Ken Research recently announced its latest publication titled “Clothing & Footwear Retailing in China-Market Summary & Forecasts” which discusses detailed analysis of clothing and footwear retailing, leading players, distribution channels and consumer trends.
Now a day’s competition is at its peak in both the sectors; Clothing and footwear. There are so many retailers and also the online retailing has cut the shares of existing retailers.
Economic growth of the nation leads to increase in disposable income of the Chinese, thereby increase in retail demand and also the changing lifestyles is the reason behind increase in retail demand.
Clothing market in China has bright future. Today’s generation is very particular about their clothing style and in addition to domestic brands; they demand for international brands too and spends major part of their earning in this sector.
In china, per capita clothing consumption is projected to grow at a CAGR of 9.2% over the next five years.
China used to be an exporter of the footwear products but now the consumption base has widened and it captures the largest share of ‘the U.S’ imports. China had a share of 68.6% of ‘the U.S’ footwear imports in 2013.
Chinese economy is in transition phase from manufacturing driven economy to consumption driven economy especially in footwear sector.
Footwear enterprises achieved sales revenue of USD109.5 billion in 2014 and China produced 14.2 billion pair of foot wears. Leather shoes were in high demand and contributed 65% to the total sales revenue.
From the business point of view, these two sectors seem lucrative but there are some challenges which every businessman has to face. The rising factor costs are a very big challenge in this price competitive market.
High cost of imported raw material is also adding fuel to the prices of the products. Also, the government’s concern towards environment and maintaining quality standards is increasing the cost of manufacturers.
(Source: India Info Line)