Market Size And Trend Forecast Of China's Garment Industry And Subdivision In 2019 (Chart)

China intelligence network news: with the increase of people's income, clothing consumption continues to grow. According to the National Bureau of statistics, from 2012-2017 years, retail sales of clothing in China have maintained a steady growth trend. In 2017, the total retail sales of clothing reached 1 trillion and 450 billion yuan, an increase of 477 billion 900 million yuan compared to 977 billion 800 million yuan in 2012. In 2018, the total retail sales of clothing were 1 trillion and 370 billion yuan. In 2019, the state issued a number of tax reduction and consumption reduction incentives to stimulate consumption. It is estimated that the total retail sales of clothing will increase slightly in 2019, and it is expected to reach 1 trillion and 380 billion yuan.

Source: National Bureau of statistics, China Industrial Research Institute

In 2018, the total consumption of goods in China was 338271 billion yuan, up by 8.9% over the same period last year. According to statistics, clothing consumption accounted for 4.05% of retail sales in 2018, down from 2017. It is estimated that the proportion of clothing products in retail sales increased by 4.16% in 2019.

Source: National Bureau of statistics, China Industrial Research Institute

The total sales volume of China's clothing market in 2018 reached 2 trillion and 77 billion yuan, up 7.8% from the same period last year, the highest growth rate since 2014. Influenced by the upgrading of consumption and the steady demand of local consumers after raising their living standards and incomes, the Chinese clothing market reached the highest value in 2017 and continued to rise in 2018. But economic instability has brought great challenges to the development of the clothing market. The year-on-year growth rate of China's clothing market is expected to drop to 3.5% in 2019 and sales volume of 2 trillion and 150 billion yuan.

Data sources: Euromonitor Inter national, China Business Research Institute collate