Between 2013 and 2023, the turnover of retail in clothing, shoes, hats, and textiles in China displayed significant variability. Initial growth was observed from 2013 to 2014; however, a downward trend began in 2015, which intensified over the following years. The market faced major declines, especially between 2016 and 2021, with the sharpest drop occurring in 2020, likely impacted by the COVID-19 pandemic. A slight recovery was noticed in 2022, but by 2023, the turnover was at 1.24 hundred billion yuan Renminbi, down from earlier peaks.
Year-on-year variation over the past two years shows a 32.33% increase in 2022 followed by a slight decrease of 0.71% in 2023. The Compound Annual Growth Rate (CAGR) over the last five years (2018-2023) stands at -3.33%.
Future trends to watch for include:
- Impact of digital transformation and e-commerce on retail sales
- Consumer confidence and spending behavior post-pandemic
- Government policies and economic factors influencing retail market stability
- Potential shifts in consumer preference towards sustainable and athleisure products
Overall, the forecast suggests a continued but slower decline in turnover, averaging a negative growth rate over the next five years.
