Posted April 06, 2019 16:17:06 It’s hard to imagine a time when fashion is so vital to the economy, and in the wake of the global financial crisis, so vulnerable.
In the past decade, fashion has become the industry’s second-largest source of employment, with a staggering 2.8 million jobs created and growing.
And the economic impact of the downturn has been felt across the industry.
“We are all in a bind, not just for the workers, but for the economy as a whole,” says Sarah Dutson, senior director of policy and strategy at the Retail Council of Australia.
With the downturn at an all-time high, retailers are struggling to find new ways to stay afloat.
“[The recession] is impacting on the retail sector, it’s impacting on consumers, it is impacting the way people shop,” she says.
Australia’s economy is projected to expand by 4 per cent in 2019-20, up from 2.5 per cent a year earlier.
While fashion is a key part of this growth, the industry is also struggling with its role in maintaining a healthy balance of goods and services.
The retail industry employs more than a million Australians, accounting for about one-fifth of the economy.
Its biggest employer is Australia’s retailing sector, which employs nearly 6 per cent of the workforce.
For more on the industry, visit our stories page.
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