Relative Stability Despite Economic Downturn
Data from global retail sales of full fur garments, trim and accessories for the 2007/08 season show that the industry, after 9 years of continuous growth, is not immune to the overall economic turmoil. With over $13 billion, sales figures are back to the level of 2005/2006.
Analysts point a finger at the uncertain financial climate and the general hesitation in luxury consumer spending.
“It is good to see that the industry stays relatively stable in difficult economic times. During such a period, we are more than ever dependent on the spending patterns and behavior of the consumer,” says International Fur Trade Federation Chairman Andreas Lenhart. “Full fur continues to grow in popularity: the leading fashion shows around the globe showed an all-time high prominence of fur garments and accessories.”
Lenhart continues: “Consumers are embracing the comfortable and warm feeling of natural fur. And fur is more visible than ever before: on the catwalks, on magazine covers and in city streets. Leading names in the fashion industry including Dior, Armani, Lagerfeld, Roberto Cavalli and Jean Paul Gaultier among many others have shown fur in their current collections, while celebrities like Madonna, Kate Moss, Jennifer Lopez and Beyoncé Knowles are wearing it on red carpets at numerous high-profile events.”
