The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
According to official government data, 89.14 million domestic trips were made during China’s three-day Dragon Boat Festival holiday from June 12 to 14, up 94.1 percent year-on-year and representing 98.7 percent of pre-pandemic levels. Domestic tourism revenue reached 29.43 billion yuan ($4.60 billion) up 139.7 percent year-on-year, or 74.8 percent of revenue from the same holiday period prior to the pandemic.
Retail sales also rose in some key travel cities. The sales of 100 key retail enterprises monitored in Beijing reached 3.15 billion yuan ($491.89 million), up 29.5 percent and key retailers’ revenue in Jiangsu province reached 4.32 billion yuan ($647.59 million), up 28.3 percent. The figure for Chongqing was 6.27 billion yuan ($979.10 million) , up 19.9 percent.
In Shanghai, 113 large commercial enterprises saw revenue reach 19.6 billion yuan ($3.06 billion), up 17.3 percent. The 31 key retail enterprises monitored by the Chengdu Retailers Association achieved sales of 827 million yuan ($129.15 million), up 16.7 percent year-on-year. Guangdong province, which hasn’t released comparable data, saw its holiday period severely impacted by a localised community outbreak of Covid-19 in recent weeks.
Fashion, accessories and beauty products were among the most popular consumer categories over the holiday period.
The French beauty giant’s two latest deals are part of a wider M&A push by global players to capture a larger slice of the China market, targeting buzzy high-end brands that offer products with distinctive Chinese elements.
Post-Covid spend by US tourists in Europe has surged past 2019 levels. Chinese travellers, by contrast, have largely favoured domestic and regional destinations like Hong Kong, Singapore and Japan.
While travel to Europe remains muted, Chinese shoppers are flocking to Singapore, Thailand and other Southeast Asian destinations where fashion retailers are hoping Lunar New Year marketing investments will pay off.
Local fashion designers experimenting with puffers and other down clothing have scored collaborations with outerwear companies like Moncler and attracted the attention of prominent international retailers like H.Lorenzo.