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