China will top US in global apparel market by 2023, report says
According to that report, China, India and South Korea will secure their position in the top 10 global apparel markets by 2023, in contrast with the drowning market at the West
Covid-19 will wipe off around $297bn from the global apparel market in 2020, a sharp 15.2 percent decline than that of 2019 and the US alone will account for 42 percent of that loss, according to a forecast of the leading data analytics company GlobalData.
On the other hand, the Asia Pacific (APAC) markets are expected to be in a better position to counter the Covid-19 impact compared to their American and European counterparts driven by the growth in domestic demand.
According to that report, China, India and South Korea will secure their position in the top 10 global apparel markets by 2023, in contrast with the drowning market in West.
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Also, China is expected to overtake the US as the world's largest apparel market within the next three years.
Vijay Bhupathiraju, a retail analyst at GlobalData said "Though the recovery has already started across the APAC markets, apparel sales will take some time to rebound amid dampened consumer confidence, the slump in tourism, the threat of an impending global recession and high unemployment rates."
The 10 worst impacted markets, in terms of value, will represent 85 percent of this total loss with mature markets suffering the hardest.
"However, some of the lost sales will be compensated by the level of 'revenge buying' (sudden release of pent up demand from those willing and able to spend). Some brands across China for instance are seeing store sales return to 80-100 percent of pre-Covid-19 trading levels as the country relaxes lockdown measures." Vijay added.
