More attractive than the textile industry with an estimated value of 68 billion USD/year and still very fragile
Textile and garment is one of the key production industries of the economy, accounting for 12 – 16% of the total export turnover of the country. In 2021, despite being heavily affected by the Covid-19 pandemic, the whole industry still finished with an export turnover of more than 39 billion USD in turnover, an increase of 11.2% compared to 2020 and an increase of 0.3% compared to that of 2020. 2019. Vietnam’s textile and garment export market share has surpassed Bangladesh, rising to the second position in the world and is rated by many international organizations in the highest position in the recovery opportunity in 2022.
Experts predict that the total global textile and garment trade will recover completely with over 700 billion USD. This is an opportunity for Vietnam’s textile and garment industry to continue its growth momentum, towards the export target of over 40 billion this year.
In fact, the global fast fashion market is quite fragmented with a large number of small players in the market. According to a statistic, the top 10 competitors in the market currently account for 29.13% of the total market, of which large companies include Inditex (Zara SA), H&M Group, Fast Retailing (Uniqlo), The Gap, Inc., ASOS Plc….
When Metaverse becomes a trend, the upcoming fashion industry will change a lot
After 2 years of being affected by Covid-19, the world time market before and after Covid-19 has a clear difference that is the customer behavior has changed. The perspective of experts at this year’s Fashion Design Voices event said that going from point A to B is inevitable, but the pandemic has been making this process faster. And behavior changes, shopping patterns change, but needs don’t. So, the opportunity is still there for businesses, especially those that know how to change, grasp trends and facilitate customer access points. Not to mention, when Metaverse becomes a trend, the upcoming fashion industry will change a lot.
Currently, trend-based strategies for the growing fast fashion market include the use of virtual and augmented reality (VR/AR), artificial intelligence in clothing design, the use of Internet of Things (IoT), new ownership models, 3D printing and increased demand for man-made fibers.
To capitalize on the opportunities, the expert recommends fast fashion companies strengthen their business presence in the e-commerce sector, through investments and initiatives aimed at developing solutions. technologically advanced solutions to integrate physical stores, online marketplaces or platforms.
In parallel, focus on developing and launching online stores to increase accessibility and convenience for customers, as well as expand its operational and business presence through agreements strategies and expansion plans in developing regions. At the same time, companies can also focus on growth through an acquisition strategy….
After Covid-19 people prefer to wear home clothes
Besides technology, commenting on the simile after Covid-19 people prefer to wear home clothes, designer Vo Viet Chung also shared: “It is true that in the past my customers, especially international customers, ordered 6 sets, but now the maximum quantity is only 2 sets for a party, they even have to consider it. It is worth mentioning, It’s not the reduced income that makes them feel tight, but they spend the money doing other things.
Or with domestic customers, in the past, when there was a wedding party, customers placed orders for the whole family, even for extra couples… orders up to hundreds of thousands of dollars. But now it’s much more reserved, no longer massively like before. So people in the fashion industry have to change.”
The report from researchandmarkets.vn also noted that the notable impacts of Covid-19 on the fast fashion market include: Reduced demand, Shift towards sustainability, Savings in buying apparel online online and Reduce consumer spending on fashion apparel.
“Consumers are more inclined to wear comfortable clothes, they are no longer spending on an exclusive luxury item. Instead of paying a high price for a piece of clothing, they will spend money on something else they need. than. So the trend need to meet the next time is the affordable price, no longer chasing the monopoly to set a high price“, Mr. Chung added.
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