Domestic garment market: Fashion wins, materials throne
Domestic brands are not big enough; Foreign brands are not localized enough to fit most of the physique and "beauty" of Vietnamese people. So the competition in the local garment market is now focused on the design and material.
Geography is still large
In recent years, domestic consumption of textiles and clothing increased by an average of 10-15% / year, reaching over 85,000 billion VND, accounting for nearly 3.5% of total retail sales in 2015.
On average, Vietnamese spend $ 42.9 per year on clothing. This number more or less? Try to consult consumption data of textile products in the world and some countries in the region.
The above data shows that the residual consumption of textiles and garments on our market has a very wide range, before reaching the regional average or the saturation threshold. Another study by VinaResearch also showed the same thing.
Diagram: The personal spending tower of the Vietnamese people (presented by Duy Quang)
Looking at the diagram of the personal spending tower of the Vietnamese people, buying new garments accounted for 13.9%, ranking third in the personal expenditure of the Vietnamese.
While a Wazir Advisors pyramid scheme on average per capita expenditure in the world shows that fashion shopping is second with 17.8% and will rise to first with 29. , 5% by 2025.
In our country, the size and speed of garment shopping takes another 5-7 years to reach the regional average, but it is clearly visible towards the general trend of the world, In terms of total personal consumption, the proportion of food expenditure will decrease, giving way to the rise of garments.