The Colombian Fashion System returns to 2014 levels in 2022
The Colombian Fashion System, which comprises the country's fashion, apparel and textile industry, has endured difficult years, declining particularly since 2014. However, in 2022, the industry not only managed to exceed pre-pandemic figures but to return to 2014 levels.
Official figures from the industry presented by Camilo Herrera, president of the Colombian consulting firm Raddar, Inexmoda's key statistical ally, revealed that in 2014 consumption of clothing accounted for 2.49% of total household expenditure in Colombia.
The figure declined year by year to 1.78% of total household spending by the end of 2020. By the end of 2022, this percentage increased to 2.52%. In 2023, Colombians are expected to spend at least 2.70% of their income on fashion, i.e. the same percentage as in 2012. It should also be noted that household income in Colombia has now grown by 50.5%.
The economist concluded that household spending on clothing in Colombia would result in a figure 50% higher in 2023 than in 2012, setting an all-time record for the sector, which until 2021 had not seen inflation in its prices nor an improvement in the industry's economic conditions.
The Colombian Fashion System makes its financial adjustments at the beginning of the year, in line with global inflation and that of its inputs.
Copyright © 2023 FashionNetwork.com All rights reserved.