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India, China likely to be the most coveted markets by 2030: Study

India and China, the two most populated countries in the world, would turn out to be the most coveted markets by 2030, says a study. As the current global economic trend moves towards the next decade, it is becoming clear that the US would be replaced by China as the world’s biggest apparel market while India will not be far behind. An in depth analysis of both China and India reveals that consumer’s changing perception and increasing awareness for sustainable fashion and natural fibres is the cause of the progress made by the two countries.

According to a study by Fung Global Retail & Technology, consumer spending trend remains high for kids’ wear and casual wear categories. On the other hand, recent reports by Nielsen Global Survey of Consumer Confidence showed India’s confidence is up three points from the previous quarter. China’s positive economic outlook might result from its ‘One Belt, One Road’ initiative, an economic and diplomatic programe that calls for major investment in the region’s trade routes. In a recent McKinsey podcast, senior partner Kevin Sneader explained that there were two parts to this: the belt and the road. While the belt is the physical road which takes one from Zurich all the way through Europe to somewhere up north in Scandinavia, the road is actually the maritime Silk Road which in other words are shipping lanes essentially from Zurich to Venice.

Therefore it’s very ambitious, covering about 65 per cent of the world’s population, about one-third of the world’s GDP and about a quarter of all the goods and services the world moves. The $100 billion initiative would help fuel growth for China after its economy has seen a period of slowing down.

On the other hand, India witnessed significant growth in organised retail driven by increasing consumer preference for specialty, department and hypermarkets and increasing lifestyle spend. Over the last decade, almost all global brands have made a beeline for India market changing the retail landscape of the country. An Indian Consumer survey ‘Fully’, 73 per cent say that they could spend the rest of their life in the fibre.

 
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