The wearing apparel turnover in Austria is forecasted to decline from 557.5 million euros in 2024 to 454.7 million euros in 2028. This reflects a consistent year-on-year decrease of around 5% from 2024 onward. Looking back, the turnover in 2023 stood higher than in any future forecasted year, emphasizing a negative growth trend in the industry. The compound annual growth rate (CAGR) of the sector over the next five years is projected to be negative, indicating sustained downward momentum.
Future trends to watch for:
- E-commerce evolution and its impact on traditional retail.
- Changing consumer preferences towards sustainable and ethical fashion.
- Impact of economic factors and disposable income on consumer spending.
- Technological advancements like virtual fitting rooms and personalized shopping experiences.
