Online personal styling service Stitch Fix report: US Consumers’ spending on apparel and footwear exceeded pre-pandemic levels
_large.jpg)
22 October 2021, Mumbai:
As per a new report by online personal styling service Stitch Fix, US Consumers’ spending on apparel and footwear exceeded pre-pandemic levels in every month of 2021.
As per a Daily Star report, the pandemic greatly accelerated the shift toward online shopping. E-commerce grew to account for 36 percent of total apparel and footwear sales in 2020, versus 26 percent in 2019, it said.
Apparel export to the American markets from Bangladesh grew 45.91 percent year-on-year to $4.23 billion in the July-December period.
Export of goods and footwear made of leather to the US markets also increased thanks to high demand from retailers and brands.
The export growth was mainly driven by three factors -- the US-China trade tension, strength in production of both basic garment items and those in the middle range of price and quality, and competitive prices.
The Ha-Meem group exported $550 million worth of garment items in 2021 of which 95 percent went to the US markets. This year some $100 million worth more garment items are expected to be shipped to the US markets.
Similarly, the Noman Group, another leading garment exporter, has also been receiving more work orders from US-based retailers and brands this year compared to last year.
Western retailers and brands have been heading over to Bangladesh with plenty of work orders in an attempt to diversify sources and reduce overdependence on a single source.
Bangladesh’s leather and leather goods and footwear export have witnessed a growth of over 18 percent year-on-year in the July-December period. MdShahidullahAzim, Managing Director, Classic Fashion, said garment exports to the US markets at the end of the year may cross $8 billion as the growth was very high.
Faruque Hassan, President, BGMEA added, the confidence of Bangladeshi apparel items has improved a lot following the strengthening of workplace safety and continuation of product supply even during the pandemic's peak. Local manufacturers Aare also very strong in the production of garment items, he added.
Stay Updated.
Follow us on Linkedin & Youtube.
