Outlook on the development trend of the clothing industry in 2024

In the first quarter, my country’s clothing industry resumed work and production in an orderly manner. Driven by the recovery of the vitality of the domestic market and the slight increase in exports, the industry’s production rebounded steadily, the decline in industrial added value of enterprises above designated size narrowed compared with 2023, and the growth rate of clothing output turned from decline to increase. In the first quarter, driven by factors such as the steady growth of residents’ income, the rapid development of new consumption patterns characterized by the integration of online and offline, and concentrated consumption during holidays, my country’s clothing consumption demand continued to be released, and the domestic market achieved steady growth.

From the perspective of major markets, the growth rate of my country’s clothing exports to the United States and the European Union turned from negative to positive, the decline in clothing exports to Japan narrowed, and the growth rate of emerging markets such as ASEAN and countries and regions along the Belt and Road maintained rapid growth. At the same time, as the efficiency level of clothing enterprises continued to improve, operating income and total profit turned to positive growth, but due to factors such as rising costs and difficulties in price increases, the profitability of enterprises weakened and the operating profit margin decreased slightly.

It is gratifying that my country’s clothing industry has a stable economic start, laying a good foundation for achieving the goal of steady and positive development throughout the year. Looking ahead to the whole year, the global economy shows signs of recovery. The OECD recently raised its forecast for world economic growth in 2024 to 3.1%. At the same time, my country’s macroeconomic development is stable, and the dividends of various consumption promotion policies and measures continue to be released. The clothing consumption scene has fully recovered, and the online and offline multi-scene and integrated consumption model has been continuously updated. The positive factors supporting the steady and positive economic operation of the clothing industry continue to accumulate and increase.

However, it should also be noted that the external environment has become more complex. my country’s clothing exports will face many pressures and risks such as the recovery momentum of external demand has not stabilized, international trade protectionism has intensified, regional political tensions, and international shipping logistics are not smooth. The foundation for continued improvement in economic operation still needs to be strengthened. Under the general trend of industrial and technological changes, clothing company need to seize the opportunity period of domestic and foreign market recovery, promote industry intelligent manufacturing and the integration and innovation of the digital economy and the real economy through technological transformation, digital empowerment, and green upgrading, help the industry’s high-end, intelligent, and green transformation, accelerate the cultivation of new quality productivity, and promote the construction of a modern clothing industry system.