Good News! China’s economy is bouncing back gradually.
1. China’s Luxury Industry Is Bouncing Back From COVID-19
As there bound of China’s luxury market slowly begins, it’s the rest of the world that is now dealing with COVID-19’s extensive impact. In China, however,as social distancing measures continue to loosen up, more and more luxury stores are reopening their doors. The normalizing of offline businesses,growing in-store footprints, and consumer’s budding optimistic sentiment, are solid indicators of the awakening of China’s retail sector. Meanwhile, international travel restrictions and cancelled flights still exist worldwide, the ongoing halted outbound tourism, however, as well as China’s import tariff, which was lowered this year make the recovery of domestic luxury consumption more promising.
2. WeChat released a report. Payments increased by 356%, comparing last month’s consumption with this month. Top industries include beauty, nails and hair,express delivery and snacks.
3. As corona virus peak has been surpassed in China, 40% of top-rated national parks and tourists-attractions have reopened.
4. Douyin (抖音) are launching a group-buying feature.
It will help offline stores increase online pre-orders as well as digital marketing a lot. The newly opened small store account can open as hopping cart function for free and Douyin (抖音) will charge technical service fee as low as 1%. Douyin is attracting catering merchants to settle through zero entrance fee and no commissions. This function is to help offline stores that have been severely damaged by the outbreak of epidemic. Small and medium businesses can quickly complete online sales or pre-sale which helps maintain businesses during the epidemic and support the real economy.
5. Mainland consumers prefer to buy luxury goods with Chinese design elements. In 2019, 35% of Chinese consumers were interested in Chinese brands. In 2020, 56% are planning to buy more Chinese fashion brands.
6. 55% of Hong Kong consumers buy luxury goods from official websites, while 60% of Mainland China consumers buy more through T-mall or Taobao.
7. IKEA China opened a T-mall E-store. It’s its first-time to use a third-party platform.
8. 90% of Starbucks’ China stores have reopened.
9. Apple reopened all 42 of its stores in China.
10. China closed its last corona virus hospital since there were not enough new cases need hospital support.
