Mexico’s textile and apparel industry expects revenues to grow to roughly $26 billion this year, pushed on by American exports, strong domestic demand and a complete overhaul of Made In Mexico garments.
WWD reported the news this week after speaking with Arturo Vivanco, president of the Jalisco State branch of main trade association Canaive.
"The dollar is favoring exports and local sales could increase 3 to 4 percent,” Vivanco told reporters.
Vivanco also said exports will gain 10% to $4.5 billion this year - on the back on returning US demand following a 15% slump in American exports last year.
Mexicans are snapping up more fashion too, with domestic apparel consumption forecast to increase 4% to about $21.5 billion, up from a 2% drop last year. Locals are more economically stable, reported WWD, adding that a rise in employment is boosting local apparel demand from the lower-class segment who earn $200 to $400 a month.
Asia’s growing production woes are helping the Central American region too, with many US brands turning south for close-to-home sourcing and efficiencies. And with the US dollar at 17 pesos, it's even economically viable to do so
Despite the increase in wealth, many Mexicans still suffer from “malinchismo” — a term used to describe an obsession with things foreign including fashion. The industry is tackling the problem by promoting Made in Mexico brands’ benefits and reliability.
Canaive Jalisco is heading up a marketing initiative called Prefiere lo Nuestro (or “Favor What’s Ours”) to battle views that local garments are poor quality, with the initiative set to be ready in one to two months.
The campaign will coincide with Hidalgo State's installation of the first National Center for Innovation and Fashion in Pachuca - scheduled for late 2015.
Across the border to the US, it's Hispanic Heritage Month - 30 days dedicated hispanic culture from September 15.
"America's Hispanic community has woven unique threads into the diverse fabric of our country and played an important role in shaping our national character as a people of limitless possibility," President Barack Obama wrote in this year's proclamation.
As the US fosters more positive relations with Mexico - both culturally and economically - the growth of Mexico's textile industry won't just be a fad.