2018 was a good year for the fashion industry in the United States, because Americans spent $391.5 billion on clothes and footwear. According to the Bureau of Economic Analysis NIPA, the growth was equivalent to a 4 percent increase year after year. Furthermore, it was the highest level of growth since 2011, whose spending spiked to 5.1 percent.
The Bureau of Labor Statistics Consumer Expenditure Survey further analyzed the data and found that the amount of disposable income spent on clothing and footwear by Americans has declined from 3.8 percent in 2007 to 3.0 percent in 2019. What is more alarming is that Americans spent 4.9 percent on clothing at the beginning of this century, a figure that has been dropping.
What this means is that American’s interest in fashion brands is declining. Otherwise, they would be spending the largest share of their wallet buying the latest fashion trends. Therefore, new ideas are needed for the fashion industry to win back the consumers.
Hemp being one of the new ideas would be ideal for the fashion brands as it is sustainable and favorable to the environment.
The fashion industry is rated second globally as the most polluting industry. In a world where the young generation is looking for sustainable and environmentally friendly products, clothes made of hemp fabrics could appeal more to these Americans.
A co-founder and President of WAFBA (We Are For Better Alternatives) while talking to Natalie Parletta, said that everything made using cotton can also be made using hemp, which is sustainable, organic and it is a regenerative crop that has less impact on the earth.
Growing hemp is natural since it grows like a weed; that is, it grows fast, clean and it resists insects naturally while cotton requires too much water, fertilizers, which are composed of chemicals and insecticides. Moreover, cotton uses up the soil while hemp enriches the earth as it can remove pollutants such as cadmium.
A consumer survey carried out by Boston Consulting Group on 5000 consumers in five countries showed that 75 percent of the consumers factor in sustainability in their purchasing decisions. It also found that 38 percent of the consumers shifted from a famous brand to one that offered more in terms of positive environmental impact. The majority of the surveyed consumers said that in the future, they are going to shift to brands that are environmentally and socially responsible.
After approval of the 2018 Farm Bill, Companies like Envirotextiles were allowed to import fiber from other countries for industrial purposes. The hemp is used to make a variety of hemp fabrics and home furnishings.
Several fashion brands such a Levi’s, Patagonia have adopted the use of hemp fabric in the production of men, women, and children’s clothing. Patagonia describes hemp clothing as durable and breathable. Also, the Former Project Runway designer Korto Momolu together with Women Grow, has introduced a 26-piece collection of hemp, cork, jute, and linen.
Hemp is expected to be the core of the fashion industry as it is the only way we can have a world that is sustainable, sociable, and environmentally friendly. Analysts think hemp companies like Organigram Holdings Inc. (TSX: OGI) (NASDAQ: OGI) and Neutra Corp. (OTCQB: NTRR) see hep in every aspect of life, so a future in which hemp dominates fashion isn’t far-fetched.
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