New consumption and new vitality: Foreign companies share China's consumption upgrade "big cake"

On July 21, in a fishing gear sales online store in Gengdian Township, Gu'an County, staff members promoted fishing gear products on the live broadcast platform. Xinhua News Agency reporter Men Cong Shuo Photo

Xinhua News Agency, Beijing, July 24th: New consumption, new vitality: Foreign companies share the "big cake" of Chinese consumption upgrade

Xinhua News Agency reporter

The total area of ​​100,000 square meters, the premiere of more than 600 new global new products, more than 2,800 Chinese and foreign exhibitors, and the proportion of overseas enterprises' participation area increased from 75%to 80%of the first session ... will soon open in Haikou, Hainan Province The 2nd China International Consumer Products Expo attracted the attention of global companies.

"We hope to use the Expo to create advanced products for Chinese consumers to comprehensively help Chinese consumers with high quality and beautiful life. Daneng is always optimistic about China's huge consumption potential and market opportunities." And Xie Weibo, president of Oceania.

As China's first national exhibition with the theme of consumer boutiques, the Consumer Expo, which was held since 2021, is a new window for foreign -funded enterprises to share China's consumer market opportunities.

The new image of IP IP of the 2nd China International Consumer Products Expo on March 1, 2022. Xinhua News Agency reporter Hu Zhixuan

Over the past ten years, China's economy has steadily developed to high -quality development, the consumer market has continuously expanded its quality, and the new format and new trends have flourished, which has attracted more and more foreign investors to share the "big cakes" of China's consumption upgrade.

Fenmei, a global flavors giant headquarters in Geneva, Switzerland, is one of them. In 2019, the Finnish Senior Perfume Creative Center was completed in Shanghai; in 2021, Find Mei opened the Guangzhou Chuangxiang Experience Center, focusing on the needs of the market custom fragrance in South China. Reach innovation cooperation, explore the development of smell digitalization ...

"China has become one of the most active markets in our global growth." An Paul, President of Fenmei China, said that China's advanced fragrance market, whether it is high -end or mass market, has a good development, and the development of local high -level fragrance brands development Fast.

A series of data reveals the expansion and quality of China's consumer market in the past ten years: In 2021, the total retail sales of Chinese social consumer goods reached 4.41 trillion yuan, an increase of 1.1 times over 2012; The annual increase of 10 percentage points; the annual import value of consumer goods reached 1.7 trillion yuan, an increase of more than doubled in 2012. China has become the world's second largest commodity consumer market.

At the same time, this huge market with over 400 million medium -income groups has emerged in many new formats, creating new business opportunities for foreign -funded enterprises.

Zheng Mingju, the leader of the retail and consumer goods industry in the Ernst & Young Da China, said that the rapid development of the Internet industry has gone to the great changes in China's consumption methods in the past ten years. "China's consumption model gradually moves from offline consumption to the combination of online and offline, and digital consumption trends are becoming increasingly prominent."

According to data from the Ministry of Commerce, since 2013, China has become the world's largest online retail market for nine consecutive years. As of June 2021, the number of online shopping users in China reached 812 million. In 2021, China's express delivery business exceeded 100 billion yuan, which was nearly 20 times that of 2012, and the business volume ranked first in the world.

"China's economic leapfrog development has brought about consumption upgrades and the high penetration rates of the Internet and digital industries, making people climb the high -quality, stable and convenient demand for products.

Starbucks China launched the official online food ordering platform "special stars" in 2018. In 2019, it was officially launched online and served the service "Marthams". Today, Starbucks China ’s“ Marthams ”and“ special stars ”have more than 40%of sales.

The Shanghai Baking Workers shot on June 3, 2022, the barista was making coffee. Xinhua News Agency reporter Liu Ying

In the past ten years, with the steady growth of Chinese residents' income and increasingly convenient online retail, the purchasing power of third- and fourth -tier cities and rural residents has been released. JD Data shows that the proportion of new users who participated in the JD.com "618" event from 2012 to 2021 increased year by year, and it had been nearly 90 % of the proportion of 2021. Among them, the number of users in the six -tier city participating in the JD.com "618" activities has grown the fastest, with a 74 -fold increase in the past ten years.

"Except for the first- and second -tier cities, Starbucks has opened the store to more three, fourth -tier cities, and witnessed China's urbanization development." Cai Deyi said.

The "post -90s" and "generations of Z" (born from 1995 to 2009) are becoming the new consumer army in China, driving a new trend of China's consumer market, and the demand for the consumer market has gradually shifted to personalization and diversification.

Fenmei is aimed at the growth point of the "odor" consumption upgrade of "smell" consumption. For more than 30 years in China, China has jumped into the second largest market in the world. In 2018, Finmei developed cool white -flavored perfume with Chinese local fragrance brand odor libraries; in 2019, the company once again launched a large white rabbit milk flavor fragrance for consumer groups in the Chinese market.

"Chinese consumers have a more open attitude towards innovation and hope to see novel things, which will become more and more curious." An Paul said.

Zheng Mingju believes that Chinese consumers' demand for experience and quality has continued to improve and pays more attention to health. "The consumer demand of the Chinese has transitioned to a well -off -off and modern consumption, and is further shifting to pursuing spiritual consumption, experience consumption and service consumption." The more foreign -funded enterprises have deployed the Chinese consumer market. A number of foreign companies interviewed said that uncertain factors such as the epidemic of new coronary pneumonia will not change the long -term investment plans of foreign companies in China.

The confidence of foreign companies in China's consumer market is inseparable from China's practical measures to continuously promote opening up to the outside world. From 2017 to 2021, China has reduced the negative list of foreign capital access for five consecutive years. In 2020, the Foreign Investment Law and the Optimized Business Environment Regulations were officially implemented. The Economic and Trade event such as the Expo, the Expo, the Canton Fair, and the Service and Trade Association continued to build a mutually beneficial and win -win cooperation platform.

Consumers taken on January 14, 2021 purchased cosmetics at the duty -free shops in Haikou Sunyue Plaza. Photo by Xinhua News Agency reporter Pu Xiaoxu

The recent survey of the China Trade Council shows that many foreign companies have said that despite the impact of the epidemic, the development of China's consumer market has not changed for a long time, and the trend of digitalization, quality, and personalized upgrades of consumption is obvious. Wo earth is still full of confidence.

"The Chinese market is a huge market for any foreign consumer goods company, and it must not be ignored." Zheng Mingju said. (Reporter Luo Qi, Zhang Zhaoqing, Ding Yinghua, Chen Yongrong, Liu Yinglun, Xu Xiaoqing)

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