{"id":7782,"date":"2024-03-24T14:02:41","date_gmt":"2024-03-24T14:02:41","guid":{"rendered":"https:\/\/sinowei.co.uk\/?p=7782"},"modified":"2024-04-09T19:01:24","modified_gmt":"2024-04-09T18:01:24","slug":"chinese-consumption-trends-for-2023-rebalancing-the-economy","status":"publish","type":"post","link":"https:\/\/sinowei.co.uk\/zh\/2023-\u5e74\u4e2d\u56fd\u6d88\u8d39\u8d8b\u52bf-\u91cd\u65b0\u5e73\u8861\u7ecf\u6d4e\/","title":{"rendered":"2023 \u5e74\u4e2d\u56fd\u6d88\u8d39\u8d8b\u52bf\uff1a\u7ecf\u6d4e\u518d\u5e73\u8861"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"7782\" class=\"elementor elementor-7782\" data-elementor-post-type=\"post\">\n\t\t\t\t<div data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-element elementor-element-e879141 e-flex e-con-boxed e-con e-parent\" data-id=\"e879141\" data-element_type=\"container\" 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0l204.118-204.118c18.745-18.745 18.745-49.137 0-67.882zM112 160c-26.51 0-48-21.49-48-48s21.49-48 48-48 48 21.49 48 48-21.49 48-48 48zm513.941 133.823L421.823 497.941c-18.745 18.745-49.137 18.745-67.882 0l-.36-.36L527.64 323.522c16.999-16.999 26.36-39.6 26.36-63.64s-9.362-46.641-26.36-63.64L331.397 0h48.721a48 48 0 0 1 33.941 14.059l211.882 211.882c18.745 18.745 18.745 49.137 0 67.882z\"><\/path><\/svg>\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text elementor-post-info__item elementor-post-info__item--type-terms\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-post-info__terms-list\">\n\t\t\t\t<a href=\"https:\/\/sinowei.co.uk\/zh\/tag\/\u4e2d\u56fd\/\" class=\"elementor-post-info__terms-list-item\">China<\/a>, <a href=\"https:\/\/sinowei.co.uk\/zh\/tag\/\u4e2d\u56fd\u673a\u9047\/\" class=\"elementor-post-info__terms-list-item\">China Opportunities<\/a>, <a href=\"https:\/\/sinowei.co.uk\/zh\/tag\/\u51fa\u53e3\u81f3\u4e2d\u56fd\/\" class=\"elementor-post-info__terms-list-item\">Export to China<\/a>, <a href=\"https:\/\/sinowei.co.uk\/zh\/tag\/\u5356\u7ed9\u4e2d\u56fd\/\" class=\"elementor-post-info__terms-list-item\">Sell to China<\/a>\t\t\t\t<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4a9c30f elementor-widget__width-initial elementor-widget elementor-widget-theme-post-title elementor-page-title elementor-widget-heading\" data-id=\"4a9c30f\" data-element_type=\"widget\" data-widget_type=\"theme-post-title.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Chinese Consumption Trends for 2023: Rebalancing The Economy<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-addfc14 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"addfc14\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-element elementor-element-16922ae e-flex e-con-boxed e-con e-parent\" data-id=\"16922ae\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-element elementor-element-df1b5b5 e-con-full e-flex e-con e-child\" data-id=\"df1b5b5\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-93eb6b8 elementor-widget elementor-widget-text-editor\" data-id=\"93eb6b8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><b>\u201cIt is vital for companies not to underestimate the strength of domestic brands\u201d<br \/><br \/><\/b>While businesses are bracing themselves for a choppy start to 2023, there is also a sense of a light at the end of the tunnel. Inflation, the War in Ukraine and China\u2019s reopening after three years of strict Covid-restrictions, are set to have the largest impact on global trade.<\/p><p>China is set to experience extensive levels of Covid-19 cases in the following weeks, with the peaks expected during Chinese New Year and after the return to work following the festive period. <a href=\"https:\/\/www.airfinity.com\/articles\/chinas-covid-19-wave-forecast-to-have-two-peaks-where-cases-could-reach-4-2\">[Airfinity]<\/a> Yet, investment analysts say China lifting restrictions will help rebalance economies sooner than anticipated.<\/p><p>Having opened our Shanghai Import Pavilion in Nov 2019, Sinowei teams throughout China, UK and EU have had first-hand experience of the challenges presented across international trade during a pandemic. We\u2019ve observed the quick pace at which things can change in China and how opportunity can arise. The annual <a href=\"https:\/\/www.mckinsey.com\/cn\/~\/media\/mckinsey\/locations\/asia\/greater%20china\/our%20insights\/2023%20mckinsey%20china%20consumer%20report%20a%20time%20of%20resilience\/2023%20mckinsey%20china%20consumer%20report%20en.pdf\" data-lf-fd-inspected-ywvko4x1lmeaz6bj=\"true\">McKinsey China Consumer Report<\/a> released in December, projected several consumer trends pinned for companies to watch in 2023.<\/p><p><b>1) \u201cThe Middle-Class Continues to Rise\u201d<br \/><br \/><\/b>Not only is China experiencing the highest growth of middle-class households every year; China is also \u201cexpected to add another 71 million upper-middle and high-income households.\u201d<br \/><br \/><b>2) \u201cPremiumization Maintains Momentum\u201d<br \/><br \/><\/b>Consumers still \u201ctrade up\u201d to premium over mass, \u201cdespite rising anxiety over the economy and their personal incomes\u201d.<br \/><br \/><b>3) \u201cSmarter Choices, but not Trading Down\u201d<br \/><\/b><br \/>Consumers becoming increasingly creative in how they\u2019re getting the brands they want for less \u2013 whether it\u2019s through Community Group Buying Platforms, Taobao or livestreaming offers.<br \/><br \/><\/p><p><b>4) \u201cIt\u2019s all about product\u201d<br \/><br \/><\/b>With a world of information at our fingertips, savvy consumers can quickly \u201ceducate themselves about the technical specifications of their favourite products on social media\u201d and the likes of Baidu.<br \/><br \/><b>5) \u201cLocal Companies are Winning\u201d<br \/><br \/><\/b>While foreign brands could once persuade consumers to pay premium based on country of origin, \u201cChinese companies today offer excellent products that are competitive or sometimes even superior to their foreign peers. \u2026 Today domestic companies are reacting faster to trends, are closer to the consumer and making bolder investments.\u201d<\/p><p><b>Our Thoughts<\/b><\/p><p><i>\u201cThe resurgence of the world\u2019s most important source of international travellers has already created a positive impact for neighbouring economies.\u201d<\/i><\/p><p>China\u2019s growing spending power presents greater opportunity in 2023, due to the easing of China\u2019s zero-Covid restrictions. Not only do we expect to see uptake in bar and restaurant visits \u2013 but the resurgence of the world\u2019s most important source of international travellers has already created a positive impact for neighbouring economies.<\/p><p><b>Consumer Behaviours <br \/><\/b><br \/>The key consumer demographic, set to influence consumption trends over the next decades, are those in their 20\u2019s and 30\u2019s. This category generally has better education, aren\u2019t too concerned with savings and will spend more on entertainment. Most importantly, they are more concerned with quality and value over low price.<\/p><p>Understanding the omnichannel experience for Chinese shoppers can seem overwhelming to Western companies, who are used to more straightforward touch points. Having spent several years establishing our B2C distribution through these online channels, what we found most interesting were the <b>community group buying platforms.<\/b><\/p><p>This refers to several small house-hold orders combined into one larger community order. It\u2019s in often favoured in Tier 3,4,5 areas where there\u2019s lower-income as these platforms offer better group price offers. Also in these areas: community values are stronger and neighbours more familiar with one another.<a href=\"https:\/\/daxueconsulting.com\/group-buying-in-china\/\"> [Dauxe Consulting]<\/a><\/p><p>Covid-lockdowns forced the shift in online commerce in first and second tier cities, as logistics and delivery workforce were impacted. Community group buying models are increasingly showing high-conversion and retention capabilities. We see this as an excellent channel for Western companies to reach consumers beyond the traditional market points for imports.<\/p><p><b>Domestic Adaptability and Innovation<\/b><\/p><p>While foreign companies were once held in esteem of having higher-quality goods, mainly in food, drink, clothing and cosmetic products \u2013 this was largely because of their newness and unfamiliarity to China. Fast forward two decades and Chinese manufacturers have quickly adapted to consumer demands while offering further innovation than imported counterparts.<\/p><p>It is vital for companies not to underestimate the strength of domestic brands. 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eael-post-grid-style-one\" data-layout-mode=\"masonry\"><article class=\"eael-grid-post eael-post-grid-column\" data-id=\"8968\">\n        <div class=\"eael-grid-post-holder\">\n            <div class=\"eael-grid-post-holder-inner\"><div class=\"eael-entry-media\"><div class=\"eael-entry-overlay fade-in\"><i class=\"fas fa-long-arrow-alt-right\" aria-hidden=\"true\"><\/i><a href=\"https:\/\/sinowei.co.uk\/zh\/\u5728\u5168\u7403\u4e92\u8054\u7684\u4e16\u754c\u5f00\u5c55\u4e1a\u52a1-sinowei\/\"><\/a><\/div><div class=\"eael-entry-thumbnail eael-image-ratio\">\n                <img decoding=\"async\" width=\"300\" height=\"129\" src=\"https:\/\/sinowei.co.uk\/wp-content\/uploads\/2024\/09\/golden-week-pudong-import-export-china-300x129.webp\" class=\"attachment-medium size-medium wp-image-8969\" alt=\"\" srcset=\"https:\/\/sinowei.co.uk\/wp-content\/uploads\/2024\/09\/golden-week-pudong-import-export-china-300x129.webp 300w, 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data-args=\"orderby=date&amp;order=desc&amp;ignore_sticky_posts=1&amp;post_status=publish&amp;posts_per_page=4&amp;offset=0&amp;post_type=post\" data-max-page=\"9\">\n                    <span class=\"eael-btn-loader button__loader\"><\/span>\n                    <span class=\"eael_load_more_text\">Load More<\/span>\n                <\/button>\n            <\/div>\n            \t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>\u201cIt is vital for companies not to underestimate the strength of domestic brands\u201d While businesses are bracing themselves for a choppy start to 2023, there is also a sense of a light at the end of the tunnel. Inflation, the War in Ukraine and China\u2019s reopening after three years of strict Covid-restrictions, are set to [&hellip;]<\/p>\n","protected":false},"author":76,"featured_media":7358,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"elementor_header_footer","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[13,139,119,118],"class_list":["post-7782","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sinowei-news","tag-china","tag-china-opportunities","tag-export-to-china","tag-sell-to-china"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Chinese Consumption Trends for 2023<\/title>\n<meta name=\"description\" content=\"Learn about China&#039;s consumption trends for 2023, focusing on economic rebalancing and how these shifts impact global trade and investment strategies.\" \/>\n<meta name=\"robots\" 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