The first China International Consumer Products Expo kicked off over the weekend in Haikou City of south China’s Hainan Province, featuring a number of brands showcasing their latest innovative products to the global markets.
More than 1,300 international brands and over 1,200 domestic brands have been participating in the expo which lasts until Monday, including firms from the health and lifestyle sectors that have been showing off their products to younger consumers.
Attendees have been attracted to see home-based healthcare and rehabilitation devices which are becoming prevalent healthcare stables as China’s health market has been rapidly growing.
“We hope to explore a new chronicle disease management system in China through digital platforms. After it’s landed here, we plan to introduce it to other countries through the Belt and Road Initiative,” said Zhao Yao, director, and general manager of Omron Healthcare in China.
China’s health market total value was worth nearly 48 billion yuan (7.4 billion U.S. dollars) in 2015 and more than doubled to 118 billion in 2019.
Honson To, the Chairman of KPMG China and the Asia Pacific said his company has prepared to help international enterprises enter the Chinese market.
“We are also a very local or domestic company in the sense that we are able to get very close to the government policy and local government initiatives right here in Hainan Free Trade Port, to help our multinational clients come into this marketplace in order to succeed in the retail space. So I think those advantages put a unique position in terms of helping those whose retail companies,” he said.
Meanwhile, sailing has been growing as a popular sport as a number of sailing companies make efforts to deliver their products to seaworthy consumers, with strong confidence in the further of their business on Hainan Island.
“Hainan has the biggest water area in China and its weather all year-round is suitable for sailing. In Hainan, construction of docks and related service facilities are being built around the island,” said David Li, general manager of Sanya Fengchao Yacht.
Younger consumers including Millennials and Generation Z consumers no longer limit their spending power to luxury brands but have also been trying to find unique experiences.
“The younger people of China and in fact around the world, as I mentioned earlier, are looking for that special experience. It isn’t just about buying a nice brand that people would recognize. As a result, think that you might be a successful person or have some money or something like that, but it’s how they get treated in the process of the retail experience as well as how they identify themselves with that particular consumer good. So a topic like ESG, environmental social governance, becomes very important,” said To.