The nature of workwear supply has meant a delayed credit crunch effect

The nature of workwear supply has meant a delayed credit crunch effect

The global workwear market will this year feel the time-lagged effects of 2008's credit crunch and corporate job cuts, according to the latest sector report by just-style.

The workwear industry is braced for a 2.5% dip in value during 2010, compared to 2009, as rising unemployment levels caused by the global economic downturn drip down the supply chain.

It means the world workwear market currently stands at US$4,140m, according to the 'Global market review of workwear - forecasts to 2016' report.

The report focuses on the global supply of workwear garments at wholesale prices to the rental channel of distribution, rather than the regular rental and cleaning of these garments by rental laundries.

The long-term nature of rental, direct contract and catalogue business-to-business deals, means it has taken years for the global economic slowdown to take effect.

just-style's report finds that the North American workwear market will fall 8% during 2010, while Europe and Turkey will be down by 5%.

Within the developing world, where workwear prices are gradually rising, market share is expected to reach 16% by 2016, from 13% last year.

Meanwhile, China has become the world's leading producer of workwear over the last ten years.

It is widely believed the country accounts for 30% of total world workwear production, amounting to 114m garments.

The Indian sub-continent is the second largest producer, with over 60m garments.

For further forecasts of the workwear market value to 2016, together with buyer decision analysis, download the Global market review of workwear from just-style's research store.