According to National Bureau of Statistics, China, the apparel and accessories retail sales in the country dropped 2.50 per cent in July ’20 on Y-o-Y basis. China clocked RMB 88.90 billion (US $ 12.81 billion) in its apparel and accessories retail sales in July.
It’s worth recalling here that the Chinese apparel retail sales clocked RMB 105.90 billion (US $ 15.12 billion) in June ’20, while the sales figure in May ’20 valued at RMB 101.80 billion (US $ 14.53 billion). So, as data suggests, China has declined significantly in July ’20 as compared to June ’20 and May ’20.
As far as cumulative figures are concerned, China clocked RMB 595.90 billion (US $ 85.88 billion) from its apparels and accessories sales in January-July ’20 period, marking 17.50 per cent decline from the same period of 2019.
The country’s apparel retail started picking up post-pandemic on M-o-M basis from April ’20 onwards after falling drastically in the Q1 ’20.
The growth in April ’20 over March ’20 was 15.96 per cent and the monthly surge continued till June ’20 before falling in July ’20 by 16 per cent from preceding month.
“The fall in July is a yearly phenomenon as retailers work aggressively on seasonal sales with huge discounts to clear their inventories. The similar pattern can be seen in the data of previous years as well. This monthly fall might extend till August,” shares Vincent Djen who is a Fashion Innovator as well as Director of Cheng Kung Garments, China.
In January to July ’20, the total retail sales of consumer goods of China fell 9.90 per cent. Out of total sales through different mediums, e-commerce was the only survivor which grew on Y-o-Y basis by 15.70 per cent.