Shifting of the Textile Sector
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The rapid shifting of the textile sector in America and the positive effects it has on the other sectors of the economy.
American economy has been struggling with its textile sector since many years and has made many efforts to improve it; Finally, now there has been a change noticed.
The shift which is recorded from the startup companies is that now they try and source garments locally than exporting them. This might be the beginning of a new economy and an opportunity for the other sectors.
“A recent survey of major American fashion and retail companies by the U.S. Fashion Industry association indicated the continuing rise of domestic sourcing from home. The U.S. ranked fifth among the respondents sourcing destinations, with 53 percent sourcing from home. Nearly 39 percent of the respondents said they plan to increase sourcing by value or volume in the U.S in the next two years and 80 percent of the companies said they already source in America.”1
This might be the time America starts paying attention to it’s textile sector. Granted that it has cheap electricity and low gasoline prices, it could evolve the textile sector from what it is at the current state. Further more this could create merchandise that is economically feasible, fashion updated and keeping up with the fast fashion. It could open up opportunities for several vertically integrated companies who produce all the raw materials such as yarn. Fabric along side making the final garments. This could very well be an opportunity for many new job openings in the sector, leading to improving the American economy.
What is more, other countries too would benefit from this expansion. This opportunity could give oversea companies a chance to expand their enterprise and think about bring in their company to the out skirts of America, producing locally made, cheaper than the prior cost and a faster producing product.
Further more with the textile industry increasing, the marketing sector will be flooded with various new job opportunities. it will be essential for the marketers to spread the word and market the new locally made fast and cheaper products. It will n=be essential to create a vast demand for the locally produced merchandise, especially to the retailers dealing in fast fashion such as Zara, H& M, Urban outfit. Albeit lower cost and good quality, it will take some