Integration and upgrading, how will the garment accessories industry develop in the future?
China’s garment accessories industry has entered the stock market. Affected by the epidemic, the market scale fell from RMB 471.75 billion to RMB 430.62 billion from 2016 to 2020. In the future, with the further deepening of the transformation and upgrading of the garment industry, the overall demand of the garment market will pick up, and the garment accessories industry will develop towards digitization and platform. The market scale of the garment accessories industry is expected to maintain a slow upward trend, reaching 481.75 billion yuan by 2025. The compound annual growth rate from 2021 to 2025 is expected to be 2.3%.
At present, in the auxiliary material industry, in addition to zippers and other specific products produced by listed companies, many products with rich categories and large demand are still occupied by wholesale markets and traders. As a result, the overall industry distribution is relatively scattered, the supply speed is slow, the quality is uneven, and the price is opaque.
At present, online channels have become the most important channel for Chinese consumers to buy clothing. In 2019, online channels accounted for 77%, far exceeding offline channels. Since 2020, the rise of live broadcast e-commerce has driven the further transformation of clothing sales channels, and the rise of clothing live broadcast e-commerce has become one of the categories with the highest sales in the live broadcast platform. At the same time, various platforms have issued relevant support policies to recruit and cultivate fashion MCNS based on support in terms of traffic support and service fee reduction.
The rise of online market requires garment enterprises to supply more quickly and provide more SKUs to improve their attractiveness, which also has new requirements for the auxiliary material industry.
The prosperity index of China’s accessories industry is highly related to the overall development of China’s garment industry. From 2017 to 2021, China’s garment industry began to enter the stage of transformation and upgrading, and the overall performance was sluggish. Affected by this, the overall performance of China’s garment accessories industry is sluggish, and the prosperity index of China’s garment accessories industry shows a continuous downward trend from 2018 to 2021. Affected by the overall prosperity of the industry and the improvement of production costs, the overall living environment of the auxiliary material industry is poor. The traditional small workshop auxiliary material enterprises have been unable to meet the needs of the market, and the auxiliary material industry has entered the key stage of transformation and upgrading.
