The Asian era has arrived!
As early as 2019, the McKinsey Global Institute predicted this.
After that, although the world entered the impact of the black swan of the epidemic for three years, Asian countries showed innovation and resilience far higher than the global average, not only surpassing other regions in the GDP recovery announced by the IMF, but also accelerating the development of technology and digitalization in emerging markets, and even in the face of current inflation, energy crisis and other issues, most Asian countries have shown greater space and ability to respond, using market and economic performance to verify the judgment of McKinsey Global Institute.
The big fashion industry has always looked to the European and American markets as benchmarks, but when we shift our focus from Europe and the United States to Asia, the data tells us that opportunities and the future are at the doorstep.
Asian Community:
Research, market, sustainability
Asia accounts for 40% of the world's GDP and 60% of the world's population, according to the McKinsey Global Institute, Asian countries themselves are their most important partners, 60% of Asian countries' commodity trade between Asian countries, 59% of foreign investment also comes from regional countries, and ASEAN (Association of Southeast Asian Nations) has replaced Europe as China's largest trading partner since 2020, and China is India's second largest trading partner.
In emerging markets in Asia, including Southeast Asia and India, the young and large population has expanded the birth of new consumer groups in addition to high-net-worth and new middle class after the epidemic accelerated the digital business model of the whole region. According to estimates, Asia's market share will exceed 50% of the global market in the next decade.
Shanghai, China
One of the most important key points is the official release of the RCEP (Regional Comprehensive Economic Partnership) in January 2022. As the world's largest regional economic cooperation, RCEP not only accounts for 30% of global GDP, but also the core is the mutually beneficial cooperation of 15 constituent countries, from supply chains, investment chains, to market opening and tariffs, etc., will open up a new pattern for regional economic cooperation, and the first thing worth paying attention to is the three transnational dialogues launched after the official start of RCEP, led by the pharmaceutical beauty industry and the fashion industry.
In its October 2021 Asia report, McKinsey identified five windows of opportunity: intensification and growth of trade between Asian countries, accelerated growth in research and innovation, promising and diversified consumer markets, sustainable development leading the fight against climate issues, and upgrading corporate profitability and productivity. Including big fashion industries such as beauty and clothing, Asia will also become the core of the world integrating creativity, research and development, innovation and supply chain from the supply chain center of the past.
In this critical period of global market transformation, it is of more strategic significance to further understand and coordinate Asian countries while looking at the world from China. 2023 is a year of restarting the world amid various challenges, and China's opening up, while injecting a shot in the arm into the global development that faces many challenges after the epidemic, has also opened up new challenges and opportunities for the international development layout of Chinese enterprises. In view of this, WWD Chinese will launch a special report entitled "Asia's New Map", which interprets the current situation of 11 important markets and countries through the four major opportunities of Asia's rise, and explores how enterprises can better grasp the new opportunities and deepen their cultivation in the Asian market.
Opportunity 1:
Scientific research and innovation in high-tech Asia
Research and technological innovation are at the heart of Asia's development. China, Japan, South Korea, India, Israel, Singapore and other countries have continued to invest in scientific research in the past few years, from high-tech artificial intelligence, smart factories to high-tech materials, biochemical cosmetics, etc. closely related to the fashion industry, while competing with each other, forming a strong link for the development of division of labor.
WWD Chinese edition will analyze the R&D and application of important Asian technology countries in the fashion industry in the special report of "New Asia Map", and how enterprises can explore new opportunities in the fashion industry.
Singapore
Opportunity 2:
A creative Asia with multiculturalism and co-prosperity
As the most fundamental core spirit of the fashion creative industry, Asia not only has a deep cultural heritage of civilization, but also has a creative imagination linked to the future. Each country has its own cultural characteristics, which also opens up the possibility of innovation for the fashion industry outside the globalized luxury market.
The influence of Han makeup and Hanfu driven by the colors of Chinese culture, the trend driven by K-pop in the Korean entertainment industry, and Indonesia's vegan beauty that thrives under religious beliefs, etc., are both local and intertwined. WWD Chinese edition will explore the market opportunities under national cultural characteristics in the special report of "Asia's New Map", and also draw on the paths and strategies for the successful development of cultural creativity.
Seoul, South Korea
Opportunity 3:
Sustainable Asia led by green innovation
Although emerging Asian countries are struggling to recover from the post-pandemic era, they are still in a "fish and bear's paw" dilemma on the issue of economic growth and sustainable development, but many countries have expressed their commitment and action on the issue of sustainability at international conferences in the past two years.
From renewable energy, which has a higher proportion of investment than the world, to the research and development and application of renewable materials, Asian countries have different paces, but they are each outstanding. Including the scientific research and design of China, Israel, Japan, etc., the biodiversity environmental strategies of Malaysia, Indonesia and other countries, which play an important role in global sustainable development.
Malaysia
Opportunity 4:
The dynamic Asia of digital natives
Asia is not only a fast-growing market with high hopes from European and American international brands, but also the first big step in the rise and expansion of Asian brands.
In addition to accounting for 60% of the world's demographic dividend, China, India, Indonesia, Thailand and other high-net-worth people that have grown in the past few years have brought new consumer groups to the luxury industry, while the discretionary income of the huge digital native middle class has increased from 15% in the previous generation to 30%, and the diversity of the population composition has brought unprecedented business opportunities to the high, medium and low markets.
WWD will explore youth cultures, explore different consumer minds and explore new business opportunities in its "Asia New Landscape" feature.
Thailand
Layout in Asia, look at the world
For many industries, including the fashion industry, 2023 is the year of restart.
However, under the global changes, for enterprises, the restart represents not simply returning to 2019, but how to explore new development paths and grasp new growth opportunities under the complex and ever-changing international political and trade pattern.
WWD Chinese edition of "Asia New Map" special report, will include China, Japan, India, South Korea, Israel, Singapore, the Middle East, Indonesia and Southeast Asia, a total of 11 countries and regions, we hope to provide enterprises with an overview of the fashion industry in the Asian market, inspiration for innovative development, insight to explore new markets, and move towards international development with enterprises. WWD