The future direction of the embroidery industry in 2024 is currently uncertain. There are concerns from embroidery shop owners about its position in the market. The upcoming election in November 2024 and the high interest rates are putting fear into some shop owners. The ongoing discussion surrounding the industry’s present and future as a commodity is significant. I will show you how you can get out of this commodity market with value-added embroidery strategies.
Embroidery as a Commodity
Embroidery was once considered a status symbol, stitched by craftsmen for hundreds of years in the United States. Hence, discount stores nationwide offer a variety of consumer products that feature embroidery as a common decorative technique. Moreover, this has led to a misconception that embroidery is a cheap commodity. You can find embroidery on various products, including home textiles like pillows, towels, and various clothing items. Consequently, these items are manufactured overseas and are sold at low prices.
Value-Added Embroidery Strategies in a Commodity Market
Embroidery is often seen as a commodity, which makes it hard for American embroiderers to compete in a market filled with cheap, mass-produced items. Adding embroidery to high-value items such as Nike polo shirts, Richardson Caps, and Carhartt jackets is helping many American embroiderers create value-added goods and remove the perception of embroidery as a commodity. The value of embroidery depends on its application and context, which is a crucial distinction in the industry. You need to focus on selling the high-value garment and not the embroidery. As the main goal of our industry is to make a living, embroidery should be considered a secondary aspect.
The Importance of Diversity in the Embroidery Industry
The embroidery industry’s ongoing discussions about its current and future state are crucial, reflecting its varied applications and dynamic nature. Additionally, this diversity is essential for the industry’s prosperity, offering opportunities for different sectors, particularly those that present embroidery as a high-end, value-added business. By using various methods, embroiderers can maintain growth and innovation in the industry by 2024, with a particular focus on segments prioritizing quality and value-added products over mass production.
I recommend using value-added embroidery strategies while working on your embroidery mission statement and vision for 2024. Embroidery shops focusing only on embroidery as an art will have a tough time making it in 2024. In conclusion, I say, “An embroidery shop that doesn’t profit will unravel like a loose stitch.” Let all the embroidery shops make money in 2024 and turn a commodity into profitability.