China's clothing market will more than triple

2011-8-15

A report from the Boston Consulting Group estimates China's fashion clothing market will more than triple to $1350 billion by 2020, driven by middle class and wealth consumers growth.

 

Per capita consumption of clothing by China Mainland’s consumers is 1150 yuan, only 20% of the figure of European and American consumers. The development of China's economy has led to an increase in the number of citizens considered to be middle class, and they could total 140 million people by 2020. The next ten years represent a tremendously exciting time for fashion companies. Yet per capita consumer spending in China is still in the early part of the penetration curve compared with that in mature markets, giving China the potential to become an even more significant fashion market- accounting for about 30% of the global fashion market’s growth over the next 5 years.

 

To capture the full spectrum of growth opportunities, companies need to expand their footprints, target emerging key consumer segments.

Source:CTEI