HONG KONG – The Chinese apparel market could see a US$60bn contraction in 2020, with sales forecast to fall by 15 per cent due to the impact of the coronavirus. Research from consutants Oliver Wyman found more than 75 per cent of Chinese consumers reduced or postponed purchases on apparel and footwear and their total spending decreased by 45 per cent in the first quarter of 2020.
The survey also found that there was little retaliatory spending in April and May. On the more optimistic side, researchers found consumer spending would probably return to its 2019 level in the second half of 2020.
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