Market updates

A growing number of multinational companies are foraying into China’s esports sector, vying for a piece of the booming market topping the world with more than 20 billion US dollars in revenue and hundreds of millions of avid players. Global furniture retail giant IKEA on Friday crossed into the gaming world by debuting its home furnishings collection designed for esports gamers, including tables, chairs, storage boxes, and other accessories, in Shanghai.

Over recent years, young Chinese have become increasingly disillusioned with the gruelling work schedules and cutthroat competition that come with living in the country’s major cities, leading many to embrace a range of alternative lifestyles — from extreme saving, to hermit culture and alternative food networks.

Morgan Stanley analysts predict China’s private consumption is set to more than double to reach $12.7 trillion by 2030. Private consumption is driven by increases in household income and urbanization.

Chinese consumers’ demand for niche beauty, particularly fragrances, has increased over the past year.

Per Tmall data, more than 1,000 brands generated over RMB100 million last year just from the sale of new products. Read on for more insights on product launches in China!

In 2020, Tmall Global listed more than 2,200 new brands and over 200,000 new SKUs. The platform’s annual active consumer numbers rose 20%, and paid GMV grew 40% year-on-year.

AgencyChina is confident CBD skincare will be a big deal in China. Chinese skincare-obsessed consumers value CBD skincare’s soothing, anti-inflammatory effects.

Restaurant dining hasn’t fully recovered, with consumers eating out less and spending less time in restaurants per sitting. Against that backdrop, we see many opportunities for F&B players to augment the home cooking experience.

Sales momentum for low-calorie meal-replacement products continues as: (1) sedentary lifestyles become prevalent; (2) unrealistic beauty standards persist; and (3) consumers search for higher quality meal replacements.

LEGO, famous for its toy bricks, wins another major intellectual property lawsuit against LEPIN in China. China will continue strengthening its intellectual property regime and enforcement measures.