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Market Dynamics: Textile And Garment Domestic Market Presents New Vitality

2021/9/29 19:54:00 0

Textile Clothing

Consumption has continued to be a strong driving force for China's economic growth. From 2011 to 2019, the contribution rate of final consumption expenditure to GDP growth exceeded 50.0% for 9 consecutive years, with an average of 60.0% and reached 69.0% in 2015. Affected by the impact of the epidemic in 2020, its contribution rate will drop to - 22.0%. With the remarkable achievements made in the overall epidemic prevention, the contribution rate of final consumption expenditure to GDP growth reached 61.7% in the first half of 2021, and the role of consumption in the new development pattern was further highlighted.

Clothing, as an important part of "clothing, food, housing and transportation", is a necessary consumer goods for residents. From January to August 2021, China's retail sales of clothing, shoes, hats, needles and textiles reached 856.5 billion yuan, accounting for 3.0% of the total retail sales of consumer goods. Driven by the new mode and new business state, China's textile and clothing consumer market presents an active situation.

   01 Guochao leads new consumption hot spots

In 2020, China's GDP will exceed one billion yuan, reaching 101.6 trillion yuan, more than nine times higher than that in 2001. In 2007, China surpassed Germany, and in 2010, it surpassed Japan. China's total economic volume was second only to the United States, ranking second in the world. The per capita GDP increased from 8717 yuan in 2001 to 72000 yuan in 2020, and the per capita disposable income of residents increased from 18000 yuan in 2013 to 32000 yuan in 2020. China's comprehensive national strength has been greatly improved, people's cognition has entered a new stage, and cultural self-confidence, social identity and sense of belonging are highlighted. By integrating traditional culture and modern trend, Guochao reshapes the traditional brand value, creates original design of new domestic products, and fully expresses social and cultural identity and sense of belonging. Clothing as an important category of national fashion products, online and offline are showing a good growth momentum. According to Baidu 2021 Guochao pride search big data, in 2021, the top ten hot topics of searching for Guochao in 2021, "Guochao clothing" is the second hot topic. The attention of domestic clothing increased by 56.0% compared with 2016. Behind the promotion of consumers' attention to Guochao clothing, it is based on the promotion of cultural identity. According to the survey results of AI media, 40.5% of consumers buy Hanfu based on their love of Hanfu culture, 36.9% of them based on the aesthetic feeling of Hanfu, and 33.6% of consumers think that Hanfu can fully express their personality.

With the continuous growth of China's economy and the enhancement of cultural confidence, Guochao will present a long-term consumption trend, not just a short-term consumption hot spot. Under the support of the complete and agile supply chain of China's textile industry, Guochao clothing will continue to improve its competitiveness, help enterprises to improve product competitiveness and establish global brand advantages.

   02 sportswear drives new growth points

With the continuous improvement of people's living standards, people's health awareness is gradually strengthened, and the concept of sports and fitness continues to deepen. The government strengthens the overall planning and guidance of national fitness through policies. In 2009, the State Council approved the "National Fitness Day", in 2018, the General Administration of sports and other departments issued the implementation plan of million kilometer fitness trail project, and in 2019, the general office of the State Council issued the outline of sports power to jointly promote the development of fitness sports, and relevant institutions actively responded to and participated in the organization of various events. China Track and Field Association's "2019 China Marathon blue book" points out: China's marathon and related road running events continue to grow at a high speed. In 2019, a total of 1828 large-scale events were held in China, with a year-on-year increase of 15.6%, and the total number of participants was 7.126 million, with a year-on-year growth of 22.2%. The enthusiasm of national fitness continued to grow. After the outbreak in 2020, people's attention to health has further increased, and the willingness to enhance immunity through exercise is obvious. According to the cbndata & keep survey data, 76.0% of people said that they would pay more attention to health and exercise after the outbreak.

The upsurge of national fitness campaign directly drives the demand for sports clothing. According to Euromonitor International data, the scale of China's sportswear market has increased from 166.9 billion yuan in 2015 to 315 billion yuan in 2020. At present, there is still a gap in the per capita consumption of sports shoes and clothing between China and developed countries. In 2019, China's per capita consumption of sports shoes and clothing is 32.93 US dollars. The per capita consumption of sports shoes and clothing in the United States, Britain and Germany is 11.7 times, 4.8 times and 4.5 times of China's, respectively. There is a huge space for growth in the domestic sports clothing consumer market. At the same time, the state released the "national fitness plan for the whole people (2021-2025)" and proposed the development goal by 2025, The proportion of people who often take part in physical exercise reaches 38.5%, driving the total scale of the national sports industry to 5 trillion yuan. Driven by the nationwide fitness boom, there is a huge space for growth in the consumer market and the coordinated support of the complete textile industry chain, which is expected to continue to grow to 546.6 billion yuan in 2024.

   03 live e-commerce activates potential consumer market

The online retail market has become an important retail channel, which plays an important role in promoting e-commerce due to the continuous impact of the epidemic. According to emarketer's calculation, the global online retail market will reach US $42.8 trillion in 2020, with a year-on-year growth of 27.6%, which is far higher than expected. Meanwhile, it is expected to maintain a growth rate of 14.3% this year. China's high Internet penetration rate and large scale of Internet users have laid a solid foundation for the development of e-commerce. After the implementation of the prevention and control policy in 2020, the penetration rate of e-commerce will be further improved, the market will be deepened, the innovation of e-commerce mode will be accelerated, and the potential consumer market will be activated. According to the 48th statistical report on the development of China's Internet, as of June 2021, the number of Internet users in China was 1.011 billion, including 812 million online shopping users, accounting for 80.3% of the total Internet users.

On the basis of e-commerce, live e-commerce brings about significant consumption growth through innovative mode. In 2020, the scale of live e-commerce transactions will exceed trillion yuan, with a year-on-year increase of 142.0%. In contrast, the e-commerce platform takes the large-scale shelf-life commodity supply as the core, reaches consumers with clear consumption purpose through channel operation and commodity marketing, and takes "search" as the main consumption path, showing the main feature of "people looking for goods"; The live e-commerce focuses on the visual commodity content, focuses on the operation of commodity content and recommendation of interest content, and takes stimulating interest as the starting point, presenting the core feature of "goods for people", which can more fully trigger the potential consumption demand. In terms of the transaction volume of "818 Haowu Festival" in 2021, clothing is still the first consumer category in live e-commerce, accounting for 34.2% of the total turnover. The following categories include beauty care (15.1%), jewelry (14.0%) and snacks (6.2%). At present, live e-commerce is in the growth stage, with a penetration rate of only 8.6%. There is still a huge market growth space, which will become an important engine for the growth of domestic consumer market.

On the whole, in the domestic consumer market, new models and new business forms are gradually developing, and new features and new growth points of consumption continue to appear. With the continuous improvement of the domestic consumption policy and the continuous improvement of the consumption environment, the consumption potential of the domestic market will continue to release, which will better play the basic role of consumption in the new development pattern of double cycle.

(source: China Textile Industry Economic Research Institute)

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