In 2024, thanks to pricing stability and the implementation of a series of policies to stimulate domestic consumption demand, the scale of China’s consumer market continued to expand. Cultural consumption, tourism consumption, digital consumption, green consumption, and health consumption have all seen continued growth. Additionally, new retail models such as “instant” retail, social e-commerce and social customer relationship management are also developing rapidly.
Looking ahead to the future, the Chinese retail market still holds enormous potential. Under China’s common prosperity program, middle-income households have been growing in number during the 14th Five-Year Plan period. Consumer demand from residents is accelerating and will continue to accelerate change in China, along with the gradual growth of their income.
Retailers and shopping center owners in China are constantly innovating new consumption scenarios, new retail segments and new business models, so as to explore and foster fresh consumption growth points. To keep abreast of the latest retail innovation in China, Cushman & Wakefield conducted a survey of 3,866 consumers in 23 cities and counties and in-depth interviews with several brand executives and shopping center operators in China from December 2023 to April 2024 which focused on five areas of change which could unlock consumption potential. These five areas of change are:
- Non-standard shopping centers
- Black technology
- Creative fairs
- New performing arts spaces
- Micro-vacation commercial retail spaces
