Media Report On Recent Oliver Wyman Survey On China’s Apparel Market
Jun 16, 2020
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COVID-19 is expected to wipe out US$60 billion of the largest global apparel market this year, a recent Oliver Wyman study reveals. As China is leading the recovery with all stores open again and very few local cases, we asked Chinese consumers about their shopping expectations for the rest of the year to predict the full year recovery path.
Top media interviewed Imke Wouters, the partner of Retail and Consumer Goods Practice and the leader of the study, for our insights on China’s apparel market.
The re-emergence of coronavirus cases in Beijing adds further uncertainty for businesses and consumers, CNBC reported. Wouters said in the interview that the higher income groups in China show a strong recovery, and stores can attract more customers by offering more personalized experiences and advisory services. Read the full report here.
WWD, a fashion-industry trade journal, reported our survey in the story titled Chinese Apparel Market to See $60B Contraction. Wouters shared her insights with the journal and advised retailers to examine and refine their proposition while rationalizing and implementing cost-cutting measures during this consumer pullback.
CGTN show Global Business spoke to Wouters for what actions the fast fashion brands should take to respond to the post-pandemic market. She also shared her views on the fast fashion sustainability. For the video clip of the interview, please click here.