Hungary, Slovakia and Romania are expected to jointly drive the future growth of the European clothing sector.
 
While European clothing market contracted 4.3 percent to € 283.4 billion or £228.01 billion over the past five years, these six markets posted an average growth of 13.3 percent.
 
According to experts, western fashion is picking up in the six east European countries and buyers are ready to purchase more branded stuff. To track growth, clothing producers just need to focus on where the retailers are going and adjust their products accordingly to cater to that market.
 
On the other hand, recession and inflationary factors have forced people in other European countries to cut their spending on items they could do without, resulting in a reduction in their clothing consumption.
 
However, employment level has begun to rise again, inflation levels are going down, and people are having more disposable incomes, which is likely to once again drive consumption in Western Europe, the report states.
 

Fibre2fashion News Desk - India


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