Financial Crisis Will Affect European Apparel Industry Next Year
A research report released by the French fashion Research Institute shows that the global financial crisis spreading around the world will affect the European apparel industry in 2009. The sales volume of European clothing industry will decline overall next year.
The report predicts that the European costumes will continue to decline in 2009 as a result of the financial crisis. Sales of European clothing industry will drop by 2.5 percentage points from August 2008 to August 2009.
According to the report, Germany will be the most severely affected country, the consumption of garments will be reduced by 4.9%, followed by Spain, France and Italy, with a drop of 2.8%, 2.5% and 1.9% respectively.
Gilda Manviel, director of the economic observation Institute of French fashion Research Institute, pointed out that the continuous spread of the financial crisis, coupled with the uncertainty of global economic development, has greatly reduced people's purchasing power, and the price performance requirements for clothing products will also become more stringent.
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