The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.

China to Overtake the US as the World’s Largest Consumer Market ‘Very Soon’

Zoe Suen

30 November 2020

Such was what Lian Weiliang, deputy chairman of China’s nation’s top economic planning agency, told the China Reform Forum over the weekend, according to state-owned media outlet Xinhua News.

Lian cited the fact that China’s retail sales surpassed 40 trillion yuan (around $6 trillion) for the first time in 2019, an increase of over 42 percent from 2015. According to the US Census Bureau, the country’s retail sales totalled 6.2 trillion in 2019.

The news comes after China surpassed the US as the world’s largest fashion market in 2019. Moreover, new a Bain report predicts that China will become the world’s biggest luxury market by 2025.

In This Article

Topics

China

Can H&M and Zara Compete with Chinese Rivals?

With consumers tightening their belts in China, the battle between global fast fashion brands and local high street giants has intensified.

China Uncertainty Clouds Outlook for Luxury Sector

Investors are bracing for a steep slowdown in luxury sales when luxury companies report their first quarter results, reflecting lacklustre Chinese demand.

Why L’Oréal Is Investing in Niche Chinese Fragrance Brands

The French beauty giant’s two latest deals are part of a wider M&A push by global players to capture a larger slice of the China market, targeting buzzy high-end brands that offer products with distinctive Chinese elements.

Why Fewer Chinese Are Shopping in Europe’s Fashion Hubs

Post-Covid spend by US tourists in Europe has surged past 2019 levels. Chinese travellers, by contrast, have largely favoured domestic and regional destinations like Hong Kong, Singapore and Japan.