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Fast Recovery Of Clothing In China'S Consumer Goods Market
From the consumption of textiles and daily necessities, to the consumption of durable goods such as air conditioners and color televisions, to the consumption of housing and transportation such as housing and cars, over the past 40 years since the reform and opening up, consumption has continued to play a role as the underlying logic of economic growth.
Today, with the continuous upgrading of the consumption structure, consumption is generally changing from "whether it is good or not" to "whether it is good or not". For industry enterprises, it is a good way to establish a product supply system with broader fields and richer contents, or to stimulate consumption potential and find new growth points.
01
Clothing consumption will recover rapidly in 2023, Did you grab the bonus?
On April 18, the report released by the China Consumer Goods Market Development Conference showed that since 2023, the willingness of Chinese residents to exercise outdoors, have dinner and socialize has increased significantly, and the leisure tourism and home visiting activities of residents on holidays have increased significantly, driving the rapid recovery of residents' clothing consumption. In 2023, the per capita clothing consumption expenditure of residents will increase by 8.4% year on year, a significant increase of 12.2 percentage points over the previous year. The retail sales of clothing goods of units above the designated size increased significantly compared with the previous year, the customer flow of key large retail enterprises increased significantly compared with the previous year, people's willingness to buy clothing increased significantly, and the retail sales volume and average retail price of clothing increased significantly compared with the previous year.
According to the statistics of China National Business Information Center, the comprehensive market share of the top ten brands of men's suits, men's shirts, T-shirts, women's clothing, jackets, sweaters, women's underwear, sportswear, children's clothing, down jackets and cashmere sweaters in 2023 is higher than that of the same period last year. Among them, the comprehensive market share of the top ten brands of sportswear, women's underwear and cashmere sweater reached 54.9%, 47.8% and 46.4% respectively.
The report also pointed out that today's clothing market is characterized by more rational and prudent consumption, emotional value integrated into clothing design, marketing and experience, both functional and fashionable, and refined operation to promote the quality and efficiency of brand stores.
At the same time, refinement has become a new feature of brand and market operation, especially offline business. Some high-quality clothing brands actively adjust their store expansion strategies, prudently adopt the strategy of substantial price reduction, increase the refinement of offline channel operation, take more effective measures in store location, product planning, clothing display, logistics supply, member management, brand publicity, operation management and other aspects, actively improve the profitability of individual stores, reduce inventory cost risks Improve customer satisfaction and enhance brand competitiveness.
According to the report, today's clothing brands focus on shaping their core values by establishing an industry chain that reflects their core values, creating blockbusters with segmentation scenarios and segmentation functions, and innovating marketing methods through multiple channels. In addition, green consumption is becoming one of the important attributes of clothing consumption, and green and sustainable industries and consumption ecology are gradually taking shape. For example, in multi-channel marketing, many brands use green recyclability, material degradation, zero pollution in the production process as selling points to deliver value to consumers. However, consumers are very concerned about environmental protection and climate change, and are willing to pay for it after experiencing multiple baptisms of epidemic and extreme weather.
02
Generation Z drives the renewal of business model
When it comes to clothing consumption trends, we have to mention the changes in consumption circles.
"Generation Z, as the main consumer, has already accounted for 28.1% of the total number of Internet users in China." Li Chenchen, chief marketing officer and head of the business research center of Heqiao Institute, said that Generation Z has strong consumption capacity. Users with online consumption capacity of more than 2000 yuan account for 30.8%, have high cultural literacy, and the pan knowledge video activity in a video app is about 60%, These characteristics make them more fond of personalized, qualitative, experiential and social consumption methods.
With the increasing uncertainty brought about by the general environment and the new consumption mode brought about by the Internet, today's young people prefer to pursue higher cost performance, enjoy the happiness and unique experience brought by Yueji, like to join the community, establish connections to seek recognition, and obtain emotional feedback of participation and interaction. At the same time, a series of climate problems have awakened consumers' awareness of environmental protection, and sustainable fashion elements have become an important consideration for global consumers to purchase products.
It seems that Gen Z is rewriting the rules of brand participation. A Global Generation Z Consumption Insight Report 2024 supports this view. The Report shows that social media has the greatest impact on the shopping behavior of most Gen Z consumers, which has brought about changes in consumption channels; More than a quarter of Gen Z respondents strongly agree to spend money on experience rather than products. Their strong preference for experiential consumption has changed the traditional product and service model. This adjustment has promoted the innovation and progress of clothing consumer products and services, and strengthened enterprises' attention and utilization of digitalization.
In combination with the group's pursuit of uniqueness, refusal to label, and not exclusion of offline consumption, we can see the trend that, at the moment when consumption stratification and business innovation coexist, returning to the nature of business and carrying out refined operations will be the focus.
03
Silver hair consumption depends on "social key person"?
Objectively speaking, different consumers have different pursuits for quality, price, convenience, service and environmental protection. Today's consumer groups are becoming more and more fragmented. Especially after the epidemic, the rate of consumers' bags dropped, which strengthened the habit of users online, and the consumption increment was subdivided into various fields. The rapid growth of digital consumption, the rapid rise of national fashion consumption, and the silver hair consumption are expected to become the important characteristics of the clothing consumption market.
Taking silver hair consumption as an example, brands are increasingly aware that the post-60s and post-70s, that is, the consumers over 50 years old, who hold a lot of wealth, have become a new force in the clothing consumption market. According to data, since 2022, China's population has entered an era of negative growth. At the same time, the elderly population has increased rapidly, and pension issues have also attracted more attention. In addition, the No. 1 Document of the General Office of the State Council at the beginning of this year focuses on the silver economy, which is a good rain for the long drought industry. In the next decade, pension will become the largest industry in China. Some media regard this year as the starting point of the "golden decade" of China's silver economy, and the market potential of 30 trillion yuan needs to be tapped urgently.
To explore gold and silver economy, we must first clarify the characteristics of the "silver hair clan" group. According to a report from Lianshang. com, silver haired people can be roughly divided into two categories. One is the elderly who cannot take care of themselves, and they need more care and care; One is the energetic elderly, who have pensions and a lot of spare time, like to cultivate hobbies, and pay attention to health and maintenance.
For the elderly who cannot take care of themselves, the use scenarios and probability of adult incontinence products mainly made of non-woven materials are rising, which is very similar to the common use of baby diapers. The advantages of convenience, comfort, disposable, and no washing are prominent. The supply of such products is gradually iterative, and the market share is steadily increasing, It began to transform from the market introduction period to the growth period.
Pictures from the network
For the energetic elderly, clothing products focusing on comfort, appropriateness, fashion, style, etc. are opening a new track, and the growth rate of middle-aged and elderly women's clothing on e-commerce platforms is relatively high. The middle-aged and elderly shoes led by Zulijian have entered the community business circle and become super popular. The consumption proportion of men's scarves/scarves and men's sweaters has gradually increased. Various interest classes, dance classes, etc., to a certain extent, have driven the performance growth of middle-aged and elderly clothing, dance shoes, jewelry, etc.
Interestingly, the reporter searched the e-commerce platform and we media platform for "mother's clothing" and "grandmother's clothing" and found that although there were corresponding products, the brand was relatively small, the differentiation was not clear, and the diversified supply had not yet formed. A rough analysis can conclude two reasons. First, the silver haired people are not familiar with the use of online platforms, and the main buyer may not be themselves. For example, Granny Huang, 66, mentioned in an interview with a reporter that her sister had been acting as the "gatekeeper" of the extended family before retirement. Although her family members were distributed in Beijing, Tianjin and Hebei, she could always find goods suitable for each family member, whether it was food, clothing, shoes and hats, or daily necessities and health care products; Second, the clothing consumption of silver haired people needs to grasp the "key social person". For example, the purchase right of the surrounding products of interest classes and associations, such as image etiquette, oriental dance and folk dance, which are favored by silver haired people, is often influenced and driven by institutions or social experts.
04
Clothing consumption will reach a new level in 2024
Not only silver hair consumption, but also mass consumption has further improved its functional demand on the basis of focusing on fashion and trend. For example, in recent years, the demand for outdoor sun protection clothing, ski clothes, fast drying clothes, and assault suits has increased significantly. The strong willingness of consumers to pay for the bill has led to the continuous segmentation of products. The constant revision of the brand policy to the pain points of consumption and innovative research and development with scientific and technological attributes have further satisfied and expanded the consumer market, thus realizing the two-way rush of both supply and demand.
Take sunscreen clothing as an example. As soon as the spring began to warm up this year, Jiaoxia, Jiaonei, Miju, as well as sunscreen clothing, sunscreen hats, ice draped trousers, ice sleeves, sunscreen masks of major outdoor brands and sports brands started to work online and offline synchronously, and product segmentation was far beyond the supply level of last year.
On April 18, Bosiden brand showed its determination to enter the sun protection clothing market with a big show of sun protection clothing, and announced that it would launch more fashionable professional sun protection clothing, break the single form of traditional sun protection clothing, and pay more attention to the research and development of professional sun protection functions and fashionable color version design.
The adjustment and upgrading of consumption structure and the "better and better" consumption quality have pointed out the direction for industry enterprises. Better supply promotes upgrading, and more highlights are just waiting for you.
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