Market size of Shenzhen’s modern fashion industry reaches nearly 1 tln yuan

Shenzhen, south China’s Guangdong Province, kicked off an activity on Dec. 22 to boost online and offline fashion consumption.

The city is vigorously promoting the high-quality development of its modern fashion industry, striving to become a global highland and capital of fashion.

The latest data showed that the size of Shenzhen’s modern fashion industry, which includes fields such as clothing, clocks and watches, eyewear, furniture, leather and jewelry, has reached nearly 1 trillion yuan ($140 billion).

As of 2021, Shenzhen had more than 2,500 clothing companies, with over 90 percent of them operating self-owned brands. These companies enjoy a market share of more than 60 percent in major shopping malls in large and medium-sized cities around the country, registering a total annual sales volume of approximately 270 billion yuan, and accounting for 10 percent of that of clothing companies nationwide.

Shenzhen’s clock and watch industry logs an annual output value of about 68 billion yuan, accounting for 53 percent of China’s watch output and 42 percent worldwide. It’s worth noting that seven of the top 10 clock and watch companies in China are based in Shenzhen.

Shenzhen’s eyewear industry produces more than 125 million pairs of glasses a year and registers an annual output value of over 10 billion yuan, with exports accounting for more than 80 percent of the value. The city supplies about 50 percent of the world’s medium- and high-end glasses.

Shenzhen’s furniture industry reports an annual sales volume of 380 billion yuan and enjoys a share of more than 50 percent in China’s finished furniture market. Shenzhen exports $26.5 billion worth of furniture annually, accounting for 40 percent the country’s total furniture exports.

Shenzhen’s leather industry has more than 100,000 companies. More than 200,000 people work in the leather and related industries. The annual output value of the city’s leather industry stands at about 50 billion yuan, with domestic sales accounting for 80 percent and export sales accounting for 20 percent of the total output value.

There are more than 15,000 corporate enterprises in Shenzhen’s jewelry industry, which process 150 billion yuan worth of jewelry on an annual basis and account for 80 percent of the physical gold and platinum sales of the Shanghai Gold Exchange.