key points Flashcards
value of clothing market?
£58 billion in 2022
forecasted value of clothing market?
£75 billion in 2026
who dominates the market?
China due to extensive industrial infrastructure, high skilled work force and streamlined supply chains.
why is china a preferred choice for manufacturing location?
proficiency in managing large scale production has established it as the preferred choice for cost-effective mass manufacturing
why are brands moving out of china?
due to increasing labour costs, difficulty visiting the factors
what countries benefit from brands moving out of china?
India, Vietnam and Morocco benefit as they offer competitive labour costs, skilled workforces and favourable business environments
what is the clothing industry increasingly prioritising?
inclusivity and diversity - representing different body types, ethnicities and backgrounds
where is there significant growth in the clothing industry?
growth in resale and second hand market via platforms such as vinted and depop
what are customers showing a preference for>
environmentally friendly materials, ethical supply chains and transparent business practices
what is rising in demand and why?
due to people working remotely due to COVID, there’s a rise in demand for for comfortable yet smart work-from-home attire that is suitable for meetings
key words to include in essays
fabric, elastic, fashion, fast fashion, garments, stitching, textiles, sizing, denim, apparel, cotton, silk, polyester, designer clothing, seams, sewing machine
what percent of e-commerce is fashion
31%
how does globalisation impact fashion industry
larger range of products offered in all countries across the world - becoming more homogenous
no. of mobile phones globally
2020 = 4 billion
2025 = 18 billion
types of commerce
e-commerce = electronic commerce
m-commerce = mobile commerce
s-commerce = social commerce (social media)
