13000 Billion - China'S Fashion Consumption Power

How big is the purchasing power of Chinese customers and how strong is their aftereffect? The latest report by the Boston consulting firm says that by 2020, the annual consumption expenditure of Chinese customers will reach 13000 billion yuan.

The Boston consulting firm interviewed 5000 Chinese, aged 14 to 45, and finally came to the report entitled "strong growth in China's fashion market". It pointed out that "facing the next wave of growth, it is not enough to just sit back and enjoy it. The pattern of growth in the next 10 years is quite different from that in the past 10 years. Therefore, fashion companies must fully understand the changes of Chinese customer groups and retail businesses.

20, 30 year old customers, young people born after the "Cultural Revolution", are regarded as the new force of fashion consumption in China. Their purchasing power has exceeded 18% of the average level. "They have not eaten the pain of their parents, and now most of them have a good job - all of which turn into a strong optimism." The report says.

The report also predicts that in the next 10 years, Chinese women and people living in the mainland and two or three tier cities will spend more money on fashion products.

Faced with the saturation and recession of the domestic market, European and American brands have been relying on overseas expansion to seek growth. But fashion brands are just beginning. Zara currently has 70 stores in China and only 5 Gap. By contrast, Nike and Adidas, which have entered the Chinese market many years ago, have opened about 6000 stores.