Mar '18
Over 38,000 trade buyers are also expected at the fair.
According to Askci Consulting, one of the leading Chinese industry research institutions, China’s home textile market grew steadily with an average rate of around 10 per cent between 2010 and 2015. The overall size has increased from $18.4 billion in 2010 to $ 29.5 billion in 2015, and is expected to reach $ 38.3 billion in 2020.
Consumption of home textiles only accounts for about 29 per cent of the total textile consumption of the country. Given the fact that the relevant ratio in developed countries such as the US and Japan is between 33 to 38 per cent, there still lies huge room for the Chinese market to expand. Foreign analysts share this optimism, with Euromonitor expecting an annual increase of 5.3 per cent and 5.9 per cent for China’s entire home textile and bedding product markets respectively.
There is also growing demand for China’s home textile products from buyers around the world. Customs statistics show that the export value for home textile products increased 2.25 per cent to $ 39.5 billion in 2017. Among all China’s export countries and regions, the US has the largest share, followed by the EU, ASEAN and Japan.
With all these favourable conditions in place, Intertextile Shanghai Home Textiles will serve as an ideal platform for industry players to capture these business opportunities. “The rapid urbanisation and the consumption upgrade is unleashing unprecedented purchasing power in China. Participants can expect to benefit from this huge potential at our show,” Wendy Wen, senior general manager of Messe Frankfurt (HK) added.
The constant growth of Chinese consumers’ disposable income not only results in increased spending on home textile products, but also stimulates the development of tourism. A report from the General Office of the State Council of China stated that the annual number of domestic trips has nearly doubled, from 2.1 billion in 2010 to 4.4 billion in 2016. The hotel industry in particular has benefited from this development, with the number of limited service hotels increasing 30 per cent in the past seven years. This also implies remarkable opportunities for the home textile industry players doing contract business since quality products including furnishing fabrics, and bedding and towelling will be sought after by the hotels. (SV)
Fibre2Fashion News Desk – India
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