Has Cheap Fast Fashion Had Its Day?
Exports from China have seen another drop in exports sparking concerns over the worldwide economic outlook.
China has long been the lead driver of the worldwide economy, leading the way in industry and exports, however the latest figures reveal that exports fell by 4.4% compared to a year earlier and imports were also down by 12.5%. The drop is worse than financial analysts had been expecting.
The figures combined with low commodity prices along with the EU debt crisis and Brexit have had a negative effect on economic activity around the world. China in particular has been affected, with a reduction in orders and heavy flooding in some areas impacting business. China is no longer the cheap option it once was for mass manufacturing, and within the garment trade ‘chasing the cheap needle’ has earmarked South America and Africa as the next places to consider.
However, Jenny Holloway, CEO of FashionCapital & Fashion Enter says that the days of ‘pile ’em high and stack ’em cheap’ have gone and today’s consumer is looking for ethically made products at a good price. She states, “They’ve missed the point regarding garment construction. The demand for trending fast-track quality fashion has never been higher. In a traditionally slow month for garment manufacturing we (Fashion Enter) are virtually at full capacity because the days of ”˜pile ’em high and stack ’em cheap’ have gone. It’s niche marketing for a fashion conscious customer who knows what’s she/he likes at affordable prices. Made it Britain is viable and it cuts down on that carbon footprint too.”