Sourcing Research. Socioeconomic Factors for the Apparel Industry

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Socioeconomic Factors for the Apparel Industry
There are various factors to consider when planning to start up an apparel industry, and socioeconomic factors are one of them. within the last three months, the world generally has been volatile and dynamic due to the coronavirus pandemic that is currently leading the news headlines. The apparel industry is one of the most profitable industries in the world, of course, people must put on clothing. Technology has come up with various designs being invented to suit a particular market. This analysis narrows down to the social-economic events that have occurred within the last three months, and how they can be positive or negative to set up an apparel industry.
Ahmed published a news article on 27th April 2020 that discusses the various socioeconomic effects and changes that have occurred within the last few months in the clothing industry. Within this article, we get to know how the current outbreak of the coronavirus pandemic has changed the clothing industry, probably the market. First of all, for the beginning businesses, or those intending to begin will have to consider “pausing “their young businesses until the situation stabilizes. Ahmed explains, “……apparel industry supply chain, with garment manufacturers and ancillary industries feeling the financial effects of the global collapse in the clothing retail”. This directly indicates that the clothing industry is not stable at the moment.
The coronavirus pandemic has literally hamstrung so many businesses around the globe. It seems like everything is at a standstill until further n...