The market size value per capita for shawls, scarves, and veils in Colombia has shown a declining trend from 2013 to 2023, with a drastic decrease from $0.22 in 2013 to $0.054 in 2023. In the last two years, the year-on-year decrease was 16.92% from 2021 to 2022 and 16.92% from 2022 to 2023. Over the last five years, the compound annual growth rate (CAGR) reflects an average annual decline of approximately 5.1% from 2019 to 2023.
Future trends to watch for include:
- The impact of economic recovery post-pandemic on consumer spending.
- Increased focus on sustainable and locally-produced textile products.
- Consumer shifts towards multifunctional apparel for practical use.
- The influence of digital channels on distribution and consumer access.
