LONDON--(BUSINESS WIRE)--With one of the largest economies in the world, China is full of opportunities for apparel vendors, including in online retail and sportswear. Details about these markets are some of this week’s top stories on BizVibe. BizVibe is the world’s smartest B2B marketplace and allows users to discover high quality leads, contact prospects, and source quotes. Register today to connect with over seven million companies around the globe.
China’s online apparel market growing by 20% annually
The popularity of online shopping is continually growing, and China is no exception. Indeed, China’s online retail market is the largest in the world, worth USD 750 billion as of 2016 with 460 million shoppers. By 2020, these numbers are expected to grow to USD 1.7 trillion and 660 million, respectively, according to Goldman Sachs. Apparel, footwear, and accessories make up almost a quarter of these sales, and the category is expected to grow at an annual average rate of 20% through 2020.
Approximately 75% of consumers in China shop for clothes and accessories online. This is being driven in part by cross-border shopping, as China’s standard of living improves and consumers are exposed to more products from foreign countries. Experts anticipate that China will soon surpass the US as the world’s largest online clothing market.
Connect with nearly 1,000 clothing companies in China listed on BizVibe
Sportswear market booms in China
With the largest population in the world and a boost from several government initiatives, China’s sportswear market is developing rapidly. It currently has a growth rate of 11%, considerably higher than the US, which is the world’s largest market for sportswear but is growing at only 2.5%. China’s population of 415 million millennials is contributing to this, as is its growing middle class. People with higher incomes tend to participate in more leisure activities, including sports, leading to rising demand for activewear.
China’s government is encouraging this rising interest in sports with multiple investments. In order to combat the rising number of health problems such as obesity in the country, the government has launched a five-year fitness plan that will make investments in sports and fitness facilities. The plan involves USD 225 billion in national spending by 2020. China also aims to increase the number of soccer pitches in the country from 50,000 to 70,000 by 2020, and increase the country’s sport economy to USD 850 billion by 2025. With such a strong focus on sports and fitness, the sportswear market in China has a promising outlook for the next several years.
Connect with top sports apparel companies worldwide listed on BizVibe
Connecting with textiles companies on BizVibe
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