China's GDP growth rate reached a new high in 6 quarters in the first quarter

On Monday, China’s National Bureau of Statistics released China’s economic indicators in March and the first quarter. China’s GDP growth rate was 6.9% in the first quarter of 2017, the fastest growth in the past six quarters, indicating that China’s economic growth has stabilized, and at the same time In March, the growth rate of China's retail industry also rebounded by 10.9%, far exceeding the market's expectations of 9.9%. However, it continued to slump in apparel consumption.

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In March 2017, the total retail sales of consumer goods in China amounted to RMB 2,786.4 billion (hereinafter referred to as “yuan”), which represented a nominal increase of 10.9% over the same period last year. Among them, retail sales of consumer goods above designated size were 1,287.3 billion yuan, an increase of 10.0%. From January to March 2017, the total retail sales of social consumer goods was 8,582.3 billion yuan, a year-on-year increase of 10.0%. Among them, the retail sales of consumer goods above designated size was 3,746 billion yuan, an increase of 7.9%.

In March 2017, the nation’s overall consumer price index rose by 0.9% year-on-year and 0.3% month-on-month, of which consumer prices of clothing products increased by 1.3% and 0.6% year-on-year and month-on-month, respectively; and manufacturers' prices of clothing and industrial products were both year-on-year and quarter-on-quarter. They are 1.3% and 0.0% respectively.

In the first quarter of 2017, the nation’s average clothing consumer spending per capita was 403 yuan, down 0.5% year-on-year, accounting for 8.4% of per capita consumer spending. It was the only consumer category that experienced a decline, indicating that the Chinese apparel market is still grim.

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In March, retail sales in China's apparel market increased by 6.4% year-on-year to 110.1 billion yuan, the worst increase among all consumer groups. In January-March, the clothing category increased by 6.2% to 364.8 billion yuan, ranking last in the rankings. Second, it was only higher than the auto category, but car sales recorded a drop in the first two months of this year due to purchase tax issues, but in March it quickly rebounded 8.6%.

In 2016, sales of clothing, shoes, hats, and needle textiles in China recorded an increase of 7.0% to RMB1.443 trillion, which was aggravated from the 10.9% and 9.8% increases in 2014 and 2015. In the first two months of 2017, the increase in the Chinese apparel market was as low as 6.1% to 256.5 billion yuan, which was lower than the 7.1% in December 2016 and also lower than 8.4% in the same period of 2016.

The downturn of the apparel industry has become a trend in the world. The bankruptcy and customs clearance of a large number of apparel brands all indicate that the industry is experiencing overcapacity. In addition, the lifestyle changed gradually by the new round of technology trends represented by social media also reduces the number of consumers. The proportion of support for apparel consumption.

Due to the rapid expansion of fast fashion in China in 2006, and the booming online apparel market represented by Taobao, Tmall, Jingdong, and Vipshop, the Chinese clothing market has been rapidly expanding. However, starting in 2016, the growth of the fast fashion industry has fallen to single digits as a result of the slowdown in China’s economic growth and the weakness of the apparel market.

Fast Retailing Co. Ltd. (9983.T) (6288.HK), Asia’s largest apparel retailer, announced last week that the group’s fast fashion brand Uniqlo Uniqlo will be on the 2017 fiscal year on February 28, 2017. In the semi-fiscal year, international sales only registered an increase of 0.9% to 392.8 billion yen. In order to enter the country with the worst growth during the first half of the fiscal year, the brand's international business growth in the first half of fiscal year 2016 was 12.9%.

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Although Fast Retailing stated that it excluded 11% of the exchange rate difference, Uniqlo Uniqlo performed strongly in the Chinese mainland market. However, as we all know, this brand is the most aggressive international brand in the Chinese market, with an annual expansion rate of 100 stores. Therefore, its sales promotion is mainly New stores, not organic growth. Research agency No Agency expects Uniqlo Uniqlo to maintain a similar growth in same-store sales in China last year. This year's performance is similar to last year.

Different from the apparel market, the Chinese cosmetics market has maintained a relatively high growth rate along with the stable development of the economy and consumer markets. In March, the Chinese cosmetics market increased by 8.7%. Although it fell month-on-month in the first two months, it was still stronger than the full-year 2016. % increase.

Sales of gold, silver and jewellery rebounded sharply in March as the price of gold rose. The rate of increase was 7.2%, which was lower than the rate of 8.2% in the first two months. However, the Lunar New Year is usually one of the sales seasons in this category, and the Chinese market in 2016 is full year. Gold and silver jewellery sales were only recorded flat.

At a press conference on Monday, Mao Shengyong, a spokesman for the National Bureau of Statistics, said that in the first quarter, the income of Chinese residents grew by 7.0%, an acceleration of 0.5% over the same period of last year. Income growth is the premise and guarantee of consumption growth. In the overall consumption, the proportion of service consumption is increasing, the growth rate of service consumption is accelerating, and some quality consumption in physical consumption is also accelerating, and the consumption upgrade trend is obvious.

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