PROSPECTS AND OPPORTUNITIES
Price-sensitive consumers and northbound tourism a roadblock to recovery
Local consumers are becoming increasingly price-sensitive and value-conscious in their purchasing decisions, as there is a growing shift towards experiential and cultural consumption rather than traditional shopping, especially among Chinese visitors as they value experiences over possessions. Tourists, on average, spent up to 50% less in 2024 compared to the pre-pandemic height of expenditure, negatively impacting channels such as apparel and footwear specialists, with a value sales recovery unlikely in the near future.
Ethical/sustainable fashion may prove fruitful for future demand
A greater focus on prioritising sustainable fashion means that apparel and footwear in Hong Kong is in a unique position where Western ideas and products can reach local consumers and those in mainland China before expanding to other Asia Pacific markets. Thus, sustainable fashion is likely to attract an increasingly eco-focused population.
Rising costs and e-commerce further challenge channel’s recovery
The rise of e-commerce has placed significant pressure on traditional bricks-and-mortar stores, further increasing the challenges of operating in the current economic landscape. Consumers increasingly view physical stores as showrooms, trying on pieces first to see if they suit them and fits well before making a purchase, often online.
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Overview:
Understand the latest market trends and future growth opportunities for the Apparel and Footwear Specialists industry in Hong Kong, China with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Apparel and Footwear Specialists industry in Hong Kong, China, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
The Apparel and Footwear Specialists in Hong Kong, China report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volume and value sizes, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent research methodology, conducted in-country
This report answers:
- What is the market size of Apparel and Footwear Specialists in Hong Kong, China?
- Which are the leading retailers in Apparel and Footwear Specialists in Hong Kong, China?
- How is the rise of e-commerce and the expansion of modern grocery retail impacting traditional retail?
- How has the impact of COVID-19 and national lockdown impacted consumer demand?
- Which formats have benefited the most from stockpiling and enforced home seclusion?
- How will the wider economic impact of COVID-19 shape the retail landscape in the future?
- Where is future growth expected to be most dynamic?
Apparel and Footwear Specialists in Hong Kong, China - Category analysis
KEY DATA FINDINGS
Apparel demand falls as challenging retail landscape hampers sales
Store closures from major players impact channel’s overall network size
Chinese brand Li-Ning sees strong performance as mainland consumers drive growth
Price-sensitive consumers and northbound tourism a roadblock to recovery
Ethical/sustainable fashion may prove fruitful for future demand
Rising costs and e-commerce further challenge channel’s recovery
Retail in Hong Kong, China - Industry Overview
Retail in 2024: The big picture
Changing consumer behaviour influences spending patterns
E-commerce adoption increases as digital literacy and popularity of channel grows
What next for retail?
Informal retail
Opening hours for physical retail
Seasonality
China National Day (also known as Golden Week)
Chinese New Year (Spring Festival)
Christmas and New Year
DISCLAIMER
Apparel and Footwear Specialists
Apparel and footwear specialists are chained or independent retail outlets with a primary focus on selling one or more of the following categories: clothing, footwear, and/or fashion accessories (costume jewellery, sunglasses, belts, hats, gloves, handbags, scarves, etc.). Apparel specialists include specialty apparel like wedding dress shops. Example brands include Primark, TJ Maxx, and Zara. Sportswear retailers, such as Adidas and Nike, are excluded from this channel and are included in Sports Goods Stores; this is due to the companies considering themselves sports companies as opposed to apparel companies.
See all of our definitionsWhy buy this report?
- Gain competitive intelligence about market leaders
- Track key industry trends, opportunities and threats
- Inform your marketing, brand, strategy and market development, sales and supply functions
This report originates from Passport, our Apparel and Footwear Specialists research and analysis database.
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