SHANGHAI–The world’s largest apparel market is expected to see a 15 percent contraction this year, a survey conducted in April by Oliver Wyman found, equivalent to the wiping out of $60 billion in market value, with little retaliatory spending seen in April and May.
In Wuhan, the epicenter of the COVID-19 outbreak, the retail spending decline was much steeper, falling 60 percent in the first quarter. The firm expects recovery to be slower in the city with spend for the rest of the year forecast to decline 30 percent year-over-year versus a national average of 3 percent positive growth.
However, the importance of offering value for money was key to both groups. More than 70 percent of lower-income respondents and 56 percent of high-income respondents said they preferred items offering value for money.
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