Man shopping clothes at a sports store. LEHTIKUVA
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The Finnish consumer market for textiles and fashion reached €5.5 billion in 2023, marking an increase of €100 million from the previous year, according to Statistics Finland’s national accounts data. Clothing accounted for 3.7% of overall consumer spending.
In 2023, Finns spent approximately €5.5 billion on clothing, home textiles, and footwear. Clothing dominated this expenditure, with over €4 billion allocated to apparel alone.
Footwear spending has seen significant growth in recent years. Over the past two years, the amount spent on footwear increased by over €200 million, approaching €1 billion annually.
While spending on clothing and footwear rose in 2023, home textiles experienced a decline following several years of growth. Total consumption of home textiles fell to €529 million from €544 million the previous year. However, long-term trends show an overall increase in spending, partly driven by a home decor boom during the COVID-19 pandemic. In 2018, spending on home textiles was €486 million.
Domestic brands face challenges
Only 14% of Finnish spending on fashion and textiles goes to domestic brands, highlighting a concerning trend noted by Ville Salonen, economic and statistical expert at Suomen Tekstiili & Muoti ry. Despite rising overall consumption, Finnish companies have not benefited proportionally from the growth.
“Although spending on clothing has increased in recent years, the revenue growth for Finnish companies has not kept pace. The situation is particularly difficult for small and medium-sized domestic enterprises competing with large international chains,” said Salonen.
Women’s clothing remains dominant
The average Finn spent €720 on clothing in 2023, slightly higher than the €709 spent in 2022. Women’s clothing represented the largest share of purchases at €352, compared to €196 spent on men’s clothing. Despite steady growth, spending has not returned to the pre-pandemic level of €770 per person recorded in 2019.
Home textile spending averaged €94 per person, down from €98 the previous year. Bedding accounted for the largest share, at €51 per person in 2023, compared to €52 in 2022.
Footwear spending averaged €175 per person in 2023, up from €174 the year before. This reflects a sharp rise from 2020, when the average Finn spent €115 on footwear. Women’s footwear continued to account for the largest portion of this expenditure, representing about half of the total.
HT
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Source: www.helsinkitimes.fi
