Apparel retail business in China had been booming for quite some years until 2020 when it fell by 6.60 per cent to RMB 1,235 billion (US $ 190 billion) because of COVID-19 outbreak.
The country, according to National Bureau of Statistics (NBS) data, has recovered in 2021 as it has clocked RMB 226.20 billion (US $ 34.78 billion) from its apparel retail sales during Jan.-Feb. ’21 period – noting 47.60 per cent growth on Y-o-Y basis.
The growth can be attributed to holiday season and Chinese New Year as consumers increased their spending this year as compared to last year when COVID-19 broke out in the country during Jan.-Feb. period.
Not just the sales of garments, China also noted solid growth in overall retail revenues in consumer goods by 33.80 per cent during Jan.-Feb. ’21 period.
As far as apparel retail sales through e-commerce platforms are concerned, the figures continued to appease the industry stakeholders as online retail sales of clothing upped 25.10 per cent on Y-o-Y basis in Jan.-Feb. ’21 period.