China will replace the United States as the largest garment market

According to industry experts, China is expected to replace the United States as the world’s largest ready-to-wear market by 2023.

According to GlobalData retail analyst VijayBhupathiraju, store sales in China, a superpower, have returned to 80-100% of trading levels before the outbreak of the new crown epidemic.

GlobalData previously predicted that the new crown epidemic will lead to a loss of US$297 billion in the global ready-to-wear market in 2020, a 15.2% decrease from 2019. The United States (the largest ready-to-wear market) will account for 42% of all consumer losses, leading to more well-known chain brands filing for Chapter 11 bankruptcy protection in the coming months. On the other hand, compared with their counterparts in the United States and Europe, which are driven by domestic demand growth, the Asia-Pacific market is expected to be in the best condition to cope with the impact of the COVID-19 epidemic.

In dollar terms, the ten most severely affected markets in the world will account for 85% of all losses, with mature markets being the most severely affected.

Note: This chart shows the 10 hardest-hit global ready-to-wear markets in U.S. dollar terms. The dollar and percentage declines indicate the difference between our revised 2020 forecast and the 2019 market size.

Bhupathiraju said: Although the entire Asia-Pacific market has begun to recover, it will take some time for ready-made garment sales to rebound. The reasons started from low consumer confidence, sluggish tourism, and the global economy. Threats of impending recession and high unemployment.

However, some sales losses will be made up through “revenge buying”. The pent-up demand of those who are willing and able to consume is suddenly released, and it is expected that there may be A wave of revenge buying.

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