In March 2024, there was a significant slowdown in the global garment industry, with data on imports and exports on major markets falling. According to a May 2024 report by Wazir Consulting Company, this trend is consistent with a decline in retailers’ inventory levels and a weakening of consumer confidence, reflecting recent worrying prospects.

The major importing countries of the global clothing market, such as the United States, the European Union, the United Kingdom and Japan, showed significant declines in clothing import data. Specific data showed that in March 2024, U.S. clothing imports fell by 6% to $9.9 billion. Clothing imports in the EU, the UK and Japan fell by 8%, 22% and 26%, respectively, highlighting a shrinking global demand.

This decline in imports coincided with the inventory data for retailers in the fourth quarter of 2023.The data showed that retailers’ inventory levels dropped significantly compared to the previous year, indicating that retailers were cautious about increasing inventories due to weak demand.

The decline in consumer confidence further aggravated this situation.In the United States, the consumer confidence index in April 2024 reached a seven-quarter low of 97,0, meaning consumers are unlikely to waste on clothing.This lack of confidence could further suppress demand and hinder the rapid recovery of the clothing industry.

The situation for clothing exporters is equally unoptimistic. Clothing exports from major clothing suppliers such as China, Bangladesh and India also experienced a decline or stagnation in April 2024.The data show that China’s clothing exports fell by 3% compared to $11.3 billion; clothing exports from Bangladesh and India were equal to April 2023.This shows that the economic slowdown is affecting both ends of the global clothing supply chain.

Nevertheless, clothing exports are declining at a slower rate than imports are declining, showing that global clothing demand is weakening but continuing.This trend, however, also reflects that global clothing supply chains are undergoing stress tests and major suppliers need to look for new strategies to cope with market changes.

The U.S. clothing retail market shows a confusing trend. Although sales in U.S. clothing stores fell by 3% compared to April 2024, online clothing and accessories sales in the first quarter of 2024 dropped just 1% compared to the same period in 2023.

However, this resilience appears to be limited: Sales in household appliances stores fell by 2 percent compared to April 2024, and cumulative sales from January to April this year fell by about 14 percent compared to 2023.

The UK market also showed a cautious attitude of consumers. In April 2024, UK clothing stores sold ￡3.3 billion, down 8% compared to the same year. However, online clothing sales in the first quarter of 2024 grew by 7% compared to the first quarter of 2023. This trend suggests that UK consumers may be turning their shopping habits to online channels in search of more convenience and pricing.

Wazir’s research shows that the global clothing industry is experiencing a slowdown, with imports, exports and retail sales declining in some regions. The decline in consumer confidence and the decline in inventory levels are influencing factors. However, there are some differences between different regions and channels. For example, sales in U.S. clothing stores have seen unexpected growth, while online sales in the UK are growing.

The global clothing industry is facing a significant slowdown, with import and export data on major markets declining, reflecting weak demand and consumer confidence. However, the performance of different regions and sales channels also shows the complexity and diversity of the market. Dress sales trends in the United States and the United Kingdom differ significantly, suggesting that consumer behavior and changes in market demands need further research and analysis. In the future, the clothing industry needs more flexible strategies and innovations to address market uncertainties and challenges.