Dividends, Potential, and Magnetism: China's Consumer Opportunities Continuously Amplify

2024-05-08

4.768 million mainland residents entered and exited the country, an increase of 38% compared to the same period last year. During the recent May Day holiday, not only was the domestic tourism consumption market bustling, but popular overseas tourist destinations also welcomed a large number of Chinese tourists. According to data from the Feizhu Travel Platform, Chinese outbound travel during the May Day holiday has grown at a nearly doubling rate this year. Among them, hotel bookings for outbound travel have increased by about twice year-on-year, booking amounts for outbound car rental and self driving travel have increased by more than three times year-on-year, and booking amounts for cruise travel have surged by more than 15 times year-on-year; According to WeChat Pay data, neighboring countries and regions such as Thailand, Japan, and South Korea have become popular destinations for many people to travel abroad during holidays. "Since last year, China's outbound tourism has continued to recover, which is a testament to the vitality of China's economy and has added impetus to the global tourism industry and economic recovery." Boyan Lalic, director of the the Belt and Road Research Institute of Serbia, said that the scale of outbound tourism of Chinese residents ranks among the top in the world and has made contributions to the economic development of relevant countries and regions. Domestic tourism in China is equally enthusiastic, with netizens describing various tourist attractions as "following the crowd", driving up cultural and tourism consumption. According to data released by the Ministry of Culture and Tourism on the 6th, the total number of domestic tourism trips during the May Day holiday in China was 295 million, a year-on-year increase of 7.6%, and a comparable increase of 28.2% compared to the same period in 2019; The total cost of domestic tourists traveling was 166.89 billion yuan, a year-on-year increase of 12.7%, and a comparable increase of 13.5% compared to the same period in 2019. During the May Day holiday, both domestic and outbound tourism have fully blossomed, which is a microcosm of the continuous upgrading of Chinese consumer demand. In addition to cultural and tourism consumption, many consumption upgrade scenarios such as healthy food consumption and green consumption have also frequently appeared on the "hot search". China's updated consumer demand, constantly exploring consumer potential, and continuously expanding market magnetism are bringing various positive effects to the world economy. Representative dairy products, rich coffee, and unique creamy liqueurs... Recently, at the 4th China International Consumer Goods Expo held in Hainan, the unique and healthy Irish cuisine in the Irish National Pavilion attracted the attention of exhibitors from all over the world. The queue for tasting the fresh food is long, and there are occasional inquiries and negotiations from buyers at the booth. "The products displayed here are almost all officially certified green food," said Su Liwen, director of the representative office of the Irish Food Agency in China. Chinese consumers are increasingly concerned about the impact of food on health, and Irish products happen to meet the demand for green and healthy products in the Chinese market. "For Irish companies, the Chinese market is full of opportunities." Valery Zagorsky, manager of Belarusian Queen Food Joint Venture Co., Ltd., who participated in the Consumer Expo for the first time, also saw business opportunities in the growing quality demand of Chinese consumers. This company is currently exporting canned beef to the Chinese market. "The biggest feature of our product is that it is pure natural. Chinese consumers are increasingly valuing healthy eating, which is a huge opportunity for us," he said. Exhibitors at the Consumer Expo feel that Chinese consumers are interested in healthy eating

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