Chinese consumer market full of opportunities for global brands

Published: April 16,2024

This photo taken on April 13, 2024 shows a view outside the venue of the fourth China International Consumer Products Expo in Haikou, capital city of south China’s Hainan Province, April 13, 2024. (Xinhua/Li Mengjiao)

The booming consumer market in China, the world’s second-largest economy, generates numerous business opportunities for global brands.

No big international brands would overlook the enticing Chinese market. This is precisely why the fourth China International Consumer Products Expo in China’s southern island province of Hainan drew over 4,000 brands from 71 countries and regions.

As seen from the theme of this year’s expo, “Share Open Opportunities, Co-create a Better Life”, it emphasizes China’s willingness and initiative to share open opportunities with global brands that are making significant market investments.

The expo, which started Saturday and lasts till April 18, is China’s only national-level exhibition featuring consumer products and also the largest consumer expo in the Asia-Pacific region. This year it has the biggest scale ever, attracting a record number of brands with an indoor exhibition area of 128,000 square meters.

The participation of numerous international companies underscores their keen interest and confidence in the Chinese market where consumption has become a major driver of the economy.

There is no doubt that the Chinese consumer market is full of potential and opportunities, as its vast population of 1.4 billion, growing middle class, and increasing consumer demand for high-quality products have made China a key market for global companies.

The Hainan expo provides a multifaceted platform for global companies to not only showcase their products and services but also explore more lucrative business opportunities and tap into the vast potential of the Chinese market.

Meanwhile, Hainan is ramping up efforts to become a free trade port. This will increase market access and create a more favorable business environment.

China also aims to build Hainan into a globally influential tourism and consumption destination by 2035. Booming duty-free shopping attests to the province’s burgeoning appeal as a consumer haven. 

In 2023, the number of shoppers and the total value of transactions climbed by 59.9 percent and 25.4 percent, respectively, year on year.

China’s open and shared development injects great momentum into global economic growth. As China firmly advances high-standard opening up, the opportunities in its consumer market will only grow, offering a bigger slice of the cake for global brands.

en.people.cn