The Finnish textiles, wearing apparel, and leather products sector has experienced a significant decline in its workforce over the past decade. In 2023, the number of employees stood at 4,000 persons, representing a 9.09% year-on-year reduction. This continues the downward trend with notable drops such as a 10.2% decline in 2022 and a 7.55% decline in 2021. Historically, the sector saw a small recovery in 2017 with a 4.84% increase, but this proved to be a temporary respite. The five-year CAGR leading up to 2023 was -8.97%, highlighting a steady annual decrease.
Looking forward, the workforce in this sector is forecasted to shrink dramatically, with estimates indicating a decline to 1,800 persons by 2028. The projected five-year CAGR is -12.45%, corresponding to an anticipated near 50% drop in employment from 2024 to 2028.
Future trends to watch for include the industry's adaptation to technological advancements, shifts towards sustainable practices, and potential policy interventions aimed at rejuvenating this declining sector. Increasing automation and global competition might further exacerbate job losses, while initiatives in sustainable and ethical fashion could present new opportunities for growth and employment.