Home / Knowledge / News / Apparel/Garments / By 2030, China to become world's biggest apparel market
By 2030, China to become world's biggest apparel market
30
Jul '16
Current global economic trends suggest that by 2030, the US will be supplanted as the world's biggest market for apparel by China. And India will not be far behind, says The Cotton Incorporated Lifestyle Monitor in a report.

Although China's economy has slowed in recent years, a report from Fung Global Retail & Technology shows consumers there are optimistic and generally confident in their economy — and they're willing to spend more in categories that include children's clothing and casual apparel. Meanwhile, the Nielsen Global Survey of Consumer Confidence showed India's confidence is up three points from the previous quarter.

“In India, the Union Budget presented by the finance minister at the end of February revealed the government's commitment to fiscal consolidation and appears set to pave the way for sustained and inclusive growth,” said Roosevelt D'Souza, managing director, Nielsen India. “In the days following the announcement, an improvement in various macroeconomic indicators was evident, and the government seems to be on its way to achieving its objectives of low inflation, low interest rates and high GDP growth—a scenario optimal for improved consumer spending.”

These positive indicators bode well for apparel makers. GDP and apparel spending in both China and India are projected to more than double over the next 15 years, according to Euromonitor International. By 2030, China will be the world's largest apparel market, followed by the US and India.

Findings from the Euromonitor International show China's GDP is projected to more than double from 68 trillion yuan to 144 trillion yuan by 2030. During the same period, India's GDP is projected to grow 159 per cent from Rs 137 trillion in 2015 to Rs 355 trillion.

Compare that with the World Economic Forum expectation of a more modest global increase in GDP by 2030 of just 40 per cent (per capita). China's positive economic outlook might also stem in part from its “One Belt, One Road” initiative. This is both an economic and diplomatic program that calls for major investment in the region's trade routes. In a recent McKinsey podcast, senior partner Kevin Sneader described what the initiative is and what it means for the region's trade.

“There are two parts to this: the belt and the road,” he said. “The belt is the physical road, which takes one from here all the way through Europe to somewhere up north in Scandinavia. What they call the road is actually the maritime Silk Road, in other words, shipping lanes, essentially from here to Venice. Therefore it's very ambitious, covering about 65 per cent of the world's population, about one-third of the world's GDP, and about a quarter of all the goods and services the world moves.”


Must ReadView All

Union Minister for finance Arun Jaitley chairing the 25th GST Council meeting, flanked by minister of state for finance Shiv Pratap Shukla (right) and finance secretary Dr Hasmukh Adhia. Courtesy: PIB

Textiles | On 20th Jan 2018

GST rate on velvet fabric reduced to 5%

The 25th Goods and Services Tax (GST) Council meeting, held under the ...

RIL petrochemicals’ revenue grows 47.6% in Q3 FY18

Textiles | On 20th Jan 2018

RIL petrochemicals’ revenue grows 47.6% in Q3 FY18

The revenue from the petrochemicals segment at Reliance Industries...

Courtesy: Cotton USA

Textiles | On 20th Jan 2018

US cotton bodies pledge to support CCI activities

Ten US cotton organisations have pledged industry contributions in...

Interviews View All

Krishnanand Tripathi
Textrade International Ltd

We believe in vocational education for entry-level employees, offering...

C. Dhandayuthapani
Mag Solvics Pvt. Ltd

ITME 2016 exploited our full strength like never before

Vasanth Kumar
Max Fashion India

‘Traditional high-street retailers are now willing to offer franchisees to ...

Tejas N Patel, Navin D Patel

Founded in 1999 by Navin Patel in the name of Tejas Fabrics with 100...

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

January 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.1%
No
13.4%
Skip
17.5%

Total Votes: 97

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.9%
No
28.9%
Skip
7.2%

Total Votes: 97

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.6%
No
9.3%
Skip
3.1%

Total Votes: 97

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
8.2%
Skip
9.3%

Total Votes: 97


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search