Current global economic trends indicate by 2030, China would become the world's biggest market for apparel, replacing the US. And India will not be far behind, says The Cotton Incorporated Lifestyle Monitor said in its report. Although China's economy has slowed down in recent years, a report by Fung Global Retail & Technology shows consumers are optimistic and confident about their economy. They're willing to spend more in categories that include children's clothing and casual apparel.
Meanwhile, the Nielsen Global Survey of Consumer Confidence showed India's confidence is up three points from the previous quarter. These positive indicators bode well for apparel makers. GDP and apparel spending in both China and India are projected to more than double over the next 15 years, according to Euromonitor International. By 2030, China will be the world's largest apparel market, followed by the US and India.
Findings by the Euromonitor International show China's GDP is projected to be more than double from 68 trillion yuan to 144 trillion yuan by 2030. During the same period, India's GDP is projected to grow 159 per cent from Rs 137 trillion in 2015 to Rs 355 trillion.
