A phenomenal rise in the per capita GDP of Chinese has led to the highest footwear and clothing consumption market in China, said a recently-issued report by global market research firm McKinsey & Co.
According to the research, the footwear and clothing consumption market reached $427 billion in China in 2021, followed by the United States as the second-largest and Western Europe as the third-largest consumption market globally.
The per capita GDP in China has increased from less than $500 in 1980 to $10,060 in 2020. According to Trading Economics global macro models and analysts expectations, it is expected to reach 11800.00 USD by the end of 2022.
This rise in per capita is coupled with a mature sense of fashion among consumers with redefined tastes. According to the report, over 31 percent of Gen Z buyers displayed more individualistic consumption patterns, preferring niche and unique brands over famous commercial brands.
The complete availability of supply chain mechanisms has been found as one primary driver behind the drastic rise in consumption compared with the competitors of China where the manufacturers mostly rely on outsourcing services.
It may be noted that worldwide inflation had triggered skyrocketing at the start of 2022 due to higher cost-driven consumption in the footwear and clothing market.
