At the premier Asian fashion event, CENTRESTAGE, held in September last year, a survey covering 368 buyers and exhibitors at the event was conducted to gauge the current state of the clothing and fashion industry and assess its prospects.
Overall, respondents expressed optimism about the prospects of their target markets over the next few years, anticipating growth in sales.
Which Markets Should Fashion Traders Explore?
While Northern and Western Europe, Mainland China and Hong Kong are the leading target markets for traders, Japan and ASEAN countries followed, with 28% and 25% of exhibitors respectively showing interest in entering or further developing these markets.
What Fashion Items Will Be On Trend?
When asked which fashion category had the greatest potential for growth, the top choice was fashion accessories (picked by 39% of respondents). This indicates a growing consumer demand to enhance personal style and express their individuality.
Urban clothing (selected by 29% of respondents), designer/branded clothing (27%) and womenswear (23%) were the next most popular choices. This can be attributed to the increasing number of brand‑conscious consumers worldwide.
When it comes to factors that can facilitate a business deal, the top choices are trendy design (53%) and competitive pricing (42%). This indicates that while consumers are drawn to fashionable and appealing designs, reasonable pricing also plays a crucial role in finalizing purchases.
What Strategy Is the Most Promising for Fashion Traders?
Sustainable fashion was identified as a prevailing trend in the industry at the survey period, followed by seasonless fashion. There is a growing emphasis on how brands can enhance their environmental and social impact.
Despite global economic challenges, respondents see enhancing customers’ purchasing experiences (38%) as their top opportunity this year. Additionally, recovery in customer purchasing power (38%), rising demand from emerging markets (36%), and business leads generated through e‑tailing (33%) are key for businesses.
Summary
Eco-friendly fashion accessories at a competitive price emerged as the most promising segment with much growth potential. Fashion traders should also start exploring emerging ASEAN markets to expand their businesses.
Full survey findings, including respondents’ profile, can be accessed via below link:
Sustainable Fashion to be the Most Prevalent Strategy: HKTDC CENTRESTAGE Survey 2024
E-commerce continues to rise as shown in the above survey findings – source quality and trendy fashion, among other products, on our e-Marketplace now:
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