The textile and fashion industry in Colombia would close this year with a transversal contraction of between 11% and 13% in its sales, a figure that, although high, is very encouraging compared to the 45% drop seen by the industry. during the month of April.
The recovery of the sector has been faster than budgeted, with an improvement even in spending in the pocket of Colombians, however, it is estimated that the Fashion System in Colombia will take at least 2 years to return to the 2019 figures, according to initial projections by Raddar and Inexmoda.
The consultancy forecast that fashion would grow by 4% in 2021, managing to counterbalance this year's decrease and potentially close 2022 with the same figures as 2019, including the inflation adjustment. Traditionally, the fashion industry in Colombia has been growing below the CPI, but 2021 could break this cycle.
Official figures from the World Bank foresee an advance of between 4% and 5% in the national GDP by 2021, the same figure that the fashion system projects to grow. Fashion consumption in the country does not cease, although in the first stage of the pandemic the textile manufacturers opted for masks and biosafety garments, "fashion" seems to have returned to normal with a high consumption not only of comfortable clothes , but also jeans, sports shoes, blouses and beachwear.
The Fashion System represents 8.5% of the country's industrial GDP and is vital for the proper functioning of the economy and jobs.