Retail 2024: 10 Trends in China Retail

Published – January 2024

The Coresight Research Retail 2024 series of reports looks ahead to the prospects for retail in 2024, exploring key trends by geography (namely, the US, the UK, China and India) and sector. We will also discuss trends in healthcare and technology.

In this report, we discuss 10 key trends for the Chinese retail market in 2024. Each trend reflects broader shifts in consumer behavior, technology adoption and market dynamics.

Data in this report include:

• Overall consumer spending in China and its year-over-year change for 2018–2028E
• Personal luxury goods spending in China for 2020–2026E
• Chinese pet market size for 2021–2025E

Introduction

Market Scale and Opportunity

Coresight Research Analysis: 10 Trends in China Retail

1. Consumers Will Embrace Meaningful Consumption
2. Brands Will Leverage Pop-Up Stores and Events for Offline Customer Engagement
3. Brands Will Launch Cross-Sector Collaborations
4. E-Commerce Platforms Will Find New Ways to Retain and Attract Users
5. E-Commerce Companies Will Leverage Generative AI for Customization and Engagement
6. Brands and Platforms Will Expand Their Outbound Cross-Border Horizons
7. International Beauty Brands Will Invest in Chinese Beauty Companies
8. China’s Pet Market Will Boom with Finer Segmentation
9. Consumer Demand for Second-Hand and Low-Priced Goods Will Increase
10. High-Net-Worth Individuals Will Power the Chinese Luxury Industry

What We Think

• Implications for Brands/Retailers
• Implications for Real Estate Firms
• Implications for Technology Vendors

15-page PDF report

Alibaba, Estée Lauder Companies, Fendi, JD.com, L’Oréal, Luckin Coffee, Lululemon, LVMH, Pinduoduo, Shein, Temu

1. China Retail Sales excl. Food Service (Left Axis; RMB Tril.) and YoY Change (Right Axis; %)
2. 10 Trends in China Retail
3. How Influential Is a Brand’s Purpose or Mission (e.g., Promoting Sustainability, Supporting Local Artisans) In Consumer’s Purchasing Decisions (% of Respondents)
4. Consumer Understanding of “Meaningful Consumption” (% of Respondents)
5. Number of Cross-Sector Collaborations in China
6. US Consumers’ Familiarity with Temu: Overall and by Age (% of Respondents)
7. China: Pet Market Size (Left Axis; RMB Bil.) and YoY % Change (Right Axis)
8. China Personal Luxury Goods Market Size (Left Axis; USD Bil.) and YoY % Change (Right Axis)