Over 1,200 fashion brands will showcase their wares at Asia's largest fashion fair, CHIC Shanghai, from March 14 to 16, 2018
China's economy is back on track after seven years recording 6.9 per cent economic growth in 2017. A recent McKinsey survey reveals that with more millionaires in China in 2018 than in any other country, by 2025, their share is expected to account for 44 per cent of purchases in the global luxury market, which is equivalent to around EUR 131 billion.
The Chinese are thus more open to spend money and this is also seen in middle to upper income groups, however what these consumers are looking for is quality over price.
Expenditure on the "key desires" in China is rising, and the supply of these goods must be increased. Tariffs on consumer goods, including those for apparel and footwear, will be lowered to make way for global brands that can offer price levels in China similar to their domestic prices.
Key drivers of consumption are China's millennials, who value authenticity, individuality and sustainability.
The desire for individual offers and collections is on top of the mind by CHIC also the retail sector, which focuses on lifestyle concepts and exclusive and creative brands. Multi-brand stores and boutiques have become co-operation partners of CHIC.
CHIC provides valuable input on current fashion trends in China thus over 15 Chinese and international brands will take centre stage at Asia's leading fashion and lifestyle fair. As part of the CHIC Talk, market experts and trend analysts will discuss current developments in the fashion business in China, both for offline and online business.