CHINA NEWS BRIEF: 16 Feb 2024

    K11 group sees strong CNY spending, Self-Portrait promotes Chinese actress Zhao Liying, and Hainan sees Spring Festival consumer splurge.
    K11 group sees strong CNY spending, Self-Portrait promotes Chinese actress Zhao Liying, and Hainan sees Spring Festival consumer splurge.
      Published   in News

    K11 group sees strong CNY spending#

    K11 Group's K11 MUSEA and K11 Art Mall have experienced significant consumer spending during the Chinese New Year period. K11 MUSEA saw sales up 80 percent in multiple categories compared to last year's holiday. Cultural and artistic product sales also increased by over 40 percent. KLUB 11's highest-spending group, Black Card members, saw sales rise by nearly 40 percent.

    Momonary makes LFW debut#

    Co-founded by Zeng Yue and Fu Fanding in 2019, the Momonary London Fashion Week debut came on the opening day of February 15. Titled "Mappa Mundi", the Fall 2024 collection "draws inspiration from cartography" as a collaboration with technical innovator 3M.

    China car sales dip#

    China saw its first month-on-month decline in vehicle sales since August 2023, with passenger car retail sales dropping by 13.9 percent in January 2024, largely attributed to end-of-year promotions in December and reduced government-backed consumption schemes.

    Zhao Liying sticks with Self-Portrait #

    Last year, British fashion brand Self-Portrait announced that Chinese actress Zhao Liying would be its brand ambassador. To mark their one-year anniversary, Self-Portrait officially announced the star's promotion to global brand ambassador via a new campaign.

    China sales of consumer goods rise#

    China’s National Bureau of Statistics has officially reported that in 2023, China's total retail sales of consumer goods reached 47.1495 trillion RMB($7.429 trillion), marking a 7.2 percent increase from the previous year and setting a new record. The fourth quarter saw an 8.3 percent year-on-year growth, with a 4.1 percentage point acceleration compared to the third quarter.

    Meituan releases Consumer Insights Report#

    On February 15, Meituan released its 2024 Spring Festival Consumer Insights report, indicating a robust start to the service industry, with a 36 percent year-on-year increase in average daily consumption during the Spring Festival holiday, surpassing 155 percent growth compared to 2019. Data further shows that consumption in cities below the fourth-tier grew at the fastest rate, with lower-tier markets experiencing a strong rebound, becoming a new engine driving holiday economic growth.

    Spring Festival spending hits Hainan#

    During the Spring Festival holiday, Hainan's duty-free market witnessed a surge in sales, totaling 1.217 billion RMB($169.6 million) over four days, with 156,000 shoppers spending an average of 7,802 RMB($1,227) per person, according to Haikou Customs.

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