The industry of textile, apparel and footwear is growing day by day as in the recent era the huge development and urbanization has taken the place. Whereas, by the significant increase in the disposable income and current scenario of retail market signifying the significant growth in the near future. Furthermore, the key retailers are establishing the effective technologies of product making by which they can produce attractive products at a reasonable price whereas, many of the key players are inaugurating the e-commerce platform for enjoying the consumer trend across the globe which enable the retailer in acquiring the highest amount of share. As with the help of e-commerce platform the consumer can get variety of a product which can be compared with the other products of similar nature. Moreover, youth has become more aware related to the clothing and footwear which is the key factor of this category.
According to the report analysis, ‘Clothing & Footwear Retailing In Hong Kong, Market Shares, Summary And Forecasts To 2022’ states that some of the major companies which are currently functioning in this category of retail more actively for acquiring the highest amount of share and defeating the demand of the young consumers which includes Lane Crawford, Bossini, Uniqlo, H&M, Giordano, Zara, Sogo, Columbis, Coach, Baleno/S&K and several others. Not only has this, the report offers market insights and deep analysis with the quantitative and qualitative insights of changing retail dynamics in this category of retail moreover, the new and latest trends of consumer behavior, retail sales and the fastest-growing product categories in clothing and footwear segment. Moreover, the report also cover the factors which driving the shopping and consumer insights with the changing economic and demographic factors.
The clothing and footwear segment accounted for HKUSD 68.6 billion in 2017 and is forecasted to grow at 3.7% CAGR during 2017-2022. Meanwhile, the Hong Kong retail market is anticipated to rise at a CAGR of 3.5% during 2017-2022. In the coming years it is expected by the increase in demand results the entry of global brands and omni-channel shopping experience will boost the supply of the product. By the time in Hong Kong the population is growing and with the large young population and influence of global fashion trends drive the sales of the clothing and footwear.
The female population is rising with the effective share which will boost the demand for womens wear and the record, low unemployment rate and improved wages will boost category sales. Therefore, the increasing wages are operating style-conscious parents to spend more on children wear. The specialist retailers are losing the market share to online retail whereas, the sector is widely fragmented with most retailers which are driving in the mass market sector.
The key players are analyzes the key consumer trends influencing Hong Kong clothing and footwear industry which enable best opportunities and benefitted for both the consumer and seller. Therefore, in the coming years it is expected that the retail market of this category will grow more significantly over the decades with the effective strategies and policies of the key retailers for e-commerce platform.
To know more, click on the link below:-
Ankur Gupta, Head Marketing & Communications