Fashion purchases sum up to $8.3 billion to April
During the first four months of the year, Colombians spent $8.3 billion on fashion products, which meant a 4% growth compared to the same period last year, according to Carlos Eduardo Botero, president of Inexmoda.
According to a report of the firm, the cities that consume the most in this market segment are Bogota in first position with $676.582 million, followed by Medellin with $192.162 million, Cali with $113.006 million, Barranquilla with $84.595 million and Bucaramanga with $42.417 million.
Another indicator that demonstrates the performance of the textile sector is the sales and production. According to data from the Dane, the first three months of the year the garment production index grew 5.4% compared to the same period of last year, and the clothing sales increased 0.5% in this same period.
Although the first months of the year have been dynamic, Botero assures that they are expecting the second semester to be better and the sector to have a greater commercial boost, allowing fashion consumption to close with a growth of a 4% this year. However, he reiterated that this increase depends a lot on the tariffs included in the National Development Plan.
The manager was emphatic on this subject when saying that the Government should carry out a study that allows the industry to know the true impact that these would have. There is a division of positions in some unions that they believe will be good for the sector, while others say that prices would rise about a 25%, increasing smuggling.
According to Botero, they are hoping that part of the dynamism that will be achieved in this industry in the second semester will be thanks to the business done at Colombiamoda, a fair that is celebrating its 30 anniversary and it will take place from the 23rd to the 25th of July.
The executive underlined that, in the last version of the fair, business closed with US $169 million. However, he assured that this year they don’t have a projection on the subject because there is a change in the fairs format, where brands can connect with the final consumers, because “beyond the product, people are looking for experiences”, he added.
In order to adapt the fairs to the realities of the new market, the manager stressed that they seek to prepare the fashion industry with the Fourth Industrial Revolution. “We have to get involved in digital issues, competitiveness, consumer connection and digital transformation, if we want to be sustainable in the medium and long term”, he said. On the other hand, Botero said that they will have around 500 exhibitors and expect to have 12.000 buyers, of which, 15000 would be international. He also mentioned that they are not only hoping to boost the local market, but also to boost the exports.