Just read a post concerning doomed industries., three of those listed below, are my bread and butter. It saddens me to think not only the loss of business but also a loss of who we are as a country. So many of the domestic textile mills have closed up or moved overseas. Is having expensive clothing worth the price? Consumers may find a great bargain from overseas, but will it worth it in the long run?
Courtesy: Kheel Center, Cornell University/flickr
Apparel Manufacturing Unraveling Fast
People certainly buy plenty of clothes these days, but with the price they're willing to pay for them, the chances of finding a "Made in the USA" tag is increasingly slim. So it's no wonder domestic apparel manufacturing is on the list of soon-to-be-extinct fields.
Why the decline: Cheap labor costs overseas, combined with consumers' expectation for a bargain at home, have put this U.S. industry in its death throes. Consider this:
• Decline in revenue last decade: -77.1 percent.
• Forecasted decline in revenue in the next decade: -8.5 percent.
• Forecasted decline in the number of establishments next decade: -11.3 percent.
Courtesy: Vibrant Spirit/flickr
No New Englander would be surprised to see American textile mills on this list. In New England, "mill town" is practically synonymous with industrial decay, conjuring images of boarded up factories, sky-high unemployment and the generalized gloom of inevitable decay.
Why the decline: Cheap competition from abroad, which has halved revenue in the last decade alone. That rattling sound? It's the last gasps of an industry:
• Decline in revenue last decade: -50.2 percent.
• Forecasted decline in revenue in the next decade: -10.0 percent.
• Forecasted decline in the number of establishments next decade: -12.8 percent.
Courtesy: Mr. T in DC/flickr
The formal wear and costume rental business is a surprise entry on the list. After all, high school kids continue to need fancy outfits for prom and Halloween rolls around every year.
Why the decline: An influx of cheap alternatives from abroad is the culprit again, with more cost-conscious Americans opting for disposable options each year. Purchasing, rather than renting formal wear is apparently also on the rise, but there is one tiny bright spot for the sector. "The tuxedo rental segment will keep the industry afloat," predicts IBISWorld, "because consumers are still likely to prefer the tuxedo rental service."
• Decline in revenue last decade: -35.0 percent.
• Forecasted decline in revenue in the next decade: -14.6 percent.
• Forecasted decline in the number of establishments next decade: -17.2 percent.
Click here to read more doomed industries. Is all this progress worth what we are loosing????
What do you think?