Based on the data, the number of self-employed people in the wearing apparel manufacturing sector in Canada is forecasted to decline from 2024 to 2028. Starting from 1.72 thousand units in 2024, it is projected to reduce significantly to 0.96 thousand units by 2028. Compared to the actual figures from 2023, the trend shows a clear decrease. The year-on-year declines are as follows:
- 2024 to 2025: -11.05%
- 2025 to 2026: -12.42%
- 2026 to 2027: -14.18%
- 2027 to 2028: -16.52%
Over the last two years, the variations indicate a consistent downward trend. The compound annual growth rate (CAGR) over the five-year period is -13.4%, reflecting a steady decline.
Future trends to watch for include potential disruptive technological advancements in manufacturing, increased automation, and shifts in consumer preferences towards sustainable and ethically produced apparel. Additionally, globalization and trade policies could further influence the number of self-employed individuals in this sector.
