September Fashion Week is worth 213 million

(Il Sole 24 Ore Radiocor) - The Milan fashion week (17-23 September 2024) is worth almost 213 million euros in induced tourism. According to an analysis by the Confcommercio Milano research office, for this second fashion week of the year, the per capita expenditure of those visiting the Lombard capital during the event amounts to 1,638 euro, for a total value of 212.8 million euro. Furthermore, adding the Milan Fashion Week in February, the influx of visitors to Milan will see a 4% growth this year compared to 2023: almost 245 thousand people (244,919): 56% Italians and 44% from abroad. Considering both periods of the 2024 parades, the total induced activity will amount to about 396 million euro with an increase of 9.4% compared to last year, based on the elaboration of data from Istat, Questura di Milano, Banca d'Italia and Global Blue sources. The overall forecast for the arrival of tourists in Milan for this month of September is almost 796,000 (795,774) with an increase of 6.7% compared to 2023. "The Milan fashion week, with more than 170 appointments between fashion shows, presentations and events, has a strong and consolidated international appeal with the quality and excellence of our fashion system. The forecasts on the still-growing induced activity of the fashion week confirm Milan's attractiveness and this is precisely why policies are needed to make our city increasingly open and accessible," said Marco Barbieri, secretary general of Confcommercio Milano, Lodi, Monza and Brianza.

Fashion Week was also the occasion for the presentation of the 'Lvmh Masters of Excellence' award, which took place at the Belvedere of Palazzo Lombardia. It is a tribute to the art, passion and innovation of the craftsmen who illuminate the world of luxury. "I am firmly convinced that the combination of luxury and tourism is the winning formula for Lombardy," said Barbara Mazzali, Regional Councillor for Tourism, Territorial Marketing and Fashion. "The artisans and entrepreneurs we celebrated are the real protagonists of this game, from those who work in textiles to those who create masterpieces of leather goods, jewellery and design. They are the beating heart of that Made in Italy that the whole world admires and desires, and we are here to support them,' he added, emphasising that 'our task, as institutions, is to protect and promote these excellences, ensuring that their impact on the economy and society is recognised and enhanced'. In this context, Mazzali pointed out that 'the numbers speak for themselves: the high-end sector, with its products and services of the highest quality and experiential value, will be one of the main drivers of economic growth in our region, together with tourism. In the next few years, 80% of purchases in the luxury sector in Italy will be made by foreign visitors, and Lombardy is positioned as the undisputed leader in intercepting this elite market,' specifying that 'the Lombardy Region supports craftsmanship with measures dedicated to innovation, training, and the internationalisation of companies. But it is not just about numbers or economic incentives, our aim is to create an environment in which the culture of excellence can flourish, nurtured by the fusion of tradition and modernity, experience and new technologies'.

It is worth remembering that in 2023 the Italian Fashion System achieved an overall turnover of 100 billion Euro, equal to about 8% of the Italian manufacturing turnover, and represents a universe of about 53,000 companies, where almost 20% are small and medium-sized enterprises that generate half of the overall turnover and play a crucial role along the entire production chain, both in the domestic and international markets. With exports worth EUR 65 billion, the sector is historically driven by two driving forces: the high-end and the mid-range. Despite the slowdown in production due to the difficult international context that has affected demand, according to Prometeia's forecasts, the turnover of the Fashion System is expected to remain unchanged in 2024, before returning to growth in 2025. Fashion is one of the leading Made in Italy sectors in the world, recognised for quality, value and elegance. Precisely because of these characteristics, fashion exports account for more than 10% of Italian sales beyond the borders and in the last five years have grown at a compound annual rate (CAGR) of 4.1%, a rate lower than that of total Italian exports (+6.1%). The good sales performance in 2022 was due in particular to price increases, while it then stopped in 2023 when the value of foreign sales of Fashion remained stable (-0.3%, in line with the national figure) at EUR 65 billion due to the decline in volume sales (-10.3%). At a territorial level, Lombardy is the leading fashion exporting region, accounting for almost 30% of the total. In 2023, Lombardy's exports saw an increase of 4.1%, boasting territorial specialisations such as textiles and silk yarns from Como and textiles, clothing and knitwear from Varese.