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Xinhua: Chinese Domestic Clothing Market Saw Sharp Decline

Xinhua recently reported that, according to the National Bureau of Statistics, China’s 2018 total clothing sales saw a 24.8 percent year-over-year decline, which represents 17.85 billion fewer pieces of clothing. Fabric for the clothing market suffered a similar decline at the same time. Also, based on data that the China Business Federation as well as the China National Business Information Center released, the national average of the proportion of income going toward clothing expenditures in consumer spending went from 6.8 percent in 2017 to 6.5 percent in 2018. Even nationwide, large retailers suffered a 4.2 percent decline in clothing sales. All clothing categories had a decline in sales except sports clothing. In the meantime, clothing prices increased by 1.4 percent in 2018 and the clothing rental business enjoyed some growth as well. Analysts expressed their belief that the cause of the market change was that companies are seeing widespread cost increases in terms raw materials. Fashion trends are also adjusting at a much more rapid pace.

Source: Xinhua, September 12, 2019