The Future Fashion Market of China
Businesses everywhere today are looking at one target in aim of moving their future factories and pinpointing spots to open future store locations. China. It has become a major center of global business and looks to have an even bigger impact in the coming future. Every major industry has at least some foothold or involvement within the bustling country.
One huge industry that has been primarily based in China and much of Asia is the textile industry. One could argue that over 80% of the clothing in the world is woven and stitched together in China and sent to your local mall. ABC news reported in one article that ” 98% of the clothing purchased in the United States is imported from abroad. Just two percent of the clothing bought in this country is produced on US soil.” From a country that become a merchant traders heaven during the Silk Road period to now, China has always been involved in one way or another with clothing apparels and textiles. Flipping around your shirt around right now and looking at the tag odds are it will say “Made in China.”
Though the country has become the trademark of producing the world’s apparel it has also lauded recent attention as an emerging and highly anticipated market for selling clothes. From the recent economic growth the country has witnessed, many new middle and upper classes have begun springing up, something the communistic country has never witnessed before. With the newly inspired and money spending capability has come the new found ability for high quality products. Many name brand fashion lines such as Burberry, Prada, and Gucci have all noticed by opening up many new stores throughout some of the major Chinese cities. Analysts have said that China accounts for over a third of many of these fashion lines gross profits. The numbers are only expected to increase and is why the future fashion market is China.
Other sources have stated that “luxury consumption in China is about 20% of global luxury consumption now and is expected to increase to 50% over the next 10 to 13 years.” The new luxury shopping bug that has taken over China has also affected nearby countries. Thailand for example will be debuting 50 new clothing brands into its country to cope with the booming luxury industry that has spilled over. This includes many well known brands such as Ralph Lauren, Louie Vuitton, and Oakley. This new inflow is business is just a showing of the different varieties of clothing brands that are trying to get a share of the still very primitive market.
Chinese have a great attraction of showing off their level in society, whether it is driving sports cars, wearing expensive clothing, or adapting to western habits. The Chinese economy has greatly influenced how Chinese are able to increase their daily spending and helped the luxury market tremendously. Luxury brands will continue to seek ways of gaining their popularity in the 1.3 billion populated country. Let the competition begin in the future fashion market of China.