The past two years have been an exceptionally challenging period for the fashion industry. With most of the world under some sort of restrictions caused by the COVID-19 pandemic, the need to purchase new clothing and stay up to date with fashion trends has taken a lower priority on consumer lists.
In addition to the plunging demands for apparel pieces, issues caused by logistical delays and supply chain bottlenecks have further impacted the industry in devastating ways. After two long years of plummeting sales, however, the fashion industry has finally begun to pick its feet off the ground.
According to World Trade Organization (WTO), the fashion industry saw a 12% and 57% year-on-year growth rate in Q1 and Q2 of 2021, respectively. This encouraging trend is forecasted to continue through the remaining of the year.
Keep updated on the latest fashion sourcing trends and discover the industry’s outlook in the article below.
Understanding the viewpoints of buyers and exhibitors in HKTDC’s CENTRESTAGE fair – one of Asia’s most prominent fashion exhibitions can provide valuable insights into business positioning and forecasted trends in the fashion industry.
1.Optimistic on Industry Outlook
According to a survey conducted in 2021 by HKTDC Research, most buyers and exhibitors believe sales to increase in 2022. These beliefs are based on the perception of arising opportunities from recovering consumer purchasing power, e-tailing leads, and rising demands from the market.
2.Asian Markets with Greatest Potential
How traders see market prospectus gives an insight towards fashion market sales plan in the coming years. According to CENTRESTAGE exhibitors in 2019, the Asian market is the most promising market over the next two years. Amongst all markets, Mainland China, South Korea and Hong Kong are perceived to have the most potential over other regions.
3.Crossovers and Sustainable Fashion to Lead
Regarding product development strategies, crossovers between fashion brands have become the most popular among exhibitors, with sustainable fashion and KOL-endorsed collections trailing shortly behind. These strategies are primarily due to the rising importance of green consumerism and social media marketing in the past few years.
4.New Emerging Fashion Categories
Although casual wear and fashion accessories remain the most popular fashion category in the coming period, sportswear has also become a rising category amongst consumers, with a whopping 10% increase to 14% compared to 2019. This is attributed to the rise of COVID-19, leading to increased health and fitness awareness.
Taking Your Business to the Centre Stage
As one of the world’s fastest moving and everchanging industries, businesses must constantly keep updated with upcoming fashion trends and market shifts to stay successful. This step begins with engaging in global fashion fairs such as HKTDC’s CENTRESTAGE.
Established to become Asia’s Fashion Spotlight, CENTRESTAGE showcases multiple emerging fashion brands and designer labels around the world. Each year, CENTRESTAGE links industry powerhouses and recognized fashion leaders to establish meaningful connections amongst businesses.
Every year, the HKTDC CENTRESTAGE fair features a different theme that attracts brands to display their mesmerizing creations for all to see in multiple fashion shows and brand showcases. The theme of CENTRESTAGE 2022 is ‘Inclusion and Diversity’ with the tagline #MeMyselfAndUs. Guests can expect to engage in eye-opening innovative runway presentations and live performances beyond the limits.
Register now and join us in person at one of Asia’s most exciting fashion fairs, CENTRESTAGE, from 7-11 Sep 2022 by clicking the banner below or through this registration link.
hktdc.com Sourcing is a reputable B2B sourcing platform that reaches over 2 million international buyers and features over 130,000 quality suppliers. Powered by AI technology, the platform has multiple innovative functions which can seamlessly match suppliers with buyers. You can learn more about hktdc.com Sourcing here.