January 8, 2011
Bharatbook added a new report on “Fashion & Apparel Retailing in China 2010 : A Market Analysis” into its market report catalogue for reselling.
Fashion & Apparel Retailing in China 2010 : A Market Analysis
Covering fashion and apparel retailing in China, including sectors: footwear; knitwear; men’s wear; hosiery, underwear and nightwear; children’s wear; and women’s wear; sports and casual wear. ( http://www.bharatbook.com/detail.asp?id=167841&rt=Fashion-Apparel-Retailing-in-China-2010-A-Market-Analysis.html )
The total apparel retail market is estimated to have reached a value of RMB895.4bn in 2009, and the market is expected to surpass RMB1trn in 2010. Retail sales value increased by 132% between 2003 and 2009. The weakness of retail prices, caused by intense competition, continues to put pressure on retailer’s margins, forcing them to improve operational efficiency and to market more heavily in order to increase store footfall and raise purchasing rates.
The strong levels of competition in the tier-1 and -2 cities is driving retailers to up their plans for regional expansion, ranging from modest, selective targeting to some retailers outlandishly forecasting as many as 1,000 new stores over five years. As well as new stores, there is a steady stream of new foreign and domestic entrants adding to the competitive frenzy. Smaller, successful brands and chains will likely become targets for increased mergers and acquisitions activity in a market that will need to begin consolidation.
China’s consumers are increasingly wealthy, but they are also very price conscious. A strong sense of value for money does not automatically mean they prefer cheap, and they tend to be willing to pay more for better quality. The rapid growth of the Chinese economy means that things change fast, including fashion trends, and this means that Chinese consumers are very fickle about fashion. Already, sportswear has peaked (from a high point in 2008/09, in the wake of the Beijing Olympics) and outdoor wear is increasingly the sector where growth is accumulating.
The future market looks set for continued steady growth, helped by continued average wage increases, as well as the emergence of significant consumption within rural communities, and the continued rapid urbanisation of the Chinese population. The latter factor is helping to increase urban population concentration, bringing more people closer to more retail outlets, raising footfall and purchasing frequency. However, retail price weakness will continue to be a problem, thanks to strong competition in all sectors.
For more information kindly visit : http://www.bharatbook.com/detail.asp?id=167841&rt=Fashion-Apparel-Retailing-in-China-2010-A-Market-Analysis.html
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