China's Clothing Industry: Opportunities For Small Cities In The Next Ten Years

Boston's consulting firm recently released in Beijing "dress up dance: grasp the rapid growth opportunities in China's fashion market" report predicts that the size of the Chinese fashion market will reach 800 billion yuan in the next 5 years, and become the world's largest after 10 years. Latest fashion Retail market.

The report shows that China's fashion market has expanded two times in the past 10 years, and the market scale reached 400 billion yuan in 2010. This figure is expected to continue to rise at an annual rate of 10% over the next 10 years. By 2020, Chinese fashion retail Sales will reach 13480 billion yuan. In the past 10 years, the opportunity of Chinese clothing industry is concentrated in small and medium-sized cities.

The report shows that in the next 10 years, many high consumption groups will live in inland or smaller cities. In 2010, smaller cities constituted about 50% of the fashion market. By 2020, 2/3's middle-income class and wealthy consumers will live in four to seven tier cities, and will occupy 60% of the overall growth of the fashion market. For enterprises, this means that the share of interests will be more dispersed. According to the survey, according to the survey results, if the clothing of medium and high price is to achieve 80% coverage in the market, enterprises need to enter 462 cities. By 2020, in order to maintain the same market coverage, enterprises will need to enter 568 cities.

In this regard, the Boston consultation recommends that the key to the formulation of new strategies for Chinese garment enterprises will be to assess the opportunities for providing services to smaller cities, determine the consumer emotional space owned by their brands and should have, and explore ways to create excitement for consumers. Shopping Experience.

"For fashion companies, the key to winning in the past is to have a" big "brand, low-cost supply chain and the ability to develop retail business rapidly through franchising. "In order to succeed in the future, enterprises need to adjust their strategies according to the new needs of consumers," said Lu Yan, partner of BCG Greater China.

According to the introduction, Boston consulted the research report was interviewed over 5000 and 14~45 year old consumers in different regions and tier cities. Boston consulting company (BCG) is a global management consulting firm founded in 1963 and now has 74 offices in 42 countries worldwide.