Understand the cultural and socioeconomic influences that shape i...
Understand the cultural and socioeconomic influences that shape industry demand throughout Asia-Pacific, with local insight, market statistics and analysis ranging from strategic regional overview to in-depth coverage by country or city.
Despite continuing inflationary pressures, baked goods saw a solid performance in volume terms in 2023. This was led, to a large extent, by foodservice, which saw double-digit growth for the second consecutive year in 2023, thanks to a return to…
Heightened consumer interest in health continues to be a prominent trend following the pandemic in South Korea. It has played a pivotal role in shaping the current baking trend of reducing sugar and oil content, while emphasising natural fermentation…
Baked goods in Japan is set to continue to see growth in retail current value terms in 2023, largely driven by unit price increases. Although many manufacturers had already implemented price increases several times in 2022, the costs of production…
Baked goods is set to return to growth in retail volume and current value terms in 2023. In this year, leavened bread, which is the main category within bread, is set to see mid-single-digit retail current value growth in China, mainly driven by the…
Apparel and footwear in Thailand continues on the path to recovery in 2023, albeit sales have not yet returned to pre-pandemic levels in current value terms. Even though the country continues to record COVID-19 cases, Thai consumers have learnt to…
2023 has seen life return to normal in Singapore, with consumers resuming all their pre-pandemic activities. The return to normalcy is set to help drive retail volume and current value sales of apparel and footwear in this year, with consumers…
Most categories within apparel accessories are reporting double-digit growth in current value terms in 2023, with the one exception being “other” apparel accessories. This growth has been supported by the ongoing recovery in domestic and…
Demand for apparel accessories saw strong growth in the past few years. In 2020, this was mainly driven by other apparel accessories. This category includes products such as face masks, which were largely in demand due to government regulations and…
Due to elevated inflation and a dismal economic outlook, people have been looking to save money and have been more cautious when it comes to spending on womenswear in 2023. Although the Vietnamese government temporarily reduced the VAT rate from 10%…
Sales of womenswear registered a second year of robust growth in 2023, with current value sales edging even closer to pre-pandemic levels. As the country emerged from the COVID-19 pandemic, Malaysian women became increasingly keen to socialise and…
Womenswear is experiencing double-digit growth rate in 2023, following notable declines the previous year. Tourist consumption historically accounted for 20-30% of pre-pandemic sales in Hong Kong, and the return of tourists is set to become the main…
Sportswear continues to see double-digit growth in current value terms in 2023, although this is largely based on elevated inflation rather than a significant recovery in demand. The gloomy economy has negatively affected the recovery of sportwear in…
A return to more active lifestyles fuelled growth in sportwear in 2023, with performance apparel and performance footwear, in particular, benefitting from the resumption of outdoor sporting activities. The reopening of the country’s borders to…
Sportswear in Hong Kong continues to experience strong growth momentum in 2023, and is expected to maintain a solid sales performance over the forecast period. Domestic demand for sportswear remains high due to rising health and wellness awareness,…
Elevated inflation and other economic challenges have resulted in a large number of job losses in Vietnam which has had a negative effect on the recovery of menswear in 2023 in both value and volume terms. Although the government has introduced a…
Menswear saw another year of healthy growth in current value terms in 2023, with sales exceeding pre-pandemic levels. The return of Malaysians to their physical offices supported demand in a number of product areas, with items such as men’s suits,…
Menswear is experiencing a strong rebound, recording high double-digit retail volume and current value growth in 2023, although overall demand remains significantly below pre-pandemic levels. With Hong Kong’s border reopening, tourists are gradually…
Jeans, like other apparel and footwear categories, has been negatively affected by elevated inflation and slower economic growth in 2023. This is despite the temporary reduction in VAT from 10% to 8% that was implemented by the government in June…
Sales of jeans continued to see healthy growth in current value terms in 2023. Premium jeans remained the largest subcategory in terms of value, having continued to benefit from the presence of many established brands, including the iconic Levi’s…
There has been a noticeable shift in terms of preference for denim clothing, including jeans, as consumers prioritise comfort. Skinny jeans have been a wardrobe stable in Hong Kong for many years. However, in 2023, there has been a noticeable decline…