Round Table China Consumption trends in 2024
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Dec 31, 2024 As 2024 approaches, consumption in China hits a staggering 44 trillion Yuan. Innovative technology is transforming shopping into a lifestyle experience, especially with growing trends in food and drink. The trade-in programs boost sales of advanced tech, while smaller towns thrive on domestic tourism and local experiences. The silver economy emerges as seniors drive online shopping and engagement. Meanwhile, a blend of traditional and modern lifestyles is paving the way for 'China chic,' emphasizing meaningful consumption over mere materialism.
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China's Retail Market Boom
- China's retail market reached nearly 44.3 trillion yuan (6 trillion USD) in the first 11 months of 2024.
- Online sales contributed significantly, reaching around 14 trillion yuan (1.9 trillion USD), showcasing a growing trend.
Trade-In Programs Drive Consumption
- Trade-in programs boosted sales by over 1 trillion yuan (137 billion USD), encouraging consumers to upgrade.
- These programs incentivize purchases of new energy vehicles, smart appliances, and electronics.
Fei-Fei's Refrigerator Upgrade
- A guest on the podcast, Fei-Fei, used the trade-in program to replace her old refrigerator.
- This highlights how the program encourages practical upgrades.