The Australian style and textiles business contributes greater than $27.7 billion to the Australian economic system, new analysis signifies.
The findings kind a part of the landmark examine into the financial influence of the Australian style business, commissioned by the Australian Trend Council (AFC) in collaboration with Afterpay and EY.
The report, Excessive Trend to Excessive Vis -The financial contribution of Australia’s style and textiles sector, discovered that the sector’s direct financial influence was $16.3 billion, whereas its oblique influence totalled $10.9 billion – with the mixed whole influence representing upwards of 1.5% of the nationwide economic system.
The examine additionally revealed that the sector generates $7.2 billion in export income, totalling 1.7% of all Australian exports – greater than double the worth of wine and beer exports.
AFC CEO Leila Naja Hibri welcomed the discharge of the report’s findings.
“This ground-breaking report highlights the true financial clout of our dynamic and various business.
“Till now, the great worth of the business’s financial contribution – and its predominantly feminine workforce – has not been absolutely recognised.
“Now we will higher perceive the influence of this sector’s vital function in Australia’s inventive economic system, and the substantial potential of its future,” she stated.
Relating to jobs, the analysis discovered that the business employs 489,000 folks, with 315,000 of these in full time positions – greater than mining and utilities.
The style and textiles sector additionally creates alternatives for ladies, with 77% of the workforce being made up by girls, in comparison with the nationwide common of 47%.
When analysing jobs out there in designer style, the examine discovered that the designer label sector accounts for about 2% of whole style business employment.
The business helps a various array of roles, together with sample makers, colourists, photographers, seamstresses, stylists, and uniforms and workwear manufacturing.
The report additionally recognised the business’s interplay with the broader economic system, together with wool and cotton manufacturing, tourism, media and artistic skilled providers and the recycling and reuse sectors.
The analysis highlighted how considerably the style and textiles sector drives regional prosperity and tourism development, given its bodily retail presence in each native purchasing centre and principal avenue throughout the nation.
NSW Minister for Jobs, Funding, Tourism and Western Sydney Stuart Ayres added that this week’s Afterpay Australian Trend Week drives house style’s significance to the tourism sector.
“Sydney is the proud house of Afterpay Australian Trend Week, which is a platform to showcase design and creativity, have a good time business, foster dialogue and partnerships between Australia’s inventive leaders whereas attracting guests to the Harbour Metropolis for a world-class occasion.
“It’s great that these necessary sectors are recognised for his or her financial and social contribution, and there’s nowhere higher to acknowledge that than on the nation’s pre-eminent worldwide style occasion, Afterpay Australian Trend Week in Sydney,” he stated.
Assessing the impacts attributable to COVID-19, the report exhibits main business challenges being rising enterprise prices and provide chain volatility.
“EY noticed that the business must proceed to evolve because it responds to adjustments to bodily retailing, client behaviour and provide chains which have been accelerated because of COVID-19,” EY stated.
“For future development, areas of continued focus for the business can be accountable, round enterprise fashions the place sustainable sourcing and recycling are paramount,” the organisation stated.
The report additionally recognises the significance of know-how in serving to retailers ship enhanced buyer experiences.
It additionally highlights the want for additional funding from authorities and enterprise in reskilling expertise to make sure staff have
future-ready abilities to fulfill the calls for of latest know-how and extra complicated fashions of design, manufacturing and retail.
“Such a complete evaluation of the Australian style business and its far-reaching financial influence is lengthy overdue,” Afterpay co-founder and co-CEO Anthony Eisen stated.
“It’s a privilege to be related to this report, and with the Australian Trend Council, as we work collectively to give attention to the long-term, sustainable way forward for the business on behalf of customers and retailers,” he stated.
A duplicate of the Excessive Trend to Excessive Vis -The financial contribution of Australia’s style and textiles sector report is out there on the AFC web site.