Fashion is one of the most strategic sectors in Spain and has a great weight both in the national economy and in terms of exports. Our Junior Consultant, Laura Pérez, reviews the situation of Spanish fashion and its recovery.
In 2019, international sales of the Spanish fashion sector reached an all-time record: they rose to reach 25.911 million euros. However, the pandemic has affected all sectors, mainly the less essential ones. The textile sector was able to emerge from the economic crisis of 2008 thanks to exports, however, the fall in international demand and the slowdown in global trade meant that the prospects for recovery from this new crisis were not so positive.
Currently, the recovery is on the rise and several changes will be implemented in the sector that will contribute to its transformation and growth.
Recovery of the sector
Euromonitor has predicted that there will be a 3,5% growth in the fashion sector next year, which will put this sector 20% below the total volume of 2019. However, with the full reopening of tourism and trade, consumption and investment will be encouraged, which will affect this sector very favorably.
The growth of the fashion market has been one of the main keys to boosting both the recovery of the fashion market and its internationalization. Online commerce in this sector grew by 50,9% in 2020, and this will continue to be one of the avenues that will foster a faster and more positive recovery.
Women’s fashion and low-cost chains will also drive this sector. Despite this, local production is becoming more and more promising for the future and low-cost chains will slow down its growth.
If you want to know more about the recovery of the Spanish fashion sector after the pandemic and the trends that will occur in the future read the second part of the post in our blog.
And if you work in the fashion industry and want to take your company to a new level or if you want to take advantage of all the opportunities that will arise with the recovery from the crisis, do not hesitate to contact us!