The United States Fashion Industry Association (USFIA) produces an annual Fashion Industry Benchmarking Study, in conjunction with Dr. Sheng Lu, Associate Professor in the University of Delaware's Department of Fashion & Apparel Studies. This annual survey of executives from leading fashion brands, retailers, importers, and wholesalers covers the business outlook, sourcing practices, utilization of Free Trade Agreements and preference programs, and views on trade policy.
USFIA Fashion Industry Benchmarking Study for 2023
In July 2023, we released the tenth annual Fashion Industry Benchmarking Study.
Key findings from the 2023 Fashion Industry Benchmarking Study include:
- The uncertain macroeconomic outlook poses significant business challenges to U.S. fashion companies in 2023
- U.S. fashion companies are deeply concerned about the deteriorating U.S.-China bilateral relationship and plan to accelerate "reducing China exposure" to mitigate the risks
- Tackling forced labor risks in the supply chain remains a significant challenge confronting U.S. fashion companies in 2023
- There is robust excitement about increasing apparel sourcing from CAFTA-DR members
- Respondents demonstrate a solid dedication to expanding their sourcing of clothing made from recycled or other sustainable textile fibers
- Respondents strongly support and emphasize the importance of the early renewal of AGOA and extending the program for at least another ten years
We asked, How do you anticipate your company's financials (profit margin) this year relative to last year?
Mouse over the chart sections to see the percentages. More respondents have a positive outlook for 2023 than did last year, with over half expecting their company's financials to improve.