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CHIC 2010: Chinese Market to Launch Another Golden 10 Years
CTEI/TA Weekly: China clothes industry is going to enter into another golden 10 years. Referring to the demand, people aged between 25 and 29, and those between 35-45 are those of strong purchasing power. They are the target customers of vendors. With the development of rural area, the consumption power of customers in countryside also grows. The clothes market is expanding with a rate of 10% from now to 2030. From a mid and long term perspective, the environment of clothes manufacturers is good. Those who have control in the sales channel and those focus in high-end market will get stronger.
There are some new features of the consumption in China. First, the general income of the customers is growing. The group with annual salary between 40,000 to 100,000 yuan increase than ever before. Second, urban residents have higher purchasing power than those lived in rural area. Third, the expenditure in clothes followed the same rate as the growth of income. Fourth, residents in different cities have different ways in their expense in clothes. Some second and third tier cities even went beyond the first tier cities in the clothes consumption. Fifth, the people aged between 25 and 29, and those between 35-45 are the major target of vendors.
From the above features, we could see that more and more Chinese people get wealthy, and they are willing to spend more money on clothes. The opportunities in some second and third cities in Inner Mongolia, Xinjiang, Henan, Shanxi, Ningxia, Heilongjiang, Liaoning and Jinan, are even better than some first tier cities.
Since the beginning of this year, the export of textile and clothes did not grow as fast as expected. The export for the whole year might be not that optimistic as we anticipated. But the unstable export situation could stimulate more investment for domestic market.
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