A major slowdown in growth in China negatively impacted the overall apparel and footwear performance in Asia Pacific in 2024, with retail sales increasing at a much slower rate in real value terms in the region than a year earlier. Increasing polarisation, with mass and luxury brands doing well, but mid-priced products being squeezed, was a feature of not only the Chinese market, but was also visible in South Korea, where private label’s share was up to almost 11% in 2024.
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This report comes in PPT.
Polarisation in the Chinese market is seeing mid-priced brands being squeezed from both ends. While affluent consumers continue to gravitate towards premium and luxury brands, seeking exclusivity, superior quality and personalisation, a growing segment of budget-conscious shoppers is focusing on affordable, practical options that offer good value for money.
The introduction of BIS certification for Indian footwear is anticipated to have a lasting impact, acting as a safeguard against substandard products and enhancing the overall credibility of the Indian footwear industry. The stringent adherence to quality standards should boost consumer confidence, leading to a positive shift in purchasing behaviour towards certified products.
E-commerce reached a distribution share of almost 51% in South Korea in 2024, having cannibalised sales from apparel and footwear specialists to the extent that the latter channel now holds less than half the share of e-commerce. However, apparel and footwear specialists as well as third-biggest channel department stores are still valued for their ability to foster a deeper connection between brands and consumers through experiential shopping.
Sportswear brands have been performing strongly in a number of the region’s countries, with rising health consciousness, particularly in the wake of the pandemic, among the factors driving this trend. The rising penetration of outdoor activities and the blending of outdoor gear with everyday fashion, expanding beyond the confines of outdoor environments, are also boosting sales in the sportswear category.
Apparel is the aggregation of clothing and footwear. This dataset covers retail sales of apparel through both store-based retailers and non-store retailers. Excludes black market sales (i.e. untaxed, generated within informal retailing)and duty free sales (travel retail). Items must be new when sold to the consumer; second-hand/used items are excluded. Antique and/or vintage clothing and footwear is also excluded.
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