In 2020, despite pandemic hurdles, the travel shopping industry in China resumed growth, already from Q2; in fact, from the beginning of May (Labour day holidays), there were over 80 million people travelling domestically, while during the Golden Week holidays (first week of October) over 637 million people travelled and spent over 68.8 bn US$.
This is good news for the luxury industry, which is predicted to tap 127 bn US$ in GMV by 2025 according to Bain&Co latest report., representing about 65% of global luxury consumption worldwide.
Another positive sign of luxury consumption recovery was in the Hainan Island, in particular at Sanya, one of the biggest duty free destinations for Chinese travelshoppers.
China authorities implemented from July 2020 a new tax-free policy increasing individual purchases in the island from 30,000 RMB to 100,000 RMB.
The result: Chinese tourists spent over 2 billion yuan (over 300 mln US$ or 225 mln GBP) in just one month!
A key strategy for international brands is to consider Chinese Duty Free destinations as Sanya and develop the right #digitalmarketing strategies to be successful, how?
Thanks to 761C Space Beijing Technology Development Ltd and Beijing Municipal Bureau of Economy and Information Technology for inviting us at their event. Alice Di Diego, EGGsist Managing Partner, delivered her speech during the International Seminar on Digital Trade & Innovation Resources Partnership.
Today we’ve shown how effectively Western brands can use China digital social and fintech solutions to engage Chinese consumers. We showed how with Alipay international merchants can attract Chinese customers and sell to them O2O.
Implementing Huabei, the buy now and pay later fintech feature of Alipay, it’s an easier way to engage younger generations; over 100 million people born after the ‘80 and 90’ are currently using Huabei to make purchases in China, but this is also happening overseas! Want to know more about Alipay O2O Solutions? Just contact us!
The Chinese market is an unmissable opportunity for brands aiming to expand: the explosion of the upper-middle-class in China will be the driving force for luxury brands, leading to an almost doubling of luxury spending by 2025, when Chinese consumers are expected to account for 40% of the global luxury market…
#BeyondCNY is a comprehensive report aiming to give you a deeper overview of Chinese Festivals, digital & social trends, and be on the right path of the Chinese consumers digital journey.
Finally, the little mouse 鼠鼠 has landed in his year! Are you ready for your China 2O2O digital strategy? Check the full episodes of EGGsist CNY video series and share it with your Chinese clients to wish them Happy Chinese New Year! 鼠年快乐！