Washington, Oct. 26, 2023 (GLOBE NEWSWIRE) -- GoodFirms, a universally renowned B2B ratings and reviews platform, recently released its new research report-"Apparel Manufacturing Industry: Trends and Setbacks." The research unveils the current status of the apparel industry and its market share by gathering insights from the survey participants. The survey also explored the latest trends in the apparel industry, management methods, challenges, and future growth.
GoodFirms has revealed several factors that are driving the growth of the apparel manufacturing industry, as indicated by the survey respondents. The data says 56.1% is globalization, 46.3% as the rise of M-commerce, 45.5% as consumer demand, and 36.2% as the economic conditions of the consumer.
Through this research GoodFirms was able to analyze the factors that influence consumer buying decisions. The response indicates: quality of the material (87%), cost of the product (70.2%), design of the garment (65.9%), fabric used (51.06%), brand (48.9%) and country of origin of the product (12.98%).
"Customized designs, sustainable production methods, personalized touch and unique designs, handmade and organic products, genderless fashion, localized production, and 3D printing are the trends in the apparel manufacturing industry," says GoodFirms.
Regarding the challenges faced by the apparel manufacturing industry, GoodFirms’ survey was able to gather the response as 64.1% opting the rapidly changing fashion industry as the prime challenge, 51.6% indicated supply chain issues as a huge challenge, 48.7% as adaptability towards sustainability methods, 29.8% as labor costs, 27.4% as regulatory challenges, 10.2% as lack of skilled workforce.
Research also discloses the practices transforming the apparel manufacturing industry: 71.9% use AR/VR, 59.5% assert Automation of possible processes, 55.3% said real-time data analytics, 53.1% choose traceability in the supply chain, nearly 36/2% said integration machine learning, 34.1% asserts implementation of ERP, and 19.8% said reshoring/ nearshoring.
GoodFirms research unveils that the apparel industry's future will see a rise in social ecommerce, changing marketing modes, a surge in handmade fashion, and enhanced sustainability.
The apparel industry is transforming and seeing constant growth as it is a significant player in the global economy. The brands must adopt sustainable manufacturing methods and newer technologies to automate tedious and mundane processes and streamline processes to help them function efficiently - GoodFirms Concludes.
Key Findings:
- Handmade and Organic Products are a major trend in the apparel industry.
- Automation can bring transformation changes to the apparel industry.
- The increasing internet and smartphone penetration contributes to the growing apparel industry.
- The cost of the product and the garment's quality are among the top parameters consumers consider when buying.
- In the coming years, the apparel manufacturing industry will adopt newer fashion trends like gender-neutral fashion.
About Research:
GoodFirms Survey- "Apparel Manufacturing Industry: Trends and Setbacks" surveyed 470 businesses, which included sellers, retailers, suppliers, and consumers, to explore the current trends in the apparel industry, management methods, challenges, and future growth of the industry.
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About GoodFirms:
GoodFirms is a Washington, D.C.-based B2B review and rating platform that focuses on delivering rich, original, and in-depth coverage of IT products and services to readers. The company works with a mission to serve the B2B players. Both service seekers and service providers benefit from the reviews, ratings, and research insights delivered by GoodFirms.
