In 2023, European Clothing and Footwear nominal expenditure as a percentage of GDP showed varying trends across countries. Kosovo witnessed the highest growth with a 3.04% increase, while Ireland experienced the steepest decline at -7.79%. Iceland also saw a significant increase of 3.5%, whereas Spain and Lithuania experienced notable declines of -6.36% and -6.11% respectively. Countries like Montenegro, Romania, Portugal, Italy, and Austria also faced decreasing trends. Meanwhile, Latvia and select countries like Slovenia, Macedonia, and the Czech Republic maintained stable expenditure levels compared to the previous year.
Future trends to watch for:
- Potential recovery in countries facing declines, influenced by economic policies and market dynamics.
- Growth opportunities in emerging markets such as Kosovo and Iceland.
- Impact of sustainable fashion initiatives and digital transformation on expenditure.
- Possible fluctuations due to global economic conditions and consumer behavior shifts.
Top countries in Clothing and Footwear Nominal Expenditure by Country
| # | 10 Countries | Percent of GDP | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Kosovo | 7.2 | 2023 | +18.03% | +3.04% | View data |
| 2 | 2 Montenegro | 4.7 | 2023 | +4.44% | -1.62% | View data |
| 3 | 3 Romania | 3.9 | 2023 | 0% | -1.47% | View data |
| 4 | 4 Portugal | 3.7 | 2023 | 0% | -2.03% | View data |
| 5 | 5 Bosnia and Herzegovina | 3.4 | 2023 | 0% | -0.58% | View data |
| 6 | 6 Italy | 3.3 | 2023 | 0% | -2.26% | View data |
| 7 | 7 Latvia | 3.2 | 2023 | -11.11% | +2.71% | View data |
| 8 | 8 United Kingdom | 3.1 | 2023 | +3.33% | 0% | View data |
| 9 | 9 Cyprus | 3 | 2023 | -3.23% | -2.47% | View data |
| 10 | 10 Serbia | 3 | 2023 | 0% | +0.68% | View data |
