INSIGHTS
- In 2022, imports of home textiles into Europe decreased by 17.4%.
- Higher inflation and increasing interest rates in industrialized nations are blamed for this slowdown.
- Prior to the pandemic, import values had nearly quadrupled in 2020, but they started to decline in 2021 and 2022.
- From Q4 2021 to Q4 2022, incoming shipments decreased according to quarterly data.
Imports of home textiles into Europe decreased significantly in 2022, falling by 17.4% to $33.3 billion. Exporters blame the decline on increased interest rates and inflation, which have slowed down retail demand in wealthy nations.
The Russia-Ukraine conflict raised crude oil prices, which fueled inflation worldwide, especially in the US and Europe. Major brands cut back on their purchasing as a result of the war’s enormous impact on Europe’s retail sales. Consumers’ discretionary spending on commodities like apparel, home textiles, and fashion is declining. The ensuing decline in the years that followed was partly influenced by the spike in demand for household textiles during the epidemic.
The market research tool TexPro from Fibre2Fashion estimates that imports of home textiles into Europe increased to $61.375 billion in 2020 from $32.296 billion in 2019 but fell to $40.408 billion in 2021. In 2022, the import value further decreased to $33.4 billion, returning to pre-pandemic levels.
Since Q4 2021, when the incoming cargo was recorded at $10.069 billion, it has decreased. According to TexPro, the amount was $9.147 billion in Q1 2022, $8.482 billion in Q2, $8.038 billion in Q3, and $7.709 billion in Q4 2022.
By- Mansi Patil
