In 2023, the Chinese luxury market witnessed a notable rebound, propelled by its core luxury consumers who proved less susceptible to the economic slowdown reflected in the country’s GDP. Despite a marginal decline in consumer confidence, spending by Chinese luxury shoppers demonstrated robust growth, registering a remarkable 12% year-on-year increase. The domestic luxury market size experienced a noteworthy surge, escalating from RMB 401 billion to 449 billion in 2023. This significant recovery is predominantly propelled by core luxury shoppers, whose demand shows less elasticity, thus positi ..read more

Rice has traditionally been a staple in Korean cuisine for centuries. However, in recent years, there has been a significant shift in consuming bread, reflecting changing dietary preferences and lifestyle trends. This shift has led to the emergence of a vibrant bread market in South Korea, alongside the rice market. Read our Korea’s MZ Generation report Bread market segmentation in South Korea The bread market in South Korea is largely categorized into two main types: mass-produced bread and bakery products. Mass-produced bread is made in large quantities at factories, packaged, and distribut ..read more

China’s birth rate to plummet, dropping to a mere 1.15 in 2021 and currently nearing 1.0, despite the 2016 abolishment of the single-child policy. Combined with the booming economy, the trend has a significant impact on child-rearing practices. With fewer children to invest in, parents are now channeling their growing disposable income towards a new focus: their offspring’s holistic development. This shift in priorities has fueled a remarkable boom in the market for children’s activities in China, extending far beyond traditional academic pursuits. Influencing factors: The blossoming children ..read more

In the pulsating heart of China’s ever-evolving logistics landscape, a titan, Full Truck Alliance (满帮集团) emerged in 2017, forged from the fusion of two formidable forces: Jiangsu Manyun Software Technology Co. (operating under the app brand Yunmanman, 运满满), Ltd. and Guiyang Huochebang Technology Co., Ltd (operating under the app brand Huochebang, 货车帮). As the largest digital freight platform in China, Full Truck Alliance reported a revenue of RMB 8.44 billion in 2023, marking a 25.3% increase from the previous year’s RMB 6.736 billion. Its net profit for 2023 stood at RMB 2.227 billion, reflec ..read more

China’s birth rate to plummet, dropping to a mere 1.15 in 2021 and currently nearing 1.0, despite the 2016 abolishment of the single-child policy. Combined with the booming economy, the trend has a significant impact on child-rearing practices. With fewer children to invest in, parents are now channeling their growing disposable income towards a new focus: their offspring’s holistic development. This shift in priorities has fueled a remarkable boom in the market for children’s extracurricular activities and entertainment, extending far beyond traditional academic pursuits. Influencing factors ..read more

According to the “2021 China Children’s Furniture Market Research Report”, the Chinese children’s furniture market size was valued at RMB141.9 billion in 2020, with a compound annual growth rate (CAGR) of 8.5% over the past five years. The market is projected to maintain a steady CAGR of 6.8% in the forecast period, surpassing RMB180 billion by 2024. As a key player in global furniture production and consumption, China is leveraging its strengths in the kids’ furniture market. However, potential challenges and future trends warrant close observation. Download our China’s F&B industry white ..read more

While traditional milk tea in China has been losing its popularity among young people nationwide in the past few years, new-style tea brands appear to be gaining momentum. According to a newly released report on China’s new-style tea market by the China Chain Store & Franchise Association and Meituan, the market size of the new-style tea industry in China is estimated to have reached 149.8 billion yuan in 2023 and is expected to surpass 200 billion yuan by 2025. Download our report on Gen Z consumers China’s 315 Gala insights: rising health consciousness and consumer rights In r ..read more

Once a national obsession among Chinese young people, traditional milk tea appears to be losing its appeal. In the 1st week of December, Weibo netizens were discussing that #first-generation internet-famous bubble tea stores are low-key shutting down# (初代网红奶茶店开始悄悄倒闭). This hashtag garnered over 180 million views within four days. One of China’s most popular milk tea brands, Yi Dian Dian (一点点), had over 4,000 outlets in February 2021, but this number decreased to 3,018 in November 2023. Its decreasing popularity could also be reflected by the number of new store openings ann ..read more

On March 28th, Xiaomi’s first EV under the brand Xiaomi Auto, Xiaomi SU7, was officially launched, with its standard version priced at RMB 215,900 and the most expensive version priced at RMB 299,900, amid much anticipation. According to Xiaomi’s founder, Lei Jun, Xiaomi Auto integrates the core advantages of Xiaomi as a technology company, particularly in intelligent technology, where it has more competitive advantages over traditional vehicle manufacturers in operating systems, chips, artificial intelligence, and other areas, exemplified ..read more

As dietary preferences continue to evolve globally, China is witnessing the emergence of various diet trends. Based on the Daxue Consulting survey, prominent diets in China include intermittent fasting (29.1%), organic diet (27.8%), and low-calorie diet (7.1%). Additionally, food tribes like keto, 211, and steak diets are gaining traction on social media platforms, boosted by influencers such as Key Opinion Leaders (KOLs) and celebrities. These healthy food tribes, driven by weight loss and healthier living goals, actively influence young Chinese consumers and share success stories on platform ..read more