The Fung Business Intelligence Centre in Hong Kong has published the first edition of the new “China Apparel Market Series”.
The report is freely available from the FBIC.
The FBIC writes: “China’s apparel industry has taken a hard hit from the COVID-19 pandemic, which forced brands and retailers to temporarily shut down many of their offline stores in the country, causing a slump in apparel sales. Yet despite the short-term disruptions caused by COVID-19, the apparel market has started recovering its growth momentum since 3Q20, soon after the country emerged from the pandemic. This is largely due to the government’s rigorous measures to curb the virus, combined with a stimulus package to revive the economy which has successfully boosted consumer confidence and encouraged spending, contributing to a quick bounce back in the country’s apparel sales. Throughout the pandemic, we have seen the biggest sub-sector growth in sportswear. We expect that the overall health and wellness trend, likely spurred by increased attention to personal health due to the pandemic, will continue to boost sportswear growth throughout 2020 and 2021. Furthermore, by integrating offline
resources and online channels, several key sportswear brands have emerged as the success stories of COVID-19.
You can read the entire report on the FBIC website.