U.S. economic recovery: the market improves driving apparel consumption
As some economists believe the U.S. is the major economic indicators statistics of the upward trend over the past several months, these signs that the U.S. economic recovery is underway. Among the major economic indicators, a greater impact on improving composite index is the interest rate, stock market and the manufacturing sector. At the same time, the job market will drive the improvement of people's Clothing And other daily consumer demand recovery.
As the typical recovery period, following the major economic indicators rose, the U.S. gross domestic product (GDP) in advance. 2009 U.S. GDP growth of 2.2% in the third quarter, on this basis, fourth quarter, they rose 5.6%. Economic recovery led the gradual growth of personal consumption. In the past 8 months, 7 months, the overall consumption (including clothing and footwear consumption) increased.
Finance Since the outbreak of the crisis, U.S. consumer confidence index has been fluctuating around the baseline. The housing bubble, oil prices soared, they have prompted consumers Wujin purse, cut spending. Another great influence on the consumption factor is the unemployment rate. By the economic crisis, the U.S. unemployment rate is high, since December 2007 since the U.S. economy began to decline, reducing the 8.2 million jobs. Unemployment rate reached its highest value since the last 10 years. But with the global economy gradually pick up, U.S. job market also began to welcome change. Since from March 2009, the monthly unemployment rate have been decreased, the United States to further improve the employment market and find the people who work to gradually eliminate concerns. On behalf of these consumers now more than 90% of the unemployed labor force, once they no longer worry about unemployment, consumer spending will be willing to increase.
According to the U.S. Department of Commerce statistics show that in the past 8 months, 7 months, the overall consumption and clothing consumption is increased. Increase in consumer spending and corporate risk Management Strategy of control, so in the past 18 months, significantly reduced inventory of goods, and contribute to global productive forces, the gradual recovery of U.S. factory orders increase.
Clothing The entire supply chain Textile Industry signs of recovery. As the apparel retail terminal Sell Well, inventory reduced. To meet consumer demand, U.S. imports of apparel orders increased. From early 2010 to 2 months, total imports of cotton apparel rose nearly 8%, an increase of 14.2%.
According to Cotton Incorporated Lifestyle Survey (LifestyleMonitor) of the apparel consumer research shows that 51% of U.S. consumers said they had less than last year's expenditure on clothing. In reducing consumers to buy clothing, 56% of consumers buy only necessities, 35% more in comparison to buy predecessor. With further improvements in the U.S. economy, consumer spending continued to increase, consumers are expected to reach a new equilibrium in the balance point, again to change their consumption behavior.
The United States economy has experienced 25 years after the most difficult period, is gradually showing signs of revitalization. It gradually restore confidence in the economy, U.S. consumers purchased clothing will also increase. In the post-economic crisis, due to the risk management strategy has brought significant reduction in inventory, lead global manufacturing capacity utilization increase will help the global economy to recover.
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