Rapid economic transformation and government efforts have made China a dominant player in the global textile and apparel trade. Chinese textile and apparel products now constitute an important segment of apparel and textile markets of various developed and developing economies. The country has gained a competitive edge on account of its favorable economic environment, government support, tariffs and tax incentives, SEZ culture, and low labor and raw material cost.
The changing retail industry landscape, coupled with rising purchasing power and increasing influence of Western culture, is also giving a new meaning to the domestic apparel market of China. The emergence of middle class, growing young population and rapid globalization of culture is fuelling the demand for branded apparel in the country. This is attracting the foreign and domestic players to tap the rising demand of branded (as well as mass) segment products.
The emergence of China as one of the largest consumer markets will spur the apparel consumption in coming years. Consumers will prefer more fashionable and branded products. Despite the rise in purchasing power and preference for branded products, mass segment products will continue dominating the apparel purchase in the country. Changing trends and rising consumption will give rise to a new era of apparel and textile industry in China, says “China Apparel Industry - New Opportunities for Growth”, a new research report by RNCOS. As per the report, global financial crisis of 2008 and changing market conditions worldwide will hardly affect China’s dominance in apparel and textile industry.
The research report critically evaluates the current and past performance of the industry and gives a detailed overview on it. It thoroughly discusses factors critical to the success of the apparel and textile industry in China. The report is aimed at offering clients a strategic insight into the concerned industry so that they can better analyze the opportunities which they can leverage to become the market leader.