China's major consumption trends in 2023
Surge in guochao consumption
The guochao consumption trend-the rise of homegrown brands that weave Chinese cultural elements into their design or branding has surged, propelling high-quality and reasonably priced domestic goods to popularity.
Among various categories such as daily necessities, cosmetics and food, time-honored brands have become highly coveted.
The Research Report on China's New Domestic Goods Consumption Behavior Monitoring and Development Trend from 2023 to 2024 by iiMedia Research shows that 88.34 percent of consumers believe that the product quality of national brands has improved.
The market for Chinese hanfu, or traditional Chinese costumes, is growing steadily. It's expected to be worth 144.7 billion yuan in 2023 and might reach 241.8 billion yuan by 2027.
In 2023, half of the buyers (50.79 percent) were drawn to hanfu because they loved its cultural significance, while the other half (50.50 percent) wanted to support traditional Chinese culture.
Among consumers of domestic products, 87.06 percent have a monthly household income surpassing 5,000 yuan, with 49.15 percent exceeding 10,000 yuan.
The majority of consumers are from second-tier cities, with 28.38 percent residing in first-tier cities, 24.4 percent in emerging first-tier cities, and 25.88 percent in second-tier cities, according to the report.
Young people are more interested in domestically made products, with 61.07 percent between 19 and 35 years old, and 35.30 percent aged 36 to 50.
In 2023, 54.93 percent of consumers showed confidence in the future growth of domestic brands, according to the research report.
