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Semi-annual Report on Consumer & Retail Sector in China

In 2024, China’s economy grew above expectations with a GDP increase of 5% year-on-year, driven by new business models and steady consumer market expansion. Consumer price index (CPI) remained stable, while producer price index (PPI) declined moderately. High-end luxury sales slowed amidst muted consumer confidence, but duty-free shopping recovered to a 62% growth rate compared to 2019. Apparel online sales surged due to outdoor clothing trends, while cosmetics and beverages saw significant promotional activity. The government implemented various policies, including stimulus vouchers and tax incentives, to boost consumption. Key trends include digital transformation, sustainability, and health-focused consumption. Tax reforms, like VAT standardization and international tax policies, support economic recovery and regional development.

For more information, refer to the full report's sources and brand index.