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Jan 31, 2017
2016 saw a drop in customer spending, with a corresponding demand for customized products and favorable pricing . The rising costs of production and manufacturing also dimmed hopes of reviving an industry struggling with shifting consumer patterns. The market volatility caused by political uncertainty painted a gloomy future for fashion apparel makers for most of 2016. In addition, the shift to online shopping means that retailers have to reshape their presentation strategies to retain their market share. In the key markets of US, Europe and Japan, slower population growth will lead to stagnant sales levels. In the developing world, the fashion industry is grappling with low sales occasioned by economic inequality, which leads to low purchasing power. Global sales grew by 3.8% to reach $1.67 trillion, which is the slowest since the economic crunch of 2008. This growth is mostly attributed to sales of casual sportswear, a term for sportswear that looks like it is meant for the gym while in actual sense it is not. Sport-inspired apparel or activewear is slowly replacing other clothing, especially among Millennials.
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