Chinese apparel retail market has been fluctuating for last two months, yet YTD (Jan.-Aug. ’21) revenues have remained positive on Y-o-Y basis.
The data released by National Bureau of Statistics (NBS) of China shows apparel sales revenue fell by 6 per cent in August ’21 over August ’20 to RMB 90 billion (US $ 13.92 billion).
It’s worth noting here that revenues from apparel retail sales in China were RMB 94.50 billion (US $ 14.53 billion) in July ’21, so even China fell on yearly basis in August, the monthly growth is certainly there.
Cumulatively, in Jan.-Aug. ’21 period, China has witnessed 24.80 per cent Y-o-Y increase in apparel retail sales to accommodate RMB 856.50 billion (US $ 132.44 billion) revenues.
Apparel retail sales contributed around 3 per cent of overall retail sales (RMB 28,122.40 billion ~ US $ 4,348.60 billion) of consumer goods in China.
Online sales of apparels continue to impress as the country upped its revenues from e-commerce platform by 19.40 per cent in Jan.-Aug. ’21 period.