Innovative designs and better price to lead the Designer apparel Market in Hong Kong
Posted on 06 October 2017 by KenResearch Consumer Products and Retail,
The leading company of designer apparel and footwear in Hong Kong in terms of sales was leisurewear during 2016. In banking sector and government workers, formal wear is indispensable. On the other hand, there is increase in freedom in terms of work apparel for the workers in other industries as dress code became semi-formal. In Hong Kong, there is increase in number of people who have shown formality in their work attire with several designs apparel and footwear, which had led to rapid growth in sales of formal wear as well as of leisurewear.
The Hong Kong apparel and footwear retailing continued with a good performance, despite of low mainland tourists activity in the city. Most of the brands rely on their local customers for growth, except some luxury apparel and footwear brands, which attract foreigners. In 2016, decreased amount of tourist did not affect the footwear market tremendously. There is a tight competitive landscape for business as well as consumers because of rise in new brands in Hong Kong in 2016.
According to the market research report "Designer Apparel and Footwear (Ready-To-Wear) in Hong Kong, China", a new trend of sportswear and sports-inspired apparel and footwear from past years is gaining popularity and has become the main pursuit for consumers. Consumers have shifted towards practical clothing and performance sportswear, as consumer’s preference has become more health-conscious and athletic. Special addition and collaboration addition items of brands have become very popular among consumers. These items are sold for more than three times the original price and are often popular with private buyers, which had led to increase in prices of sportswear.
Consumers are looking for better quality products, as the living standards have improved in Hong Kong, and patrons are becoming educated about fashion and trends. There is increase in knowledge about foreign brands and open-mindedness among local shopkeepers about products style. To increase sales among low class and middle-income consumers, the brand have transferred runway items into affordable options.
Many brands have established their internet retailing channels in order to capture online customers. This is because many customers look towards international brands online and tend to purchase it as they get an advantage of price and special limited editions. In Hong Kong stores, a large number of fast retailing brands have developed their online stores for customer’s convenience. However, some brands are still running on a low efficiency. In addition, fast retailing brands are quickly expanding and improving its services to gain more popularity like order and delivery system.
Without being affected by the downfall in the number of tourist visits in Hong Kong, fast retailing brands are expanding and growing because of innovative designs and better price. Multiple foreign fast retailing brands are expanding and are becoming competition for other brands in Hong Kong. It has led to improvement in quality and services to encourage more consumer purchases.
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