Summary:
The European textile industry has changed dramatically
Global textile companies may usher in great changes
With the European Parliament elections approaching from 6 to 9 June 2024, a battle for the future of Europe's textile and apparel industry is quietly unfolding.
Elections to the European Parliament
As one of the important pillars of the European economy, the textile industry has registered up to 192,000 enterprises in Europe, providing employment for more than 1.3 million people, with an annual turnover of up to 167 billion euros and exports of more than 67 billion euros.
The size of the European textile market
The European textile market is huge, with a complex history, size, and key players.
It can be briefly summarized into the following four main points for readers' reference:
The European textile market size is expected to be USD 185.8 billion in 2024 and is expected to reach USD 219.89 billion by 2029, registering a CAGR of 3.43% during the forecast period (2024-2029).
In Europe, the textile industry contributes greatly to the economy, employing nearly 6% of the working class in the manufacturing sector. In the wake of the COVID-19 pandemic, younger generations are paying attention to the latest fashion trends. Changing collections every three weeks has prompted consumers to adopt new behaviors.
Digital platforms and digital marketing strategies are becoming increasingly popular in the European fashion market, and with the growth of e-commerce, many new brands have emerged, and businesses can attract consumers through virtual reality. The fashion and online apparel industry is the industry with the most significant growth in e-commerce sales. As a result, the emergence of online platforms has increased consumer spending on apparel purchases through these channels, thereby driving sales and revenue in the European textile market.
The European market leader in textiles
The European Textile and Apparel Industry Association issued a declaration, not only reflects the European textile and garment industry on its own development of firm confidence, but also reveals the deep concern for the entire European industrial base, Association President Alberto Pacanelli stressed that the election will be a key turning point in the future development of the European machine industry base, he called on Europe must actively expand global partnerships, in order to defend the competitiveness of other textile and garment industries, and then have a profound impact on the global textile industry pattern.
Segmentation of the European textile industry
Will the European textile and apparel industry continue to develop as it should, and what will it gain or lose from this European Parliament election?
Let's pay close attention to the dynamics of the West!