1. China's Shoppers Top the Charts in Global Tourism Spending
Mainland Chinese travellers lead the world in shopping expenditure, averaging $1,350 per person, according to a report by the World Travel and Tourism Council. With China reopening its borders post-COVID, global retailers anticipate increased spending by Chinese tourists. Argentina and the UAE follow closely, with average expenditures of $1,180 and $1,100 per person, respectively.
Eased COVID-19 travel restrictions globally and China's border reopening have reignited international travel desires, boosting shopping at tourist hubs. Euromonitor International predicts Asia Pacific duty-free sales to reach $81 billion by 2027, with a significant contribution from China, solidifying its role in global retail tourism.
2. Lacoste Rented Out the Entire Aranya in China to Celebrate its 90th Birthday
To celebrate its 90th birthday, Lacoste has rented out the entire Aranya Community, Qinhuangdao City, Hebei Province, China. Lacoste ingeniously transformed Aranya into "LACOSTE CITY," a place brimming with the brand's cultural charm.
Catherine Spindler, global Chief CEO of Lacoste said that China is one of Lacoste's key markets, and there are many untapped opportunities in the Chinese market, especially among young consumers.
Anxin Security published that China's retail sales of sportswear reached 371.8 billion Yuan ($51.1 billion USD) in 2021, accounting for 13.4% of the entire apparel market's size. The compound annual growth rate from 2011 to 2021 was 10.1%, higher than other categories of footwear and clothing.
According to Catherine's disclosure, Lacoste will unveil a brand-new concept store in Shanghai in 2024 to showcase its innovative changes.
3. Mom Skincare: China's Growing Gen X Market Unlocks Beauty Opportunities
China's ageing population is growing rapidly, but the skincare market for mature consumers remains underdeveloped. Most brands focus on younger demographics.
In the coming decade, China is projected to witness an increase of 100 million more senior citizens, and by 2050, over 38 percent of the population is expected to be aged 60 or older. Amid this transformation, China's Generation X consumers are emerging as significant players in the skincare industry. They are avid users of high-end skincare brands.
These consumers prioritize products with anti-ageing, hydration, and moisturization functions. They are concentrated in top-tier cities, preferring products priced between $40 and $110 per item.
4. OTB Group Highlights China as a Primary Growth Market
Renzo Rosso, the Chairman of the Italian fashion giant OTB Group, emphasized on Tuesday that China has emerged as the group's primary growth market. In the last eight months, the revenues generated by OTB Group's brands, including Diesel, Marni, and Jil Sander, have more than doubled compared to the previous year in the region.
Following the simultaneous opening of four stores last year in the prestigious luxury destination of Shanghai's Plaza 66, strategically located opposite the IFC Mall, OTB Group plans to commit a significant portion of its global investments to the Chinese market. Over the next three years, they intend to allocate one-third of their investment resources to China. This move reflects their commitment further to explore the commercial potential of second-tier cities in China.
5. Estée Lauder's Strategic Investment in Chinese Beauty Brand Codemint
Estée Lauder Group declared to invest in a Chinese beauty brand, Codemint this month. Founded by Grace Chow in 2021, Codemint rapidly gained recognition in the industry for its commitment to clean beauty.
Products from the Tmall flagship store of Codemint are priced between 78 yuan ($11.3) and 259 yuan ($37.6), making them accessible to a broad range of consumers. Remarkably, one of Codemint's star products, the Pre-make-up Coffee Mask priced at 139 yuan ($20.2), has witnessed exceptional success, with sales surpassing 80,000 units.
This investment reflects Estée Lauder's commitment to staying at the forefront of the ever-evolving beauty industry, fostering innovation, and embracing new opportunities in the market.