China is one of few countries recovering from the coronavirus crisis, after an initial dip. Most foreign brands are still lacking a strategy to deal with the upsurge in China’s retail, says marketing expert Ashley Dudarenok at InsideRetail.Asia.
Inside Retail Asia:
Author and speaker Ashley Galina Dudarenok, who will lead a masterclass on Chinese retail trends in November, says China has experienced one of the world’s fastest recoveries from the pandemic, even after having the world’s first large outbreak of the disease.
“For the first time in eight months, there’s a positive retail sales report showing 0.5-per-cent year-on-year retail growth in China, and 15.8-per-cent growth in online retail sales of physical goods,” Dudarenok told Inside Retail Asia.
She says Chinese consumers are already confident about an economic recovery next year, with 43 per cent of Chinese consumers optimistic about it occurring in the second quarter.
“This, along with growth in e-commerce, will bring new business opportunities for foreign brands in Mainland China.”
Live-streaming services is expected to be a standout sector of online retailing next year and the following one, with sales expected to reach US$28.57 billion as younger consumers embrace the concept.
She expects millennials, who are getting older and building their income levels, will increase their consumption to US$2.6 trillion next year.
Are you looking for more experts on China’s digital change? Do check out this list.