NEW RESEARCH REVEALS THE GLOBAL FUR TRADE IS WORTH AS MUCH AS WI-FI
According to a study unveiled today, the global fur trade has now been valued at more than $40bn worldwide – roughly the same as the global Wi-Fi industry.
The research is the first to analyse 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. It revealed that global fur retail sales are estimated at $35.8bn, farming is valued at $7.8bn and total employment in the sector at over one million.
The data comes from an independent study into the value of the fur industry, commissioned by trade association the International Fur Federation (IFF), and carried out in 2012-13 by PwC 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 North 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.”
A new global advertising campaign from the IFF will launch in The Economist magazine in the 28 March issue, appearing in every international edition of the magazine and highlighting the economic value of the global fur trade.
- See more at: http://www.wearefur.com/fur-fashion/fur-campaigns/economist-campaign-2014#sthash.JpUnKn8A.dpuf