New Research Looks Beyond Retail Sales
According to a new study, the global fur trade has now been valued at more than $40 Billion worldwide – roughly the same as the global Wi-Fi industry.
The research is the first to analyze the highly fragmented fur sector, looking beyond retail sales at the immense worldwide economic value of fur farming and production – which have historically been very difficult to measure. The study revealed that global fur retail sales are estimated at $35.8 Billion, farming is valued at $7.8 Billion and total employment in the sector at over 1 million.
The data comes from an independent study into the value of the fur industry, commissioned by the trade association International Fur Federation (IFF), and carried out in 2012-13 by Price-Waterhouse Cooper Italy. In countries such as Greece, Russia, China and Denmark, fur is a leading contributor to the national economy and employs tens of thousands of people.
Mark Oaten, CEO of IFF, comments: “These figures, unveiled for the first time, show that it’s been a great couple of years for the industry. While of course there have been challenges, such as the recent economic slowdown in China and the fluctuating price of fur at auction, the recent cold weather in America and its increasing popularity on catwalks globally has once again thrown our sector into the spotlight.
“This study demonstrates the unquestionable value the fur trade brings to the global economy. It’s easy to get caught up in the emotions the business can generate, but the truth is that the fur trade is an economic cornerstone in Europe and beyond. Much of the fashion and increasingly the soft furnishings world relies on fur – and will continue to do so for the foreseeable future.”
About the IFF
The International Fur Federation was founded over 60 years ago and represents 42 national fur trade associations and 35 organizations. Members are drawn from the entire supply chain: from farmers and trappers, to designers and sales and marketing organizations. The IFF protects the interests of the fur sector, upholding the regulation on the welfare of all animal species, farmed or not, through accurate scientific research. It furthermore guarantees that it does not trade in endangered species.
