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Domestic clothing market to grow phenomenally in 2010
21
Jan '10
According to statistics, China's domestic clothing consumption averaged an annual growth rate of 14.72 percent from 2001 to 2008. Growth rate in 2009 is expected to remain at more than 15 percent, despite the financial crisis.

The growth in clothing consumption has proved to be a major boost to China's textile industry. Along with the steady and rapid development of China's economy, demand for textiles in automotive, construction, health, energy, aerospace, agriculture industries are also on the rise.

The industrial consumption volume of textiles exceeded 6 million tons in 2008, accounting for 17 percent of total textile fiber processing volume in China. Industry analysts generally agree that, 2010 growth rate of textile and garment industry in domestic market is likely to reach 20-25 percent compared with 2009.

In the first three quarters of 2009, China's GDP grew 8.9 percent year on year. Real growth of total retail sales of social consumer goods was 17.0 percent, higher by 2.8 percent when compared with a year earlier, to set another all-time high.

In November alone, total clothing retail sales increased by 25.8 percent compared with the same period of the previous year, 8.8 percent higher than the growth rate of retail sales of overall consumer goods as a whole, and 3.1 percent higher than the previous month.

Taking into account the huge population base, as well as continued growth of national economy in the future, domestic sales of textile and garment industry is expected to show sustainable growth in the future.

Fibre2fashion News Desk - China


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