Between November 20th and December 14th, 2020, the International Textile Manufacturers’ Federation (ITMF) conducted its sixth ITMF Corona-Survey among ITMF members and affiliated companies and associations. The survey gauged the impact the pandemic has on the global textile value chain. In total, 159 companies from around the world participated.
In comparison to the fifth ITMF Corona-Survey (September 5th – 25th, 2020), the turnover expectations have improved in the sixth survey by 4 percentage points from -16% to now -12% compared to 2019.
Turnover expected to reach pre-crisis levels in 2022 and 2023
For 2021 and the following years, turnover expectations have overall improved slightly. On average, companies are expecting a small improvement from -1% (fifth survey) to +3% (sixth survey), compared to 2019. Also, for 2022 and 2023 the outlook has improved slightly from +9% (5th survey) to +11% (6th survey) and from +14% (5th survey) to +15% (6th survey), respectively. The turnover expectations for 2024 – compared to the 2019 levels – have not changed (+18% in the 5th and 6th survey).
The latest survey reveals that in the medium- and long-term turnover expectations have not changed significantly. Nevertheless, due to the reduced turnover drop of -10% in 2020, the industry is expecting to recover the losses incurred in 2020 by the end of 2022. And expect turnover to reach pre-crisis levels in 2022 and 2023.