The Latest Global & Apparel Market Trends presents a complex landscape affected by various factors such as crude prices, supply chain disruptions, consumer confidence, inflation data, retail trade, and apparel imports and pricing trends.
This comprehensive analysis delves into the key indicators impacting the global market.
1. Crude Prices Analysis
Ongoing Disruptions
The current disruptions in the Red Sea/Suez Canal Zone have led to an upward trend in crude prices, inching closer towards $80/barrel.
Non-OPEC+ Nations
However, the global crude prices are less likely to reach $100/barrel near in 2024, as the non- Opec+ nations (Brazil, Guyana, Canada & Norway) have increased their production & supplies in the market.
2. Supply Chain Disruptions Impact
Global Supply chains are stressed once again, owing to the ongoing disruptions at the Red Sea & Suez Canal.
Freight Charges
The ongoing disruptions at the Red Sea and Suez Canal have resulted in a 40% increase in voyage distance towards the Cape of Good Hope, leading to potential hikes in freight charges.
Export Impact
Indian exporters could face a surge of 25-30% in freight charges over consignments destined to Africa & Europe, impacting India’s Q4 exports significantly.
3. Consumer Confidence Analysis
USA
The Consumer Confidence Index in the USA improved to 102 in Nov’23, indicating an upward trend in consumer confidence.
Europe
In the EU, the index improved to -16.9 in Nov’23, signifying a positive shift in consumer confidence.
UK
The UK exhibited improved consumer confidence, rising to 97.8 in Nov’23.
Japan
In Japan consumer confidence improved to 36.1 in Nov’23 from 35.7 in Oct’23.
Australia
In Australia consumer confidence improved to 82.10 in Nov’23 from 79.9 in Oct’23.
4. Inflation Data Analysis
United States
The US inflation rate eased to 3.1% in Nov’23, indicating progress towards the Federal Bank’s target of 2%.
Euro Area
In the Euro Area, the annual inflation rate decreased to 2.6% in Nov’23 from 2.9% in Oct’23.
United Kingdom
Annual inflation growth in the UK fell to 3.9% in Nov’23 from 4.6% in Oct’23.
Japan
Japan experienced a slowdown in the annual inflation growth rate to 2.8% in Nov’23 compared to 3.3% in Oct’23.
5. Retail Trade Analysis
United States:
According to the National Retail Federation in the USA, retail sales rose impressively by 0.3% in Nov’23, indicating resilience in consumer consumption despite higher interest rates.
Apparel retail sales and clothing and accessories sales also exhibited positive trends.
The apparel retail sales in the US was up by 0.6% on YoY basis, also the clothing and accessories sales were reported to be high by 0.87% on MoM basis in November’23.
United Kingdom:
According to Office for National Statistics, UK
The Office for National Statistics in the UK reported an estimated 1.3% increase in retail sales in Nov’23, with clothing stores experiencing a boost in sales due to increased Christmas spending.
Clothing Stores reported a 1.3% increase in Nov’23, the increased Christmas spending in Nov’23 is expected to have provided stimulus to the usual Nov’23 sales.
6. Apparel Imports
US Textiles & Apparel Imports
Imports dropped by 21.4% to $90 Bn in the Jan-Oct’23 period.
UK Clothing Imports
Imports declined by 38% to £1.47 Bn in Oct’23.
Japan Clothing Imports
Japan witnessed a 13% decline in clothing imports in Oct’23 compared to Sep’23, amounting to 139 Bn yen.
Australia Clothing Imports
Clothing Imports declined by 4.9% in Oct’23 from Sep’23.
7. Apparel Retail Price Trends
US- US retail prices for apparel slightly increased by 0.2%, contrasting previous months’ declines.
Europe– Clothing & footwear prices in Europe increased by 0.4% in Nov’23 on M-o-M basis and 1.8% on YoY basis.
United Kingdom– The textile, apparel & leather product prices were up by 1.2% in Nov’23 from Oct’23.
Note: Please keep following our blog for latest global trends and updates, you can also write to us at srjsharma7@yahoo.com for any further specific information required. All the above data is for your information purpose only, there may be few variation in data please cross check at your end as well.
Source: Google.com/ Fibertofashion/NRF/Office for National Statistics
