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Online apparel sales set to shoot up in China -Report
05
Jul '12
Online sales of apparels are bound to increase in China at a rapid pace, according to a study by Euromonitor International, the world leader in strategy research for consumer markets. 
 
According to the report, the rising affluence of the Chinese people, along with the quickly growing online population, is changing the way people shop for their apparels in China.
 
The new affluence is attributed to high rate of growth experienced by China during the past few years. China’s GDP has been growing at more than nine percent each year since 2008.
 
The number of people going online jumped by 15 percent to 526 million in 2011, resulting in China’s Internet retail sales doubling to RMB 159.7 billion. In 2010, the number of Chinese online shoppers surged by 296 percent.
 
Among the Internet retail sales, highest growth of 168 percent, in terms of value, was observed in the apparel segment, whose share in total online sales rose to 2 percent from a mere 0.1 percent in  2007.
 
The strong growth of apparel sector in online shopping is natural as it provides young people with lower prices, a wider choice and convenient modes of payment says Euromonitor International in its report.
 
The youngsters are happy to spend their additional money on purchasing garments online, and more and more youngsters will do so in the coming years, the report adds.
 

Fibre2fashion News Desk - China

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