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From CIIE to “Double 11”: Chinese consumption shows huge potential

(People's Daily Online)    17:48, November 11, 2019

Visitors at the second CIIE. (Photo/Chinanews.com)

The “seamless” transition from the China International Import Expo (CIIE) to the nationwide online “Double 11” shopping spree this November has revealed the vast potential of China’s consumption market.

The market is currently expanding at a rapid speed, contributing more than ever to the country’s economic development.

In the first three quarters of this year, the total retail sales of consumer goods increased by 8.2 percent from a year ago, and final consumption contributed 60.5 percent to the country’s economic growth, 0.4 percentages higher than that in the first half of the year.

Wang Bingnan, Vice Minister of Commerce and director of the CIIE bureau estimated that China will import over $30 trillion in goods and $10 trillion in services in the next 15 years, which will further optimize the country’s supply structure of medium- to high-end consumption and better meet the demand for a better life.

In this regard, enterprises have paid more considerable attention to the second CIIE, and heads of many multinationals led delegations to the expo. A lot of enterprises have brought products that better suit the country, debuting their technologies and products in Shanghai.

Cosmetics is a major industry experiencing consumption upgrading, and L'Oreal brought thousands of cosmetic products this year – up almost double last year. Around one third of these products were introduced to the Chinese market for the first time.

More Chinese consumers now “enjoy” consumption rather than merely using the products, said Jean-Paul Agon, chairman and CEO of the company, adding that Chinese consumers are nowadays paying more attention to high-end, personalized and non-mainstream products with service premium. He believes that Chinese consumption upgrading is creating a “golden age” for the cosmetics industry.

“Chinese consumers are happy to accept new technologies, which means a perfect chance for us,” said Qian Huikang, GM's global executive vice president and president of General Motors China.

He suggested that enterprises combine global resources with local advantages, especially in the new energy vehicle and smart vehicle sectors, to continue releasing more advanced technologies tailored for the Chinese market.

Exhibition hall of the CIIE. (Photo/Chinanews.com)

At the second CIIE, 10 countries, including Thailand, Russia, Mexico, Peru and Argentina announced that they would open flag-ship stores on Tmall, an online shopping platform under e-commerce giant Alibaba, which enabled them to introduce their top-ranked food to Chinese consumers before the “Double 11” spree.

Moreover, it is reported that 113 of the exhibiting brands at the second CIIE have opened stores on Tmall, reaching the Chinese market for the first time.

Daniel Yong Zhang, executive chairman and CEO of Alibaba, noted that since China held the first CIIE, the world has witnessed the vast potential of the Chinese market, with a large number of overseas merchants flocking into the country.

The joint efforts made by the second CIIE and “Double 11” are presenting a green path that gathers global products and benefits people from all over the world. 

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: Hongyu, Bianji)

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