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Fast Fashion - China - June 2016

Published By :

Mintel

Published Date : Jun 2016

Category :

Apparel

No. of Pages : N/A

After years of rapid growth, the fast fashion market is slowing down. Meanwhile, shoppers are demanding better quality products and customer service. They are also demanding more individual styles to suit diversifying tastes. Competition is intensifying, but online retail is providing new ways to reach more consumers in regions that store chains have yet to reach. There is also an opportunity to develop sub-brands in response to growing consumer diversity of tastes, along with more customisable clothing and accessories so consumers can create a more individual style. Yet, there is also the challenge that fast fashion brands will need to become more responsive to consumers’ needs, and to engage with them more successfully, both in-store and online, to raise customer loyalty.

Table of Content

Overview

What you need to know
Products/themes covered in this Report

Executive Summary

The market
Figure 1: China – Fast fashion retailing total market value, 2011-21
Companies and brands
Figure 2: China – Fast fashion top 10 retailers’ share of market value, 2014 and 2015
The consumer
Choice of style
Figure 3: Consumer choice of words to describe clothes they like to wear, April 2016
Types of clothes bought
Figure 4: Types of clothes bought by shoppers from fast fashion retailers in the past 12 months, April 2016
Shopping preferences
Figure 5: Consumer shopping preferences when buying fast fashion, April 2016
Shopping motives
Figure 6: Key consumer motives for fast fashion shopping, April 2016
Brand choice
Figure 7: Factors influencing consumer brand choice of fast fashion retailer, April 2016
Consumer attitudes
Figure 8: Consumer attitudes towards fast fashion shopping, April 2016
What we think

Issues and Insights

Young and Funky versus Conservatives
The facts
The implications
Embracing online
The facts
The implications
Individualism
The facts
The implications

The Market – What You Need to Know

Fast fashion in the past; slower fashion in the future
Still significant room for growth

Market Size and Forecast

Introduction
Figure 9: China – Fast fashion retailing total market value, 2011-21

Market Drivers

Trading up
Figure 10: Percentage of rural households, by net household income level, and percentage change, 2005-12
Spread into lower tier cities
Figure 11: Types of clothes bought by shoppers from fast fashion retailers in the past 12 months, by city, April 2016
Figure 12: Consumer choice of words to describe clothes they like to wear, by ostentatious words of expression, by city, April 2016
Figure 13: Consumer choice of words to describe clothes they like to wear, by conservative words of expression, by city, April 2016
Online retail
Figure 14: China – Online retail sales, by broad product category, 2011-15
Figure 15: China – Online fashion retail sales value compared with total fashion retail, 2011-15

Key Players – What You Need to Know

Competition leading to greater consolidation
Diversity and individuality

Market Share

Leading company share by value
Figure 16: China – Fast fashion top 10 retailers’ share of market value, 2014 and 2015
Leading retailers’ network footprint
Figure 17: China – Selected leading fast fashion retailers’ number of outlets and average sales per store, 2014 and 2015

Competitive Strategies

Mix and match “formasual”
Figure 18: Heilan Home – Operating income and gross profit margin, 2014 & H1 2015
Fixating on youth
Normcore
Geek chic
The “his and her” look
Loyalty programmes and mobile payments

The Consumer – What You Need to Know

Choosing a style
What people wear
The online/offline split
Quality and style are inseparable
Individuality, individuality, individuality!
Rising style-consciousness

Choice of Style

The rise of the individual
Figure 19: Consumer choice of words to describe clothes they like to wear, April 2016
Figure 20: Types of menswear consumers prefer to wear, January 2016
Young and Funky
Figure 21: Consumer choice of words to describe clothes they like to wear, by “Young and Funky” consumers, April 2016
Figure 22: Types of clothes bought by shoppers from fast fashion retailers in the past 12 months, by Young and Funky consumers, April 2016
Figure 23: Consumer attitudes towards fast fashion shopping, by key consumer groups, April 2016
Figure 24: Types of clothes bought by shoppers from fast fashion retailers in the past 12 months, by Young and Funky consumers, April 2016

Types of Clothes Bought

What people wear
Figure 25: Types of clothes bought by shoppers from fast fashion retailers in the past 12 months, April 2016
Figure 26: Types of menswear products bought by consumers, January 2016 & June 2014
Figure 27: Types of clothes bought by shoppers from fast fashion retailers in the past 12 months, by gender and age, April 2016
Figure 28: Types of clothes bought by shoppers from fast fashion retailers in the past 12 months, by factors influencing fast fashion brand shopping choice, April 2016

Shopping Preferences

Quality, style, service and trust
Figure 29: Consumer shopping preferences when buying fast fashion, April 2016
Quality
Figure 30: Consumer shopping quality preferences when buying fast fashion, by key consumer motives for fast fashion shopping, April 2016
Service
Figure 31: Consumer shopping service preferences when buying fast fashion, by key consumer motives for fast fashion shopping, April 2016
Style
Figure 32: Consumer shopping style preferences (A) when buying fast fashion, by key consumer motives for fast fashion shopping, April 2016
Figure 33: Consumer shopping style preferences (B) when buying fast fashion, by key consumer motives for fast fashion shopping, April 2016
Figure 34: Consumer shopping style preferences (C) when buying fast fashion, by key consumer motives for fast fashion shopping, April 2016
Trust
Figure 35: Consumer shopping trust preferences (A) when buying fast fashion, by key consumer motives for fast fashion shopping, April 2016
Figure 36: Consumer shopping trust preferences (B) when buying fast fashion, by key consumer motives for fast fashion shopping, April 2016
Figure 37: Consumer shopping trust preferences (C) when buying fast fashion, by key consumer motives for fast fashion shopping, April 2016

Shopping Motives

Giving shoppers time and space to shop
Figure 38: Key consumer motives for fast fashion shopping, April 2016
Figure 39: Key consumer motives for menswear shopping, January 2016
Men shop for quality, women shop for style
Figure 40: Key consumer motives for fast fashion shopping, by gender and age, April 2016
Following the trends
Figure 41: Key consumer motives for fast fashion shopping, by factors influencing consumer brand choice of fast fashion retailer (A), April 2016
More personal shopping motives
Figure 42: Key consumer motives for fast fashion shopping, by factors influencing consumer brand choice of fast fashion retailer (B), April 2016

Brand Choice

The rise of the individual
Figure 43: Factors influencing consumer brand choice of fast fashion retailer, April 2016
Individuality across all ages
Figure 44: Factors influencing consumer brand choice of fast fashion retailer, by gender and age, April 2016
Price sensitivity still lingers
Figure 45: Factors influencing consumer brand choice of fast fashion retailer, by positive consumer attitudes towards fast fashion shopping (A), April 2016
Individualism on a budget
Figure 46: Factors influencing consumer brand choice of fast fashion retailer, by positive consumer attitudes towards fast fashion shopping (B), April 2016

Consumer Attitudes

The urge to “dress to express”
Figure 47: Consumer attitudes towards fast fashion shopping, April 2016
Attitudes by demographic
Figure 48: Consumer attitudes towards fast fashion shopping, by gender and age, April 2016
Attitudes of the Young and Funky consumers
Figure 49: Consumer attitudes towards fast fashion shopping, by consumer choice of words to describe clothes they like to wear, April 2016

Appendix – Market Size and Forecast

Figure 50: China – Fast fashion total market value, 2011-21

Appendix – Methodology and Definitions

Methodology
Fan chart forecast
Abbreviations

List of Table

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