Specialty Fabrics Review July 2022 - 24

HOW DID YOUR TOTAL REVENUE
IN 2021 COMPARE TO 2020?
40%
30%
20%
10%
0%
32.02%
21.49%
Up more than
10 percent
Up less than
10 percent
25%
12.28%
Flat
Down less than
10 percent
9.21%
Down more than
10 percent
A PERFECT STORM
As we saw with our last State of the
Industry Report (Specialty Fabrics
Review, July 2021), survey respondents
had predicted a positive economic
outlook for the coming year despite the
pandemic. A majority (53%) reported
their revenue had gone up compared
with 2020, with 32% of respondents
seeing an increase of more than 10%
from the prior year. Still, not everyone
came through the last year unscathed.
For some 21% of respondents, revenue
had decreased, with 9% reporting their
revenue declined by more than 10%.
2021 was a " perfect storm " of several
HOW DID YOUR 2021 REVENUE COMPARE TO
YOUR PRE-COVID (2019 AND EARLIER) REVENUE?
40%
30%
20%
10%
0%
28.51
23.68%
18.86% 17.11%
Up more than
10 percent
Up less than
10 percent
Flat
Down less than
10 percent
11.84%
Down more than
10 percent
WHAT ARE YOUR REVENUE EXPECTATIONS
FOR THE REST OF 2022 AND 2023?
40%
30%
20%
10%
0%
37.72%
27.63%
Up more than
10 percent
Up less than
10 percent
21.05%
9.21%
Flat
Down less than
10 percent
4.39%
Down more than
10 percent
negative and unpredictable factors
that impacted most industries around
the world. Of course, the pandemic
was largely to blame for many of these
problems such as inflation, supply
chain delays, maintaining or increasing
production capacity and increased
shipping costs. In our survey, these
issues impacted nearly three-quarters
of respondents overall. For example:
* According to the U.S. Bureau of
Labor Statistics, more than 47 million
Americans voluntarily quit their
jobs last year-an unprecedented
mass exit from the workforce that
economists are calling the Great
Resignation. Possible causes include
wage stagnation amid the rising
cost of living, long-lasting job
dissatisfaction, safety concerns of
the COVID-19 pandemic, and the
desire to work for companies with
better remote-working policies. As a
result, many businesses struggled to
find skilled workers, and the textile
industry is no different. Among our
survey respondents, more than half
continued to have trouble filling both
full- and part-time positions.
* Concern for worker safety during
the pandemic meant that many
industries nationwide introduced
24 SPECIALTY FABRICS REVIEW / July 2022

Specialty Fabrics Review July 2022

Table of Contents for the Digital Edition of Specialty Fabrics Review July 2022

Specialty Fabrics Review July 2022 - Cover1
Specialty Fabrics Review July 2022 - Cover2
Specialty Fabrics Review July 2022 - 1
Specialty Fabrics Review July 2022 - 2
Specialty Fabrics Review July 2022 - 3
Specialty Fabrics Review July 2022 - 4
Specialty Fabrics Review July 2022 - 5
Specialty Fabrics Review July 2022 - 6
Specialty Fabrics Review July 2022 - 7
Specialty Fabrics Review July 2022 - 8
Specialty Fabrics Review July 2022 - 9
Specialty Fabrics Review July 2022 - 10
Specialty Fabrics Review July 2022 - 11
Specialty Fabrics Review July 2022 - 12
Specialty Fabrics Review July 2022 - 13
Specialty Fabrics Review July 2022 - 14
Specialty Fabrics Review July 2022 - 15
Specialty Fabrics Review July 2022 - 16
Specialty Fabrics Review July 2022 - 17
Specialty Fabrics Review July 2022 - 18
Specialty Fabrics Review July 2022 - 19
Specialty Fabrics Review July 2022 - 20
Specialty Fabrics Review July 2022 - 21
Specialty Fabrics Review July 2022 - 22
Specialty Fabrics Review July 2022 - 23
Specialty Fabrics Review July 2022 - 24
Specialty Fabrics Review July 2022 - 25
Specialty Fabrics Review July 2022 - 26
Specialty Fabrics Review July 2022 - 27
Specialty Fabrics Review July 2022 - 28
Specialty Fabrics Review July 2022 - 29
Specialty Fabrics Review July 2022 - 30
Specialty Fabrics Review July 2022 - 31
Specialty Fabrics Review July 2022 - 32
Specialty Fabrics Review July 2022 - 33
Specialty Fabrics Review July 2022 - 34
Specialty Fabrics Review July 2022 - 35
Specialty Fabrics Review July 2022 - 36
Specialty Fabrics Review July 2022 - 37
Specialty Fabrics Review July 2022 - 38
Specialty Fabrics Review July 2022 - 39
Specialty Fabrics Review July 2022 - 40
Specialty Fabrics Review July 2022 - 41
Specialty Fabrics Review July 2022 - 42
Specialty Fabrics Review July 2022 - 43
Specialty Fabrics Review July 2022 - 44
Specialty Fabrics Review July 2022 - 45
Specialty Fabrics Review July 2022 - 46
Specialty Fabrics Review July 2022 - 47
Specialty Fabrics Review July 2022 - 48
Specialty Fabrics Review July 2022 - cover3
Specialty Fabrics Review July 2022 - cover4
Specialty Fabrics Review July 2022 - Expo Brochure 1
Specialty Fabrics Review July 2022 - Expo Brochure 2
Specialty Fabrics Review July 2022 - Expo Brochure 3
Specialty Fabrics Review July 2022 - Expo Brochure 4
Specialty Fabrics Review July 2022 - Expo Brochure 5
Specialty Fabrics Review July 2022 - Expo Brochure 6
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