China’s clothing and apparel retail sales dropped in the early stage of the epidemic
Higher than most other consumer goods
Our country is the first country in the world to be affected by the new coronavirus epidemic, and it is also one of the fastest countries to recover and develop from the epidemic. The outbreak of the domestic epidemic in early 2020, followed by strict epidemic prevention measures such as work and school suspensions, business closures, and home quarantine, caused a significant decline in the domestic retail market. In the first quarter of 2020, domestic consumer goods fell by nearly 20% year-on-year. Only grain, oil and food sales showed positive growth. Clothing, shoes, hats, needles, textiles, and daily necessities all experienced sales declines to varying degrees, with clothing products experiencing the largest decline.
After April 2020, with the effective control of the domestic epidemic, economic life in various parts of our country has recovered steadily and orderly, and social activities have become increasingly active. Coupled with the implementation of various government consumption promotion policies, national consumer goods sales have begun to pick up steadily. As of the end of 2020, the retail sales of consumer goods decreased by 3.9% year-on-year, and the retail sales of clothing products decreased slightly, with sales decreasing by 6.6% year-on-year.
The economy is improving steadily
Drive China’s clothing product retail sales back to normal development track
The continued recovery of the domestic economy in 2021 has effectively driven the recovery of sales of various consumer goods in society, further stimulating the potential of the resilient and strong domestic demand market. By the end of the year, the country’s total retail sales of consumer goods exceeded 44 trillion yuan, an increase of 12.5% over the previous year, and the two-year average growth rate was 3.9%. The retail sales of clothing, shoes, hats, needles and textiles have also achieved significant development. The annual retail sales increased by 12.7% year-on-year, and the growth rate rebounded by 19.3 percentage points from 2020, with an average growth of 2.6% in the two years. Judging from the situation of residents’ consumption expenditure, the per capita clothing consumption expenditure of national residents will reach 1,419 yuan in 2021, and the consumption amount has increased significantly.
Online clothing retail sales in China continue to maintain rapid growth
In the two years of coexisting with the epidemic, domestic online sales have also developed further. Policies such as home quarantine and social distancing have triggered online shopping in more scenarios. The steady growth of online consumption has also played a strong role in stimulating the domestic demand market. At the end of 2020, national online sales of clothing products increased by 5.8% year-on-year, which was better than the same period in 2019. In 2021, the national online retail sales of clothing products will increase by 8.3% year-on-year, a growth rate that is 2.5 percentage points higher than that in 2020, and an average growth rate of 7% in the two years.
Trend Outlook
Extreme uncertainty in global economic development in 2022
Will increase the risk of retail market development
As the external event that has had the greatest impact on the world economic pattern since economic globalization, the global spread of the COVID-19 epidemic has had a considerable impact on the economic development of all countries. In 2020, the world fell into the trough of economic recession. In 2021, the world economy rebounded and grew by 5.5% amid imbalances. Entering 2022, the inflationary pressure that started in the United States continues to spread to the world, and the weak demand situation is difficult to effectively improve under the repeated impact of the epidemic.
In its Global Economic Prospects in January this year, the World Bank lowered its global economic growth forecast for the new year to 4.1%. Russia’s special military operation against Ukraine in February and its associated effects intensified the inflationary impact faced by the world economy. The “black swan” of the Russia-Ukraine conflict is likely to worsen the global economy, which is already weak due to the impact of the new coronavirus epidemic. .
The epidemic superimposes the conflict between Russia and Ukraine
It may seriously restrict the development of clothing retail in Europe, America and Japan
At present, with the prolongation of the war between Russia and Ukraine and the mutual sanctions between Europe, the United States and Russia in many fields, the whole world has begun to be affected. Crude oil prices are soaring, food prices are rising, commodity prices continue to rise, stock markets in many countries are turbulent, supply chain disorders are intensifying, and many parts of the world are facing corporate bankruptcies due to the impact of the epidemic. , increasing unemployment and other difficulties, the confidence of consumers who have just recovered from the severe impact of the epidemic may be weakened again. In 2022, if developed economies such as the United States, EU and Japan, under the shadow of global high inflation, are unable to continue to implement effective fiscal stimulus policies and maintain the continued good development of their domestic economies, their The textile and apparel retail market may face greater challenges.
China’s textile and apparel retail market will continue to move forward under pressure in 2022
Facing a more severe and complex external environment, the development of my country’s textile and apparel retail market also needs to move forward under pressure. However, with the characteristics of strong resilience, sufficient potential and large space, the fundamentals of my country’s long-term economic growth will not change in the future. The government’s emphasis on expanding domestic demand and the active introduction of various measures will also help stabilize the domestic demand market. my country’s textile and apparel The retail market still has conditions for stable and positive development.
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