COVID-19 will help propel China’s apparel market into the top spot globally.
SHANGHAI — COVID-19 will help propel China’s apparel market into the top spot globally, overtaking the U.S. in the next three years, according to a new forecast by the research firm Global Data.
“We expect the developing APAC markets including China, India and South Korea to increase their position in the top 10 global apparel markets by 2023, as mature Western markets lose out,” the firm said. “Though the recovery has already started across the APAC markets, apparel sales will take some time to rebound amid dampened consumer confidence, the slump in tourism, the threat of an impending global recession and high unemployment rates,” said Vijay Bhupathiraju, retail analyst at GlobalData.
In 2019, the top 10 markets were the U.S., China, Japan, Germany, India, Italy, U.K., Russia, France and South Korea.
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