According to foreign media reports, the volatile economic outlook in the United States has led to a decline in consumer confidence in economic stability in 2023, which may be the main reason why American consumers are forced to consider spending priorities. Consumers are struggling to maintain disposable income for a rainy day, which is also affecting retail sales of clothing and imports of clothing.

Sales in the fashion industry are plummeting, which in turn is causing US fashion companies to be wary of import orders for fear of inventory piling up.

In the second quarter of 2023, U.S. apparel imports fell 29 percent, in line with declines in the previous two quarters. The contraction in imports was even more pronounced, falling 26.5 per cent after falling 8.4 per cent and 19.7 per cent in the previous two quarters.

Surveys suggest that orders will continue to fall

In fact, the current situation is likely to continue for some time. The Fashion Industry Association of America conducted a survey between April and June 2023 of 30 leading fashion companies, most of which have more than 1,000 employees. The 30 brands that participated in the survey said that despite government statistics showing U.S. inflation falling to 4.9 percent at the end of April 2023, customer confidence has not recovered, suggesting there is little chance of increasing orders this year.

The 2023 Fashion Industry study found that inflation and the economic outlook were the top concerns of respondents. In addition, the bad news for Asian apparel exporters is that only 50 percent of fashion companies now say they are "likely" to consider raising sourcing prices, compared to 90 percent in 2022.

In line with the rest of the world, the apparel industry is expected to shrink by 30 percent in 2023 - the global market for apparel, which was $640 billion in 2022, is expected to fall to $192 billion by the end of this year.

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