Forecast: Production of Clothing in Spain

The production of clothing in Spain has seen fluctuations over the past decade, showing a general decline. In 2013, the production stood at 6.37 billion euros and slightly fluctuated until 2020, when it suffered a substantial drop to 4.56 billion euros, marking a challenge for the industry. Coming into 2023, the production valued at 4.99 billion euros, indicating a continuous but slower decline compared to previous years.

Analyzing year-on-year variation, the industry saw significant declines in years like 2020, which dropped by 19.52%. Recently, from 2022 to 2023, the decline was steadier at around 3%. The Compounded Annual Growth Rate (CAGR) over the last 5 years up to 2023 was -2.98%, reflecting a persistent downward trend in production.

Looking ahead, forecasts suggest a further decline with a projected production of 4.15 billion euros by 2028. The forecasted 5-year CAGR is -2.95%, implying a total decline of 13.9% over this span.

Future trends to watch for include the impact of sustainability measures, technological advancements in manufacturing, and changes in consumer preferences, which could influence production levels and potentially mitigate the downward trend.