Speaking of this, many only relate textile industry with the apparel business. It’s most commonly seen in the clothing we put on ourselves. Cotton price dropped below 60 cents this year due to a large export amount and overstock in China. The apparel industry saturation has led to an excessive inventory. This also indicates that consumers are choosing to spend their allowance on other things. In an recent report from Morgan Stanley, apparel expenditure took up to 7 percent in 1972 and has dropped to 3 percent in 2013.
The apparel industry focuses on custom-made styles and sizes and what technology it could be applied to this craft art, known as the wearable. You can buy t-shirts everywhere, from Macy’s, Urban Outfitters, or Nordstrom. But a t-shirt that is tailored to you must be custom made. It’s unique. With the variety of materials, clothing are no longer only knitted. It could be printed out by 3D printers.
The globalization makes trade so much more easily and cheaper. It creates more job in developing countries, in which is strengthening their consuming power. Once they have a surplus in expenditure, they can afford other things besides necessity, such as food and basic clothing.
A new study supports its idea that non-apparel textile (including sheets, towels, rugs, carpets, rope and twine) mills and manufacturing industry in the US will reach $35.6 billion by 2021. If you look at these products closely, they are all tightly related to the service industry, which is a larger part of a developed state’s economy. Therefore, as a member in the textile manufacturing hub, we’ve realized the importance of producing the wanted products instead of the popular ones and have learned the lesson.