In addition to decline in market demand
According to the Italian National Bureau of Statistics (I. TAT), the Italian Textile and Apparel Association (SMI) and the Italian Footwear Association (ANCI) to provide data, in 2007 financial crisis on the real economy impact is yet to appear, the affordable luxury category for the of the main advantages of the Italian tradition of industrial development momentum. Textile apparel, footwear and home furnishings industry as an example: in 2007 from January to September, textile and garment industry's turnover growth of 2.7%, the footwear increased by 1.6%, home decoration industry growth of 4.1% over the same period in 2008, in the the case of higher product prices, the turnover of these three industries was reduced by 2.5 billion euros, most of them loss-making concentrated in the areas of affordable luxury category.
Financial crisis brought about the immediate impact is the market demand. Affordable luxury category of consumers in developed countries the main body of high-income families, and this important pillar of the current crisis, it is also the most affected groups. Depressed stock market, uncertain employment prospects, as well as the credit crunch and a series of factors make a drastic shrinkage of the assets of the middle class purchasing power is limited, affordable consumer goods, has ed hardy messenger naturally become its first victim. In contrast with high fashion and other high-end customized products on behalf of the top luxury, they bring to consumers is higher than the sociological significance of the economic significance, as its major consumers of the rich class who have seen their purchasing power and luxury loyalty goods less affected by economic crisis, so different and affordable luxury, top luxury in the tide of economic crisis not only survive and develop. With high custom fashion, for example, Christian Lacroix quarter of this year, 1-3, senior custom up 40% compared with same period last year, up 30% Givenchy, Chanel since 2006 quantitative increase of 20% per year. In recent years, the Italian government has been working to promote textiles and garments, footwear, furniture, traditional industries such as Italy, the industrial structure adjustment, and urge enterprises to improve product-level, focusing on developing high-end market, while the current financial crisis and the crisis on the real economy in these areas side effects of the market seems to be more serious,ed hardy messenger which gives Italy cast a shadow over the traditional manufacturing industries. Even more alarming is the current crisis has caused damage to emerging economies, and these economies has been rapid growth in high-income groups, this is an affordable luxury category with the greatest potential market.
In addition to decline in market demand, the raw material prices also contributed to lower earnings at affordable luxury category one of the reasons. Take home decorations, for example, timber prices upward in 2008, ed hardy messenger home decoration industry in countries affected, but if some of this increase be passed on to the final price of products will be further deterioration of the situation of reduced demand, so most of the enterprises forced to choose compression of industrial profits, which also makes home furnishings industry in the first three quarters of 2008, appeared in an increase in turnover of production decline. Similarly, the case also appears in the shoe field, only the textile and garment industry's raw material costs basically the same as last year. In short, by the global economic crisis, in order to reduce raw material costs to expand margins may be reduced gradually.
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