The wearing apparel sector in Turkey demonstrated significant growth from 2013 to 2023, with a turnover rising from 53.93 Billion New Turkish Liras to 216.75 Billion New Turkish Liras. During this period, the turnover marked a steady year-on-year increase, peaking in 2018 with a growth rate of 28.98%. Notably, the compound annual growth rate (CAGR) over the last five years (2019 to 2023) averaged 11.59%, indicating robust growth despite some economic challenges.
From 2024 onwards, the turnover is projected to continue its upward trajectory, reaching 295.59 Billion New Turkish Liras by 2028. However, the forecasted 5-year CAGR of 4.89% suggests a deceleration in growth compared to the previous years, with a forecasted total growth rate of 26.95% over this period.
Future trends to watch for in the Turkish wearing apparel sector include:
- Shifts in consumer preferences towards sustainable and ethically produced apparel.
- The impact of technological advancements such as AI and automation in manufacturing.
- Evolving e-commerce platforms reshaping the retail landscape.
- Potential global economic factors and trade policies affecting export dynamics.
- Increasing influence of fast fashion and its potential market saturation impact.
