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Fashion and apparel industry is experiencing accelerated progress in Pakistan while youth which comprises nearly 32 percent of the country’s population appear to be the guiding force behind it.
In present eras, the apparel sector has witnessed entry of some of the biggest textile groups of Pakistan. These groups’ availed opportunities by launching separate brands, lawns and other fashion related products in the market. Plus the talented designers with innovative plans and globally competitive designs are projecting the cultural heritage of the country.
There are almost 40 plus high-end fashion brands in Pakistan and their yearly sales volume runs in billions of rupees. In a very competitive market, these brands endeavor to come up with the most inventive designs and styles. These brands are targeting the youth and catering to their demands in the country.
Fashion products and apparel industry are explaining dynamism and diversity in the country. Most of the sales of branded clothing taking place by franchises that have bought the right to sell these products to clients/consumers. The online sale of the clothes is also gaining grounds, usually youth prefers to purchase online.
Furthermore brand consciousness among people, is rising with every passing day. Particularly in youth as television and social media are playing a significant role in altering the mindsets of the youth. Television viewership has gone up as have the number of television channels. The major 10 channels of the country have cumulative viewership of 127 million. On the other hand fashion industry was leading fans following on Facebook followed through beauty, electronics, E-commerce and telecom sectors. It is said that by end of February 2015, fashion industry attracted some 28.106 million fans on Facebook.
Innumerable billboards displaying mind-blowing new designer collection and the gorgeous models increase the whole charisma of the brand. Fashion explains are also key contributors in altering the mindset of the youth.
Pakistan has a fast-growing apparel sector that accounts for 19 percent of its exports and companies are competitive with worldwide exporters in terms of prices. Unfortunately the textile industry of the country suffered because of lack of adequate infrastructure facilities, particularly in the Punjab province where almost 65 percent of the industrial units are placed.
The country also ranks 4th in terms of value ($4.2 billion) with the same worldwide market share (1.2 percent) as Sri Lanka, though apparel’s share of whole exports is lower at 19 percent.
Pakistan and India face the most hurdles-notably not sufficient product diversity; Sri Lanka needs to enlarge end markets or develop capabilities in other higher-value, lower-volume product categories; and Bangladesh, now reaping the advantages of low costs, needs to tackle social compliance and product diversity to remain competitive.
According to the experts, Bangladesh leads the pack with 6.4 percent of the worldwide market, followed by India (3.5 percent), and Sri Lanka and Pakistan (1.2 percent). The similar pattern holds for worldwide value: Bangladesh ($22.8 billion), followed by India ($12.5 billion), then Sri Lanka ($4.4 billion), and Pakistan ($4.2 billion).
Both Pakistan and Bangladesh increased exports at a faster growth rate than the world average-with Bangladesh enjoying the largest rise in worldwide market share whereas Pakistan’s progress was more modest.
The energy predicts suggest that a 10 percent rise in China’s rates will raise Pakistan’s exports by 316.2 percent. By comparison, the system estimation predicts seem quite plausible. Pakistan also stands to gain a lot of career opportunities/jobs from the apparel sector. A 10 percent rise in Chinese rates to US will raise Pakistan’s male employment by 8.93 percent and female employment by 8.5 percent.
According to a present statistical report, women form a large part of the apparel sector’s labor force in South Asia, as the industry pays better than other manufacturing units. However in Pakistan, women make up just 5 percent of the sector’s labor force. According to the report, in Sri Lanka 71 percent of this sector’s labor force is made up of women. The report mentioned that a rise in output could grow companies’ demand for labor by 0.33 to 0.35 percent in Pakistan, which is larger in comparison to other states in the region.
It is also said that, a 1 percent rise in Chinese apparel rates could grow the United States’ demand for Pakistani apparel exports by 2.5 percent – larger than most states in the region. It is reported that over the previous couple of years, Pakistan has stabilized its economy, but structural reforms are required to move more. The private sector needs to come forward and take entrepreneurial risks. Public sector has to bring reforms, adding that the sector’s access to finance needs to be enhanced, as it is presently low. The only 15 to 18 percent of families have bank accounts and only 3 percent of women have access to finance. No doubt, today’s fashion market is very competitive and the constant need to ‘refresh’ product ranges means that there is an inevitable move by many retailers to enlarge the number of ‘seasons’, that is, the frequency with which the whole merchandise within a store is altered. The Asian states dominate the apparel markets of the world.