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11

2023

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01

China's Consumption Gains Steam as Shopping, Catering Rebound

Source:

China Daily

Though the Spring Festival is still a few days away, shopping malls in the cities of China are already preparing for the most important Chinese holiday of the year. Right now red Chinese knots and the festival's mascot can be seen all over the streets.

 

Though the Spring Festival is still a few days away, shopping malls in the cities of China are already preparing for the most important Chinese holiday of the year. Right now red Chinese knots and the festival's mascot can be seen all over the streets.

 

With continuously optimized COVID-19 prevention and control policies, many cities in China have gradually recovered from the negative impact of the epidemic, regaining its hustle and bustle.

 

-Shopping

Shopping malls have been the first to scent the recovery and the huge business opportunities that come with it.

 

A monitoring system developed by Baidu Maps has shown that the congestion index of shopping malls in cities like Chongqing, Xi'an, Beijing, and Shenzhen had increased significantly on Jan 1.

 

According to the Consumer Market Big Data Laboratory (Shanghai), Shanghai's total offline consumption hit 12.01 billion yuan ($1.77 billion) from Dec 31, 2022, to Jan 1, 2023.

 

Businesses in many cities have issued consumption coupons to attract shoppers.

 

-Catering

China's consumption recovery has also been mirrored in the catering sector.

 

According to the on-demand retail platform Meituan, online orders for in-store catering across the country more than doubled compared with the same period in the previous week. Relevant transactions in the provinces of Jiangsu and Zhejiang increased by more than 230 percent, week-on-week, during the period.

 

Also, the popularity of online catering consumption is unabated. Many restaurants offer New Year dish packages such as hot pot and pizza to meet the needs of home gatherings.

 

Meituan Waimai, a major Chinese food delivery platform, said the number of merchants providing such packages was up three times compared with the same period of the previous week.

 

"Now, more catering businesses value 'two main battlefields,' attaching equal importance to online and offline services," said Jin Yong, vice president of the China Hospitality Association.

 

"After the recovery of in-store catering, food delivery services can help attract more customers and facilitate restorative growth both online and offline," Jin said.