The United States Fashion Industry Association (USFIA) produces an annual Fashion Industry Benchmarking Study, in conjunction with Dr. Sheng Lu, 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.
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USFIA Fashion Industry Benchmarking Study for 2024
In July 2024, we released the eleventh annual Fashion Industry Benchmarking Study.
Key findings from the 2024 Fashion Industry Benchmarking Study include:
- The top 5 business challenges in 2024 are: inflation and economic outlook in the U.S., managing the forced labor risks in the supply chain, shipping delays and supply chain disruptions, managing geopolitics and other political instability related to sourcing, and the protectionist trade policy agenda in the U.S.
- 75 percent of respondents feel optimistic or somewhat optimistic about the next five years.
- U.S. fashion companies are actively exploring new sourcing opportunities, with a particular focus on emerging destinations in Asia and the Western Hemisphere.
- Making apparel sourcing more sustainable, ethical, and socially responsible remains a pivotal focus for U.S. fashion companies. 82 percent of respondents plan to allocate MORE resources toward sustainability and compliance in 2024 and nearly 95 percent of respondents also plan to either increase their operational budget or maintain it at the same level as last year to support enhanced sustainability and compliance efforts.
This year's survey respondents were more optimistic than last year, bucking a 2-year trend.
India is the new rising star for Asian sourcing bases, surpassing Bangladesh for the first time and landing in the top spot for where companies want to expand sourcing.
This year, survey respondents underscore the importance of immediate renewal of AGOA before its expiration in September 2025 and extending the agreement for at least another ten years.
CLICK HERE TO DOWNLOAD THE 2024 STUDY
CLICK HERE TO DOWNLOAD THE 2023 STUDY
CLICK HERE TO DOWNLOAD THE 2022 STUDY
CLICK HERE TO DOWNLOAD THE 2021 STUDY
CLICK HERE TO DOWNLOAD THE 2020 STUDY
CLICK HERE TO DOWNLOAD THE 2019 STUDY
CLICK HERE TO DOWNLOAD THE 2018 STUDY
CLICK HERE TO DOWNLOAD THE 2017 STUDY
CLICK HERE TO DOWNLOAD THE 2016 STUDY