Despite inflationary pressures, monthly apparel store sales in the US for February 2023 recorded a 13 per cent increase to reach an estimated $14.9 billion compared to the same month of 2022. In 2022, sales were 7 per cent higher than in 2021. This was revealed in Wazir Advisors March 2023 ‘Apparel Trade Scenario in Key Global Markets and India’. The report goes on to show, in February 2023, US monthly home furnishing store sales touched $5.4 billion, up 15 per cent over February 2022. In 2022, sales were 1 per cent higher than in 2021.
Positive sales in the US, UK
Wazir Advisors report also shows, in Q4 2022, US online sales of apparels and accessories went up 5 per cent over Q4 2021 and were 42 per cent higher than Q3 2022. Overall, in 2022 sales were 7 per cent higher than 2021.
In the UK too apparel store sales have gone up this year. The study shows in January 2023, UK’s monthly apparel store sales were £3.1 billion up 19 per cent compared to January 2022. And 2022, sales were 21 per cent higher than in 2021, mainly on account of low base value. UK’s Q4 2022 online sales of clothing in grew 1 per cent compared to the same period in 2021 whereas overall online sales in 2022 saw a de-growth of 18 per cent over 2021.
Global import export scenario
The study also takes a deep look at the import-export scenario. It indicates a slight dip in US apparel imports in January 2023, at $7.3 billion, which is 3 per cent lower than same month of previous year. Moreover, China’s share in the US apparel market has gone down 8 per cent since 2019, while Vietnam and Bangladesh’s have seen their share go up 2 per cent and 3 per cent respectively. India’s apparel export to the US has gone up 8 per cent, the study shows since 2019.
UK’s apparel imports in December 2022 were similar that of December 2021. On YTD basis, imports in 2022 are 16 per cent higher than 2021. In terms of market share, China, Bangladesh and Turkey’s have increased by 6 per cent, 4 and 2 per cent respectively, since 2019.
EU’s apparel imports in November 2022 were 10 per cent lower compared to November 2021, mainly because of inflation and low base value. However, interestingly in the EU, China’s share went up 1 per cent while Bangladesh’s share increased 4 per cent since 2019.
Japan’s apparel imports in December 2022, was $1.8 billion that figure is equal to that of December 2021. On YTD basis, imports in 2022 are 5 per cent higher than last year. In terms of apparel import share, Bangladesh and Cambodia have seen their share increase 1 per cent each, whereas China’s declined 2 per cent compared to 2019.
In February 2023, India’s apparel exports were estimated $1.4 billion, 13 per cent lower than in February 2022 exports. In 2022, exports were 12 per cent higher than in 2021.
Meanwhile India’s apparel exports to the UAE and UK has gone down 3 per cent and 1 per cent respectively since 2019.