资源描述
CHINA APPAREL MARKET UPDATE 2019Asia Distribution and RetailJun 2019PART 1: MARKET OVERVIEW AND COMPETITIVE LANDSCAPE ANALYSIS TABLE OF CONTENTSKey Takeaways.p1Market Overviewp2Movement of Local Apparel Brands.p13 Movement of Foreign Apparel Brands.p27KEY TAKEAWAYS1Chinas apparel market faces headwinds The apparel market continued its uptrend in 2018, posting the highest yoy growth since 2014 However, mounting economic uncertainty is posing significant challenges for the apparel market Sales growth of the market is estimated to decelerate to 3.5% and 3.2% in 2019 and 2020 respectivelyWomenswear remains the largest sub-sector ; childrenswear and sportswear show vast growth potential Both womenswear and menswear sectors have shown some improvements in sales after several years of decline led by growing saturation Childrenswear has delivered strong growth momentum following the full implementation of two-child policy starting January 2016 Sportswear posts the highest sales growth among all other key apparel sectors But due to overall macro uncertainty, sales growth of all apparel sub-sectors is expected to decline in 2019. Specialist retailers, department stores take hold in China apparel distribution Apparel sales at department stores have been falling over the years amid stiffer market competition and challenges from e-commerce players Internet retailing has kept delivering strong growth in recent years, making it the fastest-growing retailing channel in Chinas apparel marketMarket share of top 5 apparel brands, 20181. Adidas, 1.9%2. Nike, 1.9%3. HLA, 1.1%4. Uniqlo, 1.0%5. Anta, 1.0%Local apparel brands accelerate expansion at home and abroad Diversifying product lines to increase market size to invigorate brand values Launching flagship stores and concept stores to boost brand image Entering new markets and expanding store networks overseas to ramp up international presence Foreign apparel brands seek opportunities in China; yet, some struggle to make headway Foreign players continue to crack the lucrative China market A number of players have expanded local store networks and launched their first/ largest global flagship store in the country Yet, some failed to make a profit and finally exited the market2Market OverviewMARKET OVERVIEW- CHINAS APPAREL MARKET FACES HEADWINDSSales of apparel in China, 2014-2020Source: Euromonitor International; compiled by Fung Business Intelligence 31,622.8 1,714.1 1,810.0 1,927.9 2,077.4 2,149.9 2,217.86.2%5.6% 5.6%6.5%7.8%3.5% 3.2%0%1%2%3%4%5%6%7%8%9%05001,0001,5002,0002,5002014 2015 2016 2017 2018 2019e 2020ebillion yuan yoy growthChinas apparel sales reached 2,077.4 billion yuanin 2018, increasing at a rate of 7.8% yoy, the highest yoy growth since 2014. Driven in part by the consumption upgrading trend and stable demand among local consumers with improved living standard and higher income growth, the apparel market regained its growth momentum in 2017 and continued the uptrend in 2018. However, mounting economic uncertainty is posing significant challenges for the apparel market. Sales growth of Chinas apparel market is estimated to decelerate to 3.5% and 3.2% in 2019 and 2020 respectivelySALES OF KEY SUB-SECTORS By category, womenswear remained the largest sub-sector of Chinas apparel market in terms of sales in 2018.Both sportswear and childrenswearsaw double-digit yoy sales growth in 2018, outperforming that of womenswear and menswear. But due to overall macro uncertainty, sales growth of all apparel sub-sectors is expected to drop significantly in 2019. Sales of key sub-sectors of Chinas apparel market, 2014-2020Source: Euromonitor International; compiled by Fung Business Intelligence 4783.8 828.9873.8928.5999.1 1025.71048.8470.3 491.7 512.0537.7 572.6583.5 592.8127.1 140.0 157.1180.0209.1234.7 261.0148.3 166.9 190.4221.5264.8 286.7 310.40%5%10%15%20%25%0200400600800100012002014 2015 2016 2017 2018 2019e 2020ebillion yuanSales of womenswear Sales of menswear Sales of childrenswearSales of sportswear yoy growth of womenswear yoy growth of menswearyoy growth of childrenswear yoy growth of sportswearSALES OF KEY SUB-SECTORS - WOMENSWEAR: YOY GROWTH PICKS UP IN 20185Sales of womenswear in Chinas apparel market, 2014-2019Source: Euromonitor International; compiled by Fung Business Intelligence Market share of womenswear in Chinas apparel market, 201848.1%Source: Euromonitor International; compiled by Fung Business Intelligence After several years of decline as a result of growing saturation, the womenswear sector picked up pace in 2017 and 2018 with sales growth rising to 6.3% yoy and 7.6% in 2017 and 2018 respectively. That said, due to the overall market uncertainty, sales growth of womenswear is estimated to drop significantly to 2.7% in 2019. 783.8 828.9873.8 928.5999.1 1025.77.4%5.8% 5.4% 6.3%7.6%2.7%0%5%10%15%20%02004006008001,0001,2002014 2015 2016 2017 2018 2019ebillion yuanSales of womenswear yoy growth of womenswear470.3 491.7 512.0537.7572.6 583.53.8%4.6%2.8%5.0% 6.5%1.9% 0%5%10%15%20%020040060080010002014 2015 2016 2017 2018 2019ebillion yuanSales of menswear yoy growth of menswearSALES OF KEY SUB-SECTORS - MENSWEAR: SHOWS SOME SIGNS OF IMPROVEMENTS IN 20186Sales of menswear in Chinas apparel market, 2014-2019Source: Euromonitor International; compiled by Fung Business Intelligence Market share of menswear in Chinas apparel market, 201827.6%Source: Euromonitor International; compiled by Fung Business Intelligence Menswear has the second largest market share in Chinas apparel market, just behind womenswear. In 2018, sales of menswear represented 27.6% of the total apparel sales in China. Similar to the womenswear sector, the menswear sector has also become increasingly saturated. It showed some improvements in sales in 2017 and 2018. However, as with the womenswear sector, sales growth is expected to drop significantly this year due to the uncertain market economic environment.SALES OF KEY SUB-SECTORS - CHILDRENSWEAR: TWO-CHILD POLICY SHORES UP GROWTH MOMENTUM7Sales of childrenswear in Chinas apparel market, 2014-2019Source: Euromonitor International; compiled by Fung Business Intelligence Market share of childrenswear in Chinas apparel market, 201810.1%Source: Euromonitor International; compiled by Fung Business Intelligence Although childrenswear took up only 10.1% share in Chinas apparel market, the sector has delivered strong growth momentum following the full implementation of two-child policy starting January 2016. The National Health and Family Planning Commission predicted that the number of newborns to reach 17.5 21.0 million annually during the 13th FYP period (2016 2020), up from the annual births at around 16 million between 2003 and 2013. Baby and toddler wear is expected to be the main powerhouse for the childrenswear sector.127.1140.0 157.1 180.0 209.1234.79.2%7.9%6.0%14.6%16.2%12.2%0%5%10%15%20%020040060080010002014 2015 2016 2017 2018 2019ebillion yuanSales of childrenswear yoy growth of childrenswearSALES OF KEY SUB-SECTORS - SPORTSWEAR: STRONGEST SALES GROWTH AMONG OTHER KEY SUB-SECTORS IN 20188Sales of sportswear in Chinas apparel market, 2014-2019Source: Euromonitor International; compiled by Fung Business Intelligence Market share of sportswear in Chinas apparel market, 201812.7%Source: Euromonitor International; compiled by Fung Business Intelligence Sportswear registered sales growth of 19.5% yoy in 2018, well above the total apparel sales growth of 7.8% yoy. Sportswear also posted the highest sales growth among all other key apparel sectors, indicating its vast growth potential.148.3 166.9 190.4221.5264.8 286.710.1% 12.5%14.1%16.3%19.5%8.3%0%5%10%15%20%020040060080010002014 2015 2016 2017 2018 2019ebillion yuanSales of sportswear yoy growth of sportswear
展开阅读全文