March 13, 2005
INVESTORS.com: Colorful shirts, pretty prints and sharp men's suits brought a new look to the apparel industry in 2004. The industry's finances were brighter as well.
Apparel sellers took a beating when the economy went into recession in 2001. Sales declined for three years. But last year, apparel industry revenue finally rose again.
Growth is expected to continue this year. Consumers will likely replace pants, shirts and blouses they've been wearing for several years when money was tight, says analyst Marshal Cohen at the research firm NPD Group.
"After all, you can only wear your khakis for so long before they wear out or don't fit anymore," Cohen noted in a recent report.
During the 1990s, apparel sales grew at a steady pace, peaking in 2000 at almost $176 billion. Last year they nearly reached that peak again, with sales hitting $173 billion. That was up 4% from 2003's $166 billion. Analysts expect industry revenue to reach an all-time high this year.
Apparel Market Wearing Well [INVESTORS.com]
By Yuelin Toh @ 1:44 PM | Trends & Insights | Comments (0) | Article Link
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