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Experience Matters: Insights on China's Retail Market in the Era of New Consumption

Shaun Brodie • 13/07/2022
China Retail Market Report 2022
 
China's consumer market is changing. Retailers and landlords of retail properties in China are currently exploring new market segments and emerging demand opportunities to create new scenarios that realize value.
 
Between October 2021 and March 2022, Cushman & Wakefield surveyed 2,491 consumers in 18 cities in China and interviewed a number of executives working for retail brands. By continuously observing the latest trends in China’s retail market in the era of new consumption, Cushman & Wakefield is able to have an informed opinion on the latest market knowledge. Cushman & Wakefield can then apply this market intelligence to assist retailers and owners of shopping centers as they constantly look to improve their business strategies so that they are better placed to capitalize on new commercial opportunities that arise in China’s retail market in the future.
 
Affected by multiple factors, including China’s economic development, population change, the expansion of the Internet and the spread of smartphones, COVID-19, and consumer behavior, consumption in China has transformed. Alongside this transformation, our report examines:
 
  • China’s new middle class — and how their consumption pattern has changed
  • Generation Z — and why this generation will become the main driving force for consumption in China in the future 
  • Post-COVID-19 — and how shopping center consumer behavior has changed
 
Additionally, China’s retail market continues to introduce new business models, new types of services and innovative retail formats to adapt to changing consumer groups and consumption patterns. Our report also considers the five major trends which have occurred in China’s retail market, and they are:
 
  • Online "Guochao" (national trend) brands are now opening brick and mortar stores
  • Lifestyle brands are in the ascendancy
  • The Metaverse will lead a new wave in retail and social experience
  • The "socializing +" scenario is now empowering brands and shopping centers 
  • Tourist attraction-type shopping centers are on the rise

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