The forecast for wages and salaries in the UK's knitted and crocheted apparel sector indicates a downward trend from 2024 to 2028. In 2023, the total stood at 42.5 million Euros. From 2024 onwards, a continuous decrease is projected: 39.3 million Euros in 2024, dropping to 26.1 million Euros by 2028. This reflects a year-on-year percentage decrease with an average annual contraction of 9.49% over these years. Such sustained declines highlight potential issues in the industry, possibly related to increasing automation, offshoring, or changes in consumer demand.
Future trends to watch include:
- The impact of technological advancements and automation on labor demand.
- Potential shifts in consumer preferences towards sustainable and locally produced apparel.
- Evolving trade policies post-Brexit and their effects on the UK textile industry.
