USFIA Releases Tenth Annual Fashion Industry Benchmarking Survey

Date:

July 31st, 2023

FOR IMMEDIATE RELEASE

Findings show U.S. industry executives express cautious optimism for five-year outlook

Washington, D.C. – The United States Fashion Industry Association (USFIA) has released the tenth annual Fashion Industry Benchmarking Study, a survey of executives from 30 leading fashion brands, retailers, importers, and wholesalers, including some of the largest brands and retailers in the country.

Conducted in conjunction with Dr. Sheng Lu, Associate Professor in the University of Delaware Department of Fashion & Apparel Studies, the survey asked respondents about their business outlook, sourcing practices, utilization of Free Trade Agreements and preference programs, and views on trade policy.

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
Bhargav Pathak
Bhargav Pathakhttps://textilesresources.com
With a passion for the textile, apparel, and fashion industry, I embarked on a journey fueled by education from NIFT Gandhinagar and affiliation with NDBI at NID Ahmedabad. Since 2006, I've contributed to various corporate ventures, specializing in B2B, B2C, SaaS, and AI products within the textile domain. In July 2023, I launched TextilesResources.com, a knowledge hub offering the latest news, articles, and soon-to-come features like interviews and a trade fair calendar. Grateful for the growing community, we've recently introduced a Business Directory for enhanced visibility. Join us on LinkedIn and stay connected with the ever-evolving textile landscape!

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