China’s consumer market is thriving in 2024, fuelled by pricing stability and a series of policies aimed at stimulating domestic demand. Cultural, tourism, digital, green, and health-related consumption all saw remarkable growth, showcasing the diversity and resilience of Chinese consumers.
Amidst this expanding landscape, new retail models emerged, transforming the shopping experience. “Instant” retail, social e-commerce, and social customer relationship management gained traction, demonstrating the Chinese market’s adaptability and innovation.
In the latest retail China retail market report 2024, Cushman & Wakefield conducted a comprehensive survey and in-depth interviews with industry leaders from December 2023 to April 2024. Their research focused on five key areas of change that could unlock the tremendous consumption potential in the Chinese market:
- Non-standard shopping centres: Innovative retail spaces that go beyond traditional mall formats to cater to evolving consumer preferences.
- Black technology: The integration of cutting-edge technologies, such as artificial intelligence, augmented reality, and the Internet of Things, to enhance the shopping experience.
- Creative fairs: Curated events that blend retail, entertainment, and cultural experiences, fostering a sense of community and discovery.
- New performing arts spaces: Retail environments that incorporate live performances, artistic showcases, and interactive experiences to captivate consumers.
- Micro-vacation commercial retail spaces: Retail destinations that offer immersive, travel-inspired experiences, catering to the growing demand for “micro-vacations” among urban consumers.
