At the end of 2022, the three-year epidemic was over in China. Chinese consumers will be looking forward to and preparing for the return to normalcy in their work and life. All these will stimulate the long-dormant consumer enthusiasm in 2023 when the consumer market will achieve a "gradual rebound." What are key consumer purchasing trends that we need to keep a close eye on in the next year? 1. Maintain prudent consumption for value for money and quality of…
Key Takeaways from eTOC: We have identified the Double 11 key insights to understand how platforms and brands keep growing and what is new opportunities in China's retail landscape. 1. Loyal customers bring long-term business growth opportunities. There needs to be more than price discounts to retain customers. The platform empowered brands to better serve and convert customers by upgrading the shopping experiences: consumer-friendly starting time (8 pm instead of midnight), Smooth ordering process (shopping cart upgraded) and various loyalty…
China's Me-Economy Chinese culture is described as collectivist. This means that individual needs are subordinate to those of the community. However, due to demographic development and other influences, the individual consciousness of the Chinese is increasing. This trend will accelerate in 2022. The focus on individual shopping can be described as "me-economy". Collectivist Culture Family members have a major influence on purchasing decisions in China. While 76% of older people prioritize recommendations from family members, students and recent graduates are much…
1. The Chinese Mainland luxury market with continuous and moderate growth According to Bain & Company, the overall luxury market in Chinese Mainland is booming in 2021, with the personal luxury market doubling in size compared to 2019. After achieving 48% growth in 2020, the Chinese mainland luxury market is expected to achieve 36% growth for the full year 2021, reaching nearly RMB 471 billion ($74billion). The growth rate differs greatly among brands, ranging from 10% to 70%. The growth…
1. The fitness boom has arrived in China! China is all about sports, not least because of the Winter Olympics in February 2022. Social networks, e-commerce and the Chinese government are driving the fitness boom in China. At the forefront: influencers like Liu Genghong, who offers the Chinese an online workout at home via livestream. The trend is reflected in statistics such as the total production value of the sports industry. The number of gyms in China has increased dramatically…
1. China's rapidly developing camping industry in the post-epidemic era According to iiMedia Research, in 2021, the core market size of China's camping economy has reached 74.75 billion RMB, up 62.5% year-on-year; the driving market size is 381.23 billion RMB, with a year-on-year growth rate of 58.5%. As of October 2021, there are nearly 37,000 camping-related companies, with 40% established in 2021. The enthusiasm of Chinese consumers for camping is unprecedented, with a 258% increase in hot search heat in…