On the surface, the fashion industry had a good year in 2018, with Americans spending $391.5 billion on clothing and footwear. That was a 4% increase year-over-year and the highest level of growth since 2011 when spending increased 5.1%, according to the Bureau of Economic Analysis NIPA table 2.3.5.
But digging into the data further, Americans have steadily decreased their share of disposable income on clothing and footwear, sliding from 3.8% in 2007 to 3.0% in 2019, as reported by the Bureau of Labor Statistics Consumer Expenditure Survey. Even more alarming though is at the turn of the century fashion's share of Americans' spending was 4.9%.
In simple terms, American consumers are losing their interest in what fashion brands have on offer. Otherwise they'd be devoting a greater share of their wallets to updating their wardrobes. The fashion industry needs some radical new ideas to get back on American's shopping lists.
Hemp may be one of those radical new ideas. Hemp would give fashion brands a new story to tell their customers, one that is first and foremost sustainable and good for the planet.
