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.
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