The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
Recently-released full-year 2020 US apparel import data shows total imports down 16.4 percent with a 23.6 percent drop in shipments from China, the largest supplier of apparel to the US.
This is the third successive year apparel shipments from China to the US have fallen, with the longer-term impacts of trade war tariffs compounded in 2020 with lower orders for apparel imports overall.
Latest figures for the month of December, released by the US Department of Commerce’s Office of Textiles and Apparel showed an overall drop in volume of US apparel imports from all sources of 6.5 percent month-on-month and 1.4 percent on the year.
December shipments from China and Vietnam (the second largest source of apparel imports to the US) both fell slightly year-on-year, while third-biggest supplier, Bangladesh grew its year-on-year import volumes 5.5 percent.
With consumers tightening their belts in China, the battle between global fast fashion brands and local high street giants has intensified.
Investors are bracing for a steep slowdown in luxury sales when luxury companies report their first quarter results, reflecting lacklustre Chinese demand.
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.
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.