The employment in the textiles, wearing apparel, and leather products sector in Austria has been on a consistent downward trend over the past decade. From 2013 to 2023, employment fell from 17.12 thousand units to 9.57 thousand units, reflecting a continued decline, with an average annual reduction rate (CAGR) of approximately 7.26% over the last five years. This trend has accelerated in recent years, with the year-on-year decline increasing from -2.93% in 2013 to -7.59% in 2023.
Over the next five years, forecasts predict an even steeper contraction, with the employment expected to drop to 5.46 thousand units by 2028. The forecasted average annual decline rate (CAGR) is projected to be around -8.9%, representing a significant 37.26% reduction in employment from current levels.
Future Trends to Watch:
- The impact of automation and Industry 4.0 technologies on job reductions.
- Shifts towards sustainable and ethical fashion affecting employment structures.
- The potential for upskilling and reskilling initiatives to mitigate employment losses.
- Global trade policies and their impact on local manufacturing and employment.
