19 Dec 2022
Shanghai has unveiled a proposal to bolster consumption within the fashion industry, with an industry output of 520 billion Yuan (US$74.3 billion) in 2025, making the city a global fashion hub.
The industry comprises fashion, design, tech and culture sectors, and last year's output reached 433.5 billion Yuan, representing 9.9% growth compared to the previous year.
"As the largest economic centre city in China, Shanghai has a developed consumer market, a mature consumer atmosphere, and a strong ability to allocate global consumer resources with supply-demand docking and consumption innovation," said the Shanghai Commission of Economy and Informatisation.
The proposal states that by 2025, Shanghai will have a trillion-Yuan-level fashion consumption market. There will be between three and five leading companies with annual revenue exceeding 100 billion Yuan, 20 businesses with annual revenue of over 10 billion, 200 with over 1 billion Yuan in annual revenue, as well as a series of competitive firms with niche markets, Shine news reports.
In addition, Shanghai will create a number of fashion industrial parks and provide opportunities for global fashion talent.
Earlier this year, in September, Shanghai opened the World Design Cities Conference (WDCC) to enhance the design and fashion industry. Several brands showcased products and services to appeal to more consumers, including many new-generation consumers, the Shine report adds.
The strategy will also be reinforced by the easing of Covid restrictions. Health codes or acid test results are no longer needed to enter Shanghai culture and tourism sites, which are forecast to provide more traffic and consumption.