60% of survey respondents anticipate growth in sales within the next 1-2 years
HONG KONG, Sept 11, 2023 - (ACN Newswire) - Asia's premier fashion event CENTRESTAGE, organised by the Hong Kong Trade
Development Council (HKTDC) with Create Hong Kong (CreateHK) of the Government of the Hong Kong Special Administrative
Region (HKSAR)* as the Lead Sponsor, concluded successfully on Saturday. Extreme weather conditions temporarily
suspended the fair on Friday, 8 September but the three exhibition days still attracted more than 7,700 buyers from 78
countries and regions visiting and making purchases. Notably, buyer numbers from the Middle East, Mainland China and
ASEAN countries recorded significant growth, affirming the exhibition as a popular international platform for promoting
and launching fashion brands.
HKTDC Deputy Executive Director Sophia Chong said: "CENTRESTAGE brought together fashion brands from all over the world
and serves as an important platform for promotion, trade and exchange in Asia. We actively invited local and overseas
buyers to visit the show, including well-known retailers and buyers from France, the United Kingdom, Germany, Japan,
Indonesia, and more. Our goal is to assist local brands in entering the international market and expand their business
footprint. CENTRESTAGE stays closely attuned to global trends and, in this year's fair, has infused a substantial amount
of digital fashion and sustainable development elements. We also provided valuable platforms for fostering the exchange
of ideas, joining forces with the industry to drive innovation."
85% of respondents named Hong Kong as their top choice for physical trade fairs
To gauge fashion industry outlook and product-trend views, the HKTDC interviewed 350 exhibitors and buyers in an on-site
survey during CENTRESTAGE.
Hong Kong-designed fashion products were of the same quality as those in developed markets, 67% of respondents believed,
while 85% of respondents named Hong Kong as their top choice for physical trade fairs. This reflects Hong Kong's
significant position in the global fashion industry.
Most respondents were optimistic view on overall sales for next year, with about 60% of respondents anticipating growth
in sales within the next 1 to 2 years, while 37% even expected an increase within six to twelve months.
As business travel gradually resumed, 30% of participants anticipated a return of business growth to pre-pandemic levels
within a year, while 26% believed it may take a year and half.
The rise in demand in emerging markets and recovering consumer purchasing power were seen as key business opportunities
this year, with approximately 45% of respondents expressing this view for each aspect. Simultaneously, more than 60%
perceived the fluctuations of global economy as the major challenge.
The pandemic impacted business operations but also accelerated the widespread move of business to online channels. For
47% of respondents, half or more of sales/purchases over the past six months were conducted online. Moreover, 78% of
participants anticipated half or more of their sales/purchases would take through online channels in the next two years.
Of the respondents 36% named hktdc.com Sourcing as their top online trading platform used in the past six months.
Industry highlights the importance of sustainability
The survey revealed a growing emphasis on sustainable fashion; 74% of respondents agreed this would be prevalent in the
industry this year.
CENTRESTAGE opened to the public on its final day. More than 30 fashion shows and events were organised throughout the
fair, attracting enthusiastic participation from both industry professionals and the general public. HKTDC partnered
with various organisations to host events promoting sustainable development in the industry. The fair also featured the
participation of multiple local and international fashion brands that embrace sustainable practices.
CENTRESTAGE has successfully created business opportunities for exhibitors and buyers. Established in 2019, the Hong
Kong sportswear brand ARTY:ACTIVE uses 100% recycled fibre. Through CENTRESTAGE, the brand has connected with customers
from Mainland China in the past, providing clothing design services. It also successfully entered the Malaysian market
through another HKTDC event. The brand returned to CENTRESTAGE this year and achieved satisfying results. Founder Gary
Tsang said: "Our aim was to promote our brand and expand into the international market. We are pleased to share that
among the buyers we met at the fair, eight buyers from Thailand, Korea, Cambodia and Vietnam are planning to place
orders, resulting in a total business value reaching seven-digit Hong Kong dollars. We have successfully accomplished
all the goals we set for our participation."
Rachael Spink, Senior Buyer from Etoile Group, UAE, visited the fair to source fashions for their five Etoile La
Boutique outlets across the Middle East, including Dubai, Abu Dhabi, Qatar and Saudi Arabia. She said: "We are striving
to differentiate ourselves from other stores in the highly competitive Dubai market, which is why I am actively
searching for new and exclusive brands. Our customers have a preference for unique fashion choices and I am delighted to
discover such options among the talented designers at CENTRESTAGE. During HKTDC's business-matching meetings, we met
five brands that demonstrated immense potential. If we proceed with placing orders from them, our estimated purchases
would be approximately US$50,000."
Liu Xinyi, the Head of Buying of Chongqing's S.N.D Ltd., expressed that her visit to CENTRESTAGE exceeded expectations.
She said: "In the past, we primarily focused on attending fashion weeks in Paris, Milan and Shanghai. This year marked
my first time participating in CENTRESTAGE, and I was pleasantly surprised to discover a multitude of emerging design
talents. The works of the students were incredibly stunning and mature. Additionally, I had the opportunity to meet with
eight designers from Hong Kong, Japan, and Korea through business matchmaking meetings. I plan to further follow up with
four of them, as it opens up new partnership opportunities for us."