Consumption of textiles such as clothing is an important and stable force for expanding domestic demand

In 2012, China’s economic restructuring made positive progress, with final consumption contributing 51.8% to economic growth. Domestic demand is still the main driving force for economic growth.

Looking at the three major demand structures of investment, consumption and net exports, the final consumption contributed to 51.8% of the economic growth in 2012, and the contribution rate of capital formation to economic growth was 50.4%. Final consumption contributed more to economic growth than capital formation. As high as 1.4%, domestic demand is still the main driving force for economic growth. At present, all countries in the world are trying their best to stimulate the economy. As far as China is concerned, the domestic demand for textile and apparel consumption has greatly increased.

In fact, if we look at the market coldly, we will find some interesting economic phenomena, such as the famous "lipstick effect." Whenever the economy is sluggish, the sales of lipstick have risen. This is because in the economic downturn, consumer desire changes with the amount of money in people's pockets. When people think that cheaper consumer goods like “lipsticks” can satisfy their desire for consumption, they will buy it.

Unlike textiles and lipsticks, clothing, etc., it does not belong to "cheap non-essential goods" but is a necessity. First of all, people's clothing consumption is relatively fixed, and whether or not the economic situation is good or bad should be dressed; and second, with the improvement of people's living standards, the space for textile and clothing consumption is very large, when textile exports begin to transfer to the domestic At that time, the domestic consumer market for high-end products will further increase consumers' desires. Therefore, to expand domestic demand, textile and apparel consumption is an important and stable force.

In contrast, in the world economy, the consumption of a country usually accounts for 50% to 60% of the GDP, and in some developed countries it is as high as 70% to 80%. The contribution rate of China's final consumption to economic growth has risen to 51.8% in recent years. This has great potential and space for China's textile industry.