Table of Contents
Overview
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- What you need to know
- Covered in this report
- Excluded
Executive Summary
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- The market
- Companies and brands
- The consumer
- Casual wears for adults and trainers for children
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- Figure 1: Fashion products bought, August 2019
- Comprehensive online shopping websites top the list
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- Figure 2: Purchase channel, August 2019
- Quality comes before style and price
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- Figure 3: What consumers have done before purchase, August 2019
- Premium fashion brands feeling the squeeze from fast fashion and luxury brands
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- Figure 4: Correspondence Analysis – Brand Image, August 2019
- Consumers seek fashion inspiration from where they shop
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- Figure 5: Place to find fashion inspiration, August 2019
- About a third surveyed consumers are fashion enthusiasts
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- Figure 6: Enthusiastic in fashion and fashion products, August 2019
- What we think
Issues and Insights
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- Sustainability: an add-on statement rather than main selling point
- The facts
- The implications
- Build a personal connection with consumers
- The facts
- The implications
- How to solve the pain point in fashion gifting
- The facts
- The implications
The Market – What You Need to Know
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- Stable market growth
- Favourable macro and micro factors
- Apparel outperforms
Market Size and Forecast
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- Introduction
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- Figure 7: Best- and worst-case forecast of China’s fashion retailing market value, 2014-24
Market Factors
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- Disposable income continues to increase
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- Figure 8: Real growth of per capita disposable income and expenditure, by urban and rural China, 20171Q-2019 3Q
- Opportunities in lower tier cities
- Per capita clothing expenditure stabilized
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- Figure 9: YOY growth rate of per capita clothing expenditure, 2015-3Q 2019
- Looking well-dressed is a necessity
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- Figure 10: Attitudes towards dress up, August 2019
Market Segmentation
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- Apparel
- Footwear
- Accessories
Key Players – What You Need to Know
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- Fast fashion experienced turbulence
- Let products and shopping experience speak for brands
- When culture meets fashion
Market Share
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- Highly fragmented market
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- Figure 11: Market share, November 2019
- Sports brands still hold the lead
- Fast fashion brands facing challenges
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- Figure 12: ZARA’s edited collection, October 2019
- Luxury brands are doing really well
Competitive Strategies
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- Unleash the potential of niche audiences
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- Figure 13: ASOS’ clothing tab on landing page, October 2019
- Brands have to raise their own voice
- Lifetime warranty to win trust
Who’s Innovating?
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- Material Story
- Carbone-neutral sole
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- Figure 14: Introduction of allbirds’ SweetFoam™
- Wash it, hang it, wear it
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- Figure 15: Ermenegildo zegna’s TECHMERINO™ collection
- League of Legend and Louis Vuitton
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- Figure 16: Prestige skin designed by Louis Vuitton for Qiyana, November 2019
- Embroid culture into fast fashion
- H&M worked with local designer
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- Figure 17: H&M x Angel Chen, November 2019
- Fast fashion meet ethnic minority
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- Figure 18: Uniqlo and Miao embroidery, November 2019
The Consumer – What You Need to Know
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- Women purchased more, especially for handbags and fashion accessories
- Outlets have great potential among males and high earners
- Trend pursuing younger consumers
- Ethical and authentic are not closely related to any brand type
- High earners get inspired by fashion shows and daigou
- New format and service model are well accepted
Fashion Products Bought
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- Athleisure still rocks
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- Figure 19: Fashion products bought, for myself, August 2019
- Accessories are women’s best friends
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- Figure 20: Fashion products bought, for myself, by gender, August 2019
- Chinese parents are not ready for children fashion accessories yet
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- Figure 21: Fashion products bought, for children, August 2019
- Fashion purchase for partners is common
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- Figure 22: Fashion products bought, for adults with different gender, by gender, August 2019
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- Figure 23: Purchase of men's fashion products by gender, August 2019
- Figure 24: Purchase of women's fashion products by gender, August 2019
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- Figure 25: Fashion products bought, for children, August 2019
- Formal wear is more essential in tier one cities
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- Figure 26: Fashion products bought, for myself, by city tiers, August 2019
- Fashion accessories work in different ways across city tiers
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- Figure 27: Fashion products bought, fashion accessories, by city tiers, August 2019
- Help younger consumers explore their styles
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- Figure 28: Fashion products bought, for myself, by generation, August 2019
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- Figure 29: Fashion products bought, for others with different gender, by generation, August 2019
Purchase Channel
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- Online comprehensive shopping websites are the first place to go
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- Figure 30: Purchase channel, August 2019
- Men are attracted to good bargains
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- Figure 31: Purchase channel, by gender, August 2019
- Brands means more to young consumes
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- Figure 32: Purchase channel, by generation, August 2019
- High earners enjoy shopping in outlets and leveraging overseas channels
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- Figure 33: Purchase channel, by monthly personal income, August 2019
Purchase Journey
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- Finding the right fashion product is priority
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- Figure 34: What consumers have done before purchase, August 2019
- Omnichannel strategy has seen early success
- Women care about style matching
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- Figure 35: What consumers have done before purchase, by gender, August 2019
- Younger generation believe in peers and professional
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- Figure 36: What consumers have done before purchase, August 2019
- Low earners have more straightforward decision making process
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- Figure 37: What consumers have done before purchase, August 2019
Brand Image
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- Fast fashion stay on-trend
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- Figure 38: Correspondence Analysis – Brand Image, August 2019
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- Figure 39: Correspondence Analysis – Brand image, August 2019
- Unclear path for premium brands to expand
- Aspirational luxury brands sit tight on the top of the hierarchy
- Ethical is not strongly correlated to any brand types
Where to Find Fashion Inspirations
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- The influence of online shopping platforms is beyond buying products
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- Figure 40: Place to find fashion inspiration, August 2019
- Brands’ official accounts are worth investing in
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- Figure 41: Place to find fashion inspiration - TURF Analysis – August 2019
- Women are more into the celebrity and fashion specialised sources
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- Figure 42: Place to find fashion inspiration, by gender, August 2019
- Social media is crucial to the post-90s
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- Figure 43: Place to find fashion inspiration, by generation, August 2019
- Low income consumers are less sensitive to fashion trends
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- Figure 44: Place to find fashion inspiration, by monthly personal income, August 2019
Attitudes towards Fashion
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- Well-dress to reflect individuality
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- Figure 45: Attitudes towards dressing up, August 2019
- Athleisure still has room to grow
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- Figure 46: Attitudes towards casual wear and sportswear, August 2019
- Interested in trying the new format and service model
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- Figure 47: Attitudes towards new format and service model, August 2019
- High enthusiastic in fashion
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- Figure 48: Enthusiastic in fashion and fashion products, August 2019
- Fashion Junkies vs normal consumers
- Buying more from the official channel and overseas
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- Figure 49: Purchase channel, by fashion enthusiasts vs normal consumers, August 2019
- Care more about every aspect except for price
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- Figure 50: What consumers have done before purchase, August 2019
- Social-media savvy
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- Figure 51: Place to find fashion inspiration, fashion enthusiasts vs normal consumers, August 2019
Meet the Mintropolitans
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- Trend, matching and review matter most
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- Figure 52: What consumers have done before purchase, MinTs vs Non-MinTs, August 2019
- Want to be the first to know
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- Figure 53: Place to find fashion inspiration, by generation, August 2019
- More aware of the fashion trends and follow suit quickly
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- Figure 54: Attitudes towards fashion, by MinTs vs non-MinTs, August 2019
Appendix – Market Size and Forecast
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- Figure 55: Value sales for Fashion Retailing
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Appendix – Market Segmentation
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- Figure 56: Market value of fashion retailing, by market segments, China, 2014-19
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Appendix – Methodology and Abbreviations
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- Methodology
- Fan chart forecast
- Correspondence analysis
- Abbreviations
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