The retail market in China is currently valued at around USD 2,234 billion and is expected to surpass USD 3,242 billion by 2021, says Technavio.
Technavio has announced its latest market research report on the retail market in China, under its retail goods and services portfolio. This market analysis discusses the major drivers and key emerging trends and offers an analysis of key vendors like Alibaba, GOME Electrical Appliances Holding, JD.com, Suning Yun Shang Group, and Walmart.
According to Poonam Saini, a lead analyst for retail goods and services research at Technavio, “Premiumization is one of the key driving forces behind the growth of the retail market in China. Premiumization is a strategy adopted by retailers to prompt customers to buy more expensive products by presenting a proposition with a higher value through cross selling and upselling of the product.”
The growing population of upper-middle and upper-class consumers is spurring a rise in the demand for premium products in all the retail segments. Vendors like Costa Coffee and IKEA are selling their products with differential pricing strategy with respect to similar products available in the unorganized segment.
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Online and omni-channel trade
Omni-channel retailing uses a mix of distribution channels like retail stores, mobile stores, online stores, mobile app stores, and telephone sales for enhancing customer engagement. Retailers are focusing on integrating independent channels of sales. However, compared to developed countries, the adoption of this strategy is low in this country. Both, regional and international players in the retail market in China employ omni-channel retailing to generate revenue through physical as well as web stores.
Expansion of fast fashion firms
Fast fashion accounted for most of the growth as many international brands continued their aggressive expansion and gained more share in the market. Unlike premium brands, fast fashion firms do not follow traditional season timelines to launch their designs. The leading market players in the Chinese fast-fashion industry are Zara, H&M, Forever 21, C&A, and Uniqlo.
This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. An analysis of the key companies, including their market shares, business overview, key financials, etc. is provided in this study. This market study also provides a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Retail Market in China 2017-2021‘. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Consumer Electronics Market in Romania 2016-2020
- Non-GMO Food Market in China 2016-2020
- Global Duty-Free Retailing Market 2017-2021
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