The Labor Day holiday is one of China’s most important public holidays, during which many people engage in travel spending in order to release their pent-up consumption and travel demands. Therefore, the Labor Day holiday serves as a strong indicator for the tourism economy in China. According to China’s Ministry of Culture and Tourism, during this year’s Labor Day holiday, there were an estimated total of 295 million tourists domestically as well as a total spending of nearly RMB1,669 billion (around USD230.91 billion), marking an increase of 7.6% and 12.7% from last year, respectively. Notab ..read more

China’s high-tech industry has been witnessing tremendous growth over the past few decades, shifting from its traditional focus as a manufacturing and assembly hub to the role of a leader in the global innovation tech scene. Many factors including favorable government policies, strategic private investments, and the rise of prominent tech giants have caused this evolution. However as China’s tech industry continues to progress toward the frontier of current high-tech research in the global market, it will need to tackle new rising challenges that could pose a long-term threat to its gained com ..read more

Following the COVID-19 pandemic, the health market in China has experienced notable transformations, adapting to new consumer behaviors and healthcare priorities. With a burgeoning emphasis on wellness and preventive care, coupled with advancements in technology and a growing aging population, the Chinese healthcare market has demonstrated resilience and sustained growth. By 2030, it is projected to reach approximately RMB 16 trillion, underscoring its significance within the broader economy and its potential for further expansion. Source: finance.sina, designed by Daxue Consulting, 2019-2024 ..read more

As people in South Korea spend more time at home doing activities beyond just eating and sleeping, there is growing attention to furniture products. South Korea’s furniture market is witnessing growth, with a market worth of USD 3.8 billion in 2023 and projected to experience a CAGR of 4.18% from 2024 to 2029. Read our Korea’s MZ Generation report During the COVID-19 pandemic, more people stayed home and invested time and money into their living spaces. This trend has continued even after the pandemic was no longer considered a national emergency in Korea. The demand for furniture extends be ..read more

Pearls are categorized into two main types: freshwater pearls and saltwater pearls. In the first half of 2023, the pearl market in China was valued at RMB 31.09 billion. The country currently dominates the production of freshwater pearls, accounting for around 75% of the global output, primarily clustered in a few provinces. Younger consumers are increasingly drawn to pearl jewelry, with platforms like Xiaohongshu reflecting this evolving trend. The pearl market’s evolution is also evident in its sales strategies, with livestreaming emerging as a dominant force. The surge in pearl demand in Ch ..read more

Since establishing its first store in Shanghai in 2002, Uniqlo has woven itself into the fabric of China’s retail landscape. As of April 2024, the brand operates a vast network of 920 directly operated stores across more than 200 cities throughout Mainland China. The number of stores in China surpassed even the number of stores in its home country, Japan, with only 800 stores. This impressive expansion underscores Uniqlo’s commitment to the Chinese market, with plans to open 80 to 100 new stores annually. This underlines its commitment to broadening its reach and influence across the diverse a ..read more

For years, China’s economy has maintained rapid growth, with continuous increases in consumer spending. However, recent macroeconomic pressures have affected the confidence of Chinese consumers. The sluggish stock and housing markets, along with measures taken in the past few years to curb the spread of the pandemic, have added uncertainty to the consumption outlook. However, despite these challenges, the resilience of the Chinese economy and government policies aimed at supporting consumption could help mitigate the negative effects and foster a sense of optimism among consumers. According to ..read more

With the increase of social tolerance, popular fashion, and pop culture booming in China, hair coloring has become a common trend, but prejudice and misunderstanding about hair color still exist in some people’s concepts. Influenced by various aesthetics and trends, people express their personalities and preferences through different hair colors. The hair coloring market in China is developing rapidly, increasing from RMB 5 billion in 2017 to RMB 22 billion in 2021, with a compound growth rate of 44.8%. Market dynamics: The expanding landscape of hair coloring in China The surge in popularity ..read more

The perfume market in China is a sector that is constantly growing in popularity. In 2022, it had a market revenue of around RMB 16.9 billion (USD 2.3 billion) with a year-on-year increase of 24.3%. The fast-growing market has attracted both domestic and foreign players. Indeed, since 2017, more than 2,000 perfume brands entered the Chinese economy. In recent years, inland players have become more popular among young consumers, Gen Z in particular, which prefers buying domestic-produced perfumes rather than imported ones. Therefore, Chinese luxury perfumes such as RECLASSIFIED are thriving. Re ..read more

In the dynamism of China’s consumer landscape, a significant shift has been observed in recent years: the strong emergence of the luxury second-hand market. As the personal luxury goods market surged to an all-time high of EUR 362 billion, the Chinese segment itself has a substantial share, reaching an impressive EUR 53 billion in 2023. In the meantime, the second-hand luxury goods market in China was evaluated at around EUR 25 billion in 2023. How China has emerged as a key market for second-hand luxury products Second-hand purchases: from shameful to trendy The shift to second-hand items is ..read more