“I like China, there is great inherent power of development.” Guido, head of Italian cosmetics brand Guido, at the third China International Consumer Goods Expo, held from April 10 to 15. M. Ognibeni said this. Like him, many foreign businessmen are looking forward to the Chinese market. This year’s consumer goods expo is the first important international expo held by China after the epidemic has improved, attracting more than 4,000 premium consumer goods from more than 60 countries and regions around the world. Many international top brands have participated for the first time. Chhai Zongfu, CEO of Swiss watch brand Romago’s Asia-Pacific region, said the demand in the Chinese market is huge. This is the second time that we have participated in this expo. This time we brought two first-show watches, and we didn’t expect that many people bought them as soon as they appeared.
China is currently the world’s second largest commodity consumption market, and the largest online retail market. The proportion of final consumption expenditure to GDP in China has remained above 50 percent for 12 consecutive years. In the Central Economic Action meeting held late last year, it has been said that efforts should be made to expand domestic demand and priority should be given to the recovery and expansion of consumption. In the first quarter of this year, China’s consumption market has been restored with stability. The Retail Industry Prosperity Index reached 50.6 percent in March, an increase of 0.3 percentage points from the previous month. It has given more and more opportunities for enterprises from different countries to enter the Chinese market.
China’s consumption upgrading trend in recent several years is obvious. “Consumer innovation” has also become a key word of this year’s expo. Okada Eiji, head of the Kwangcho office of the Japan Foreign Trade Promotion Organization, said it was the largest participation of Japanese companies. With the continuous improvement of the living standard of the Chinese people, China’s consumer goods market has also opened up more room for development.
According to the “2022 Global Creation Index Report” released by the World Intellectual Property Organization, China ranked 11th, having advanced for ten consecutive years. It has infused new energy of development for foreign enterprises. This year’s expo, Karcher, a provider of cleaning equipment and cleaning solutions, has brought a world premiere outdoor foldable washing machine. Tang Xiaotung, director general of the company’s Chinese region, introduced that the product was developed by a Chinese team. It has its own water and electricity, and has a mobile cleaning function, which can meet the new consumption needs of Chinese people for camping. For many foreign enterprises, this consumer expo is not only a platform to showcase products, but also an opportunity to create a future. After the first expo held in 2021, more and more international consumption goods companies have settled in Hainan, and integrated into the construction of Hainan International Tourism and Consumption Center.
(Credits- China Media Group, Beijing)
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