Demand in China local market

Last week, the National Bureau of Statistics (NBS) released retail sales of consumer goods in the first five months of 2022. The total consumption of apparels in Jan-May fell by 8.1% year-on-year, of which the year-on-year decline in May was as high as 16.2%. At the same time, although the price of apparels increased slightly, according to the consumer price index of the NBS, the price of apparels still rose by 0.5%. Disregarding the price, apparel consumption in Jan-May contracted by about 8.7%