The expenditure on clothing by Spanish citizens would grow by 26.4 percent to €25.526 billion from the current spending of €20.196 billion, says a latest report released by the Strategic Research Centre of the EAE Business School.
The report titled “Textiles and Clothing Expenditure 2014”, analyzes the textile and clothing expenditure in Spain and its autonomous communities, in addition to studying the major world economies.
The study highlights that there are 8,265 companies in Spain that are engaged in textile and garment production, which is 4.65 percent less than in 2012 and 48.9 percent less than in 2002. Catalonia, Madrid, Andalusia and Galicia autonomous communities have the highest number of textile companies.
According to the report, the total spending on clothing in Spain in 2013 was €20.196 billion, showing a slight decrease of 0.33 percent from 2012 and a cumulative decline of 19.6 percent over 2007.
Of the total amount spent on clothing, €9.563 billion or 47 percent was spent on clothes for women, €7.027 billion or 35 percent on men, and the remaining €3.695 billion or 18 percent on purchase of children’s clothing.
The report calculated average expenditure on clothing by a Spanish citizen at €437 a year, which is 3.3 percent less than in 2012 and 22.6 percent lower than the spending in 2007. It estimates the average expenditure per person to reach €521 in 2018, which will be an increase of 25 percent compared to 2013 figures. As a result, Spanish spending on clothing will jump to €25.526 billion, up 26.4 percent over 2013 expenses.
The study names the US, China, Japan, Germany and Italy as the five most important markets in the world with their spending on garments estimated at €269.539 billion, €110.335 billion, €76.492 billion, €57.611 billion and €46.361 billion, respectively.
In terms of per capita expenditure on clothing, the biggest spenders are Norwegians, Danes, Belgians, Americans and the Dutch with average annual spending of €939, €858, €845, €829 and €785, respectively.