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Forecast of market scale and development trend of China's clothing industry in 2020

Forecast of market scale and development trend of China's clothing industry in 2020

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  • Time of issue:2020-01-08
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(Summary description)Chinabusinessintelligencenetworknews:drivenbytherapiddevelopmentofclothingretailmarketinAsiaPacific,NorthAmerica,theMiddleEastandAfrica,from2013to2018,thetotalsalesvolumeofglobal

Forecast of market scale and development trend of China's clothing industry in 2020

(Summary description)Chinabusinessintelligencenetworknews:drivenbytherapiddevelopmentofclothingretailmarketinAsiaPacific,NorthAmerica,theMiddleEastandAfrica,from2013to2018,thetotalsalesvolumeofglobal

  • Categories:News
  • Author:
  • Origin:
  • Time of issue:2020-01-08
  • Views:11
Information
China business intelligence network news: driven by the rapid development of clothing retail market in Asia Pacific, North America, the Middle East and Africa, from 2013 to 2018, the total sales volume of global clothing retail market increased by 5.0% CAGR, from HK $13.5 trillion in 2013 to HK $17.2 trillion in 2018. Developing countries, including China and African countries, are expected to continue to promote the development of the global clothing retail market. As a result, global retail clothing sales are expected to increase further to HK $22.9 trillion in 2023, representing a CAGR of 5.9% between 2019 and 2023.
Source: collected by Forrest Sullivan and China Business Industry Research Institute
Greater China and the United States are the two largest clothing retail markets in the world. In 2018, in terms of retail sales, Greater China ranked first with a market share of 20.4%, followed by the United States with a market share of 20.0%. Compared with the Greater China and the United States, the clothing retail market in Britain and Germany is significantly smaller, with market shares of 4.0% and 4.5% respectively. The four countries account for about 50% of the global clothing retail market. From 2019 to 2023, Greater China's market share is expected to continue to rise, reaching 21.7% in 2023. However, market shares in the US, UK and Germany are expected to decline slightly to 19.3%, 3.9% and 4.2% respectively in 2023.
In 2018, the popular clothing market accounted for about 62.7% of the market share of Greater China. The sales volume of popular clothing market increased from HK $1457.8 billion in 2013 to HK $2196.3 billion in 2018, with a CAGR of 8.5%. It is expected to further increase to HK $3118.1 billion in 2023, with a CAGR of 7.8%. As for the middle end and high-end clothing market, it is expected that the sales volume will increase to HK $1323.3 billion and HK $531.7 billion respectively in 2023, with a CAGR of 8.0% and 7.2% respectively.
Source: collected by Forrest Sullivan and China Business Industry Research Institute
Market driving factors of clothing retail market
1. Increase in disposable income
The overall rise in disposable income has led to the continuous improvement of people's living standards and consumption upgrading, especially in mainland China. At present, more people express their personal and life style through fashion. The middle and high-end clothing market can meet these needs better than the mass market.
2. Booming e-commerce business
The booming e-commerce business in mainland China has opened up new sales channels for the clothing retail industry. This popular business model combines online sales channels and physical stores to promote customers' shopping experience and facilitate customers to purchase local and international products.
3. Improvement of health awareness
Modern Chinese mainland residents pay more and more attention to healthy lifestyle, so more and more people participate in sports, fitness and sports to keep strong and healthy. For example, according to the opinions of the State Council on accelerating the development of sports industry and promoting sports consumption issued in 2014, in mainland China, the number of people who often participate in sports is expected to increase to 500 million in 2025. According to the 13th five year plan for sports development, the total output of sports industry will increase from 1.4 trillion yuan in 2014 to more than 3.0 trillion yuan in 2020 Yuan. The increasing popularity of sports in mainland China further stimulates the development of sports clothing, sports leisure clothing and sports fashion retail market. Professional athletes seek sports clothing brands with outstanding functions and characteristics; as for sports leisure clothing or sports fashion, it makes the public dress comfortably and freely, and shows a positive attitude towards healthy life.
The development trend of clothing retail market
1. More detailed market division
In the face of increasingly diversified consumer preferences, increasing demand for personalization and rapid changes in fashion trends, the clothing retail market in Greater China is divided by many aspects, such as gender, age, occasion, style and function. Middle end and high-end clothing will be more focused on product design and customization, so as to highlight their differences and stand out in the market. Therefore, it can be expected that the market will be more detailed.
2. Multi brand operation
More and more brand owners and distributors in Greater China are implementing a multi brand market strategy to reduce the risk of over reliance on a single brand, while at the same time trying to meet the needs of customers. In general, the design of single brand clothing has limited changes and a fixed style, and the goal is limited to a specific customer category. Therefore, brand owners and distributors tend to sell multiple brands at the same time, providing different levels of clothing (such as popular, mid-range and high-end) to different target customer groups.
For more information, please download the Research Report on the market prospect of China's clothing industry 2020-2025 issued by China Business Industry Research Institute. Meanwhile, China Business Industry Research Institute also provides solutions such as industrial big data, industrial planning and planning, industrial park planning and planning, industrial investment promotion and other solutions.

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