Bereft by global risks and uncertainties, leaders in the fashion industry will need to pay careful attention to macroeconomic and political issues in the regions where they produce and sell their products in the year ahead. They will need to develop risk mitigation strategies that can be implemented quickly as conflicts, fiscal policies, and government regulations evolve. Additionally, they will need to think critically about where they operate, looking beyond top-line growth potential when evaluating new and existing foreign markets. Brands can no longer plan on complete political neutrality as their global customer bases become more connected and outspoken.
Global Air Care market 2019 Expected to Grow faster according to new research report
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Looking forward, our base case is cautiously optimistic, with the virus more effectively controlled over the coming year, thanks to a strong public-health response.2McKinsey analysis. At the same time, government interventions will partially offset economic impacts, and global travel will pick up, alongside the possibility of larger social gatherings. In that scenario, we would see markets such as China recovering strongly. We predict a 5 to 10 percent sales growth in China in 2021 compared with 2019. Europe, on the other hand, will probably continue to feel the effects of subdued tourist arrivals, leading in 2021 to a 2 to 7 percent sales decline from 2019. Moreover, precrisis levels of activity are unlikely to return before the third quarter of 2022. We expect a similar trajectory in the United States, with sales down 7 to 12 percent next year compared with 2019, and only a modest recovery before the first quarter of 2023.
The prevailing mood of fashion leaders is one of anxiety and concern. On the one hand, evolving channels, shifting markets, and groundbreaking research offer revenue opportunities and the chance for radical innovation. On the other, global economic growth is slowing and competition is more intense than ever.
An updated analysis from BLS, accounting for labor market shifts stemming from the coronavirus pandemic, points to strong gains in jobs related to research and development in STEM (including physical, engineering, life sciences and health-related job clusters). Jobs in specific occupations, such as epidemiologist, medical scientists, biochemists and biophysicists, and biological technicians are expected to see strong growth.
Business travelers to the City are not projected to surpass 2019 levels for the foreseeable future, according to NYC & Company. They are expected to reach a maximum of 98 percent of pre-pandemic levels by 2024 (see Figure 14). The Global Business Travel Association forecasts that global business spending will return to 2019 levels ($1.43 trillion) by 2025. The recovery of corporate travel is projected to be a slow process. While worldwide business travel may rebound faster, global business metropolitan centers with high population densities such as New York City may be slower to recover.
The global internet of things (IoT) market size was valued at USD 384.70 billion in 2021. The market is projected to grow from USD 478.36 billion in 2022 to USD 2,465.26 billion by 2029, exhibiting a CAGR of 26.4% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the internet of things solutions and services experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global market had exhibited a decline of 23.4% in 2020 compared to 2019.
The market research study highlights leading regions around the world to provide the consumer with a better insight about the internet of things market trends. Additionally, the research focuses on the most recent market growth patterns and examines technologies that are being deployed at a quick speed on a global scale. It also provides some drivers and restraints, allowing the reader to obtain a thorough understanding of the market.
The global e-commerce market size was valued at USD 9.09 trillion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 14.7% from 2020 to 2027. Increasing penetration of the internet is bolstering the smartphone-using population across the world. Digital content, travel and leisure, financial services, and e-tailing among others constitute a variety of e-commerce options available to the internet accessing customer base that is gaining momentum with increased internet usage. Hence, technological awareness among customers is expected to have a positive impact on market growth. The growing importance of faster browsing has led to the development of connectivity, thus leading to the development of 4G and 5G technology.
In terms of revenue, Business to Business (B2B) dominated the market for e-commerce with a share of 63.1% in 2019 and is expected to witness the fastest growth from 2020 to 2027. This is attributed to the growing inclination of the companies towards online selling and buying goods and services. Furthermore, increasing penetration of smartphones, coupled with internet usage, is anticipated to drive the B2B e-commerce segment over the forecast period.
Asia Pacific dominated the market for e-commerce with a share of 55.3% in 2019 and is expected to witness the fastest growth from 2020 to 2027. This is attributed to a growing preference among businesses to carry out businesses through the B2B e-commerce platform. Furthermore, developing infrastructure facilities and surging the number of internet users are expected to fuel the regional market growth.
Furthermore, the region is expected to witness a rise in demand for B2B e-commerce adoption, which can be attributed to smartphone proliferation. Additionally, the Chinese market is going through a consumer revolution, wherein international products are taking benefit of innovative marketing, research techniques, and advertising. Brand consciousness is getting more importance in attracting Chinese consumers. Luxury goods and service providers are witnessing significant growth in China.
The report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global e-commerce market report based on model type and region:
China's growing global economic influence and the economic and trade policies it maintains have significant implications for the United States and hence are of major interest to Congress. While China is a large and growing market for U.S. firms, its incomplete transition to a free-market economy has resulted in economic policies deemed harmful to U.S. economic interests, such as industrial policies and theft of U.S. intellectual property. This report provides background on China's economic rise; describes its current economic structure; identifies the challenges China faces to maintain economic growth; and discusses the challenges, opportunities, and implications of China's economic rise for the United States.
Since the introduction of economic reforms, China's economy has grown substantially faster than during the pre-reform period, and, for the most part, has avoided major economic disruptions.10 From 1979 to 2018, China's annual real GDP averaged 9.5% (see Figure 3). This has meant that on average China has been able to double the size of its economy in real terms every eight years. The global economic slowdown, which began in 2008, had a significant impact on the Chinese economy. China's media reported in early 2009 that 20 million migrant workers had returned home after losing their jobs because of the financial crisis and that real GDP growth in the fourth quarter of 2008 had fallen to 6.8% year-on-year. The Chinese government responded by implementing a $586 billion economic stimulus package, aimed largely at funding infrastructure and loosening monetary policies to increase bank lending.11 Such policies enabled China to counter the effects of the sharp global fall in demand for Chinese products. From 2008 to 2010, China's real GDP growth averaged 9.7%. However, the rate of GDP growth declined slowed for the next six consecutive years, falling from 10.6% in 2010 to 6.7% in 2016. Real GDP ticked up to 6.8% in 2017, but slowed to 6.6% in 2018, (although it rose to 6.8% in 2017). The IMF's April 2019 World Economic Outlook projects that China's real GDP growth will slow each year over the next six years, falling to 5.5% in 2024 (Figure 4).12 Many economists warn that China's economic growth could slow further if the United States and China continue to impose punitive economic measures against each other, such the tariff hikes that have resulted from U.S. action under Section 301 and Chinese retaliation. The Organization for Economic and Cooperation and Development (OECD) projects that increased tariffs on all trade between the United States and China could reduce China's real GDP in 2021-2022 by 1.1% relative to the OECD's baseline economic projections.13
Local government debt is viewed as a big problem in China, largely because of the potential impact it could have on the Chinese banking system. During the beginning of the global financial slowdown, many Chinese subnational government entities borrowed extensively to help stimulate local economies, especially by supporting infrastructure projects. In December 2013, the Chinese National Audit Office reported that from the end of 2010 to mid-year 2013, local government debt had increased by 67% to nearly $3 trillion.64 The Chinese government reported that local government debt rose to $4.3 trillion as of 2015. Efforts have been made over the past few years by the central government to restructure local government debt and restrict local government borrowing, with mixed success, according to some press reports, because of pressures on local governments to maintain rapid economic growth.65 2ff7e9595c
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