Forecast Of China Garment Industry Market Scale And Development Trend In 2020 (Chart)

China business intelligence network: driven by the rapid development of Asia, North America, Middle East and Africa's clothing retail market, the total sales volume of the global clothing retail market increased from 5% to 13 trillion and 500 billion in 2013 and 2018 to 17 trillion and 200 billion Hong Kong dollars in 2018. Developing countries including China and African countries are expected to continue to promote the development of the global apparel retail market. Therefore, global apparel retail sales are expected to increase to HK $22 trillion and 900 billion in 2023, that is, the compound annual growth rate of 5.9% between 2019 and 2023.

Source: Sullivan and CIC

Greater China and the United States are the two largest apparel retail markets in the world. In 2018, in terms of retail sales, Greater China ranked first in 20.4% market share, followed by 20% in the US. Compared with greater China and the United States, the clothing retail market in the UK and Germany is significantly smaller, with a market share of 4% and 4.5% respectively. The four countries account for about 50% of the global apparel retail market. From 2019 to 2023, the Greater China market share is expected to continue to rise, reaching 21.7% in 2023. However, the US, UK and Germany market share is expected to drop slightly to 19.3%, 3.9% and 4.2% in 2023.

In 2018, the mass garment market accounted for about 62.7% market share of China. The sales volume of the popular clothing market increased from HK $14578 HK $in 2013 to HK $21963 billion in 2018, with a compound annual growth rate of 8.5%. It is expected to further increase to HK $31181 in 2023, with a compound annual growth rate of 7.8%. As for the mid end and high-end clothing market, sales are expected to increase to HK $13233 billion and HK $531 billion 700 million respectively in 2023, with a compound annual growth rate of 8% and 7.2% respectively.

Source: Sullivan and CIC

Market driving factors of apparel retail market

1. Increased disposable income.

The overall rise in disposable income has led to a continuous improvement in people's living standards and upgrading of consumption, especially in the mainland of China. At present, more people express their personal and lifestyle through fashion, and the middle end and high-end clothing market can meet these needs better than the popular market.

2, e-commerce business thrives.

The mainland's e-commerce business is booming for the apparel retailing industry to develop new sales channels. This popular business mode combines online sales channels with physical stores to promote customers' shopping experience and facilitate customers to buy local and international products.

3, improve health awareness

Modern Chinese residents are paying more attention to healthy lifestyles, so more and more people are taking part in sports, fitness and sports to keep strong and healthy. For example, according to a number of opinions issued by the State Council on accelerating the development of sports industry to promote sports consumption in 2014, the number of people who regularly participate in sports in mainland China is expected to increase to 500 million in 2025. According to the "13th Five-Year plan" of sports development, the total output of the physical education industry will increase from 2014 to 1 trillion and 400 billion yuan in 2020 to more than 3 trillion yuan in 2020. The popularity of sports in mainland China has further stimulated the development of sportswear, sportswear and sports fashion retail market. Professional sportsmen seek the brand of sportswear with outstanding functions and characteristics. As for sportswear and sportswear, they make the public dress comfortably and show the positive attitude of healthy life at the same time.

Development trend of clothing retail market

1. Market segmentation is more detailed.

In the face of increasingly diverse consumer preferences and rapid changes in personalized demand and fashion trends, the garment retail market in Greater China is divided into several aspects, such as gender, age, occasion, style and function. Mid end and high-end clothing will focus more on product design and customization to highlight their uniqueness and stand out in the market. Therefore, the market can be expected to be more detailed.

2, multi brand operation

More and more big Chinese brand owners and distributors are implementing multi brand marketing strategies to reduce the risk of over reliance on a single brand and to satisfy customers' needs as much as possible. The design of single brand clothing is limited and has a fixed style. The target is limited to a specific customer category. Therefore, brand owners and distributors tend to sell multiple brands at the same time, offering different levels of clothing to different target customers (such as popular, medium and high-end).

More contents please download the "2020-2025 year Research Report on China's garment industry market outlook" issued by the China Industrial and Commercial Research Institute. At the same time, the China Industrial and commercial research institute also provides industrial big data, industrial planning and planning, industrial park planning and planning, and industrial investment promotion and other solutions.