Fung Business Intelligence and the Expert Committee of the China General Chamber of Commerce are pleased to present the 21st edition of our annual Ten Highlights of China’s Commercial Sector report.

In 2023, China’s commercial sector witnessed a recovery driven by a resurgence in domestic consumption and supportive government measures. The year marked the first after the relaxation of COVID-19 pandemic control measures and was characterized by shifting purchasing habits, accelerated digital transformation, and initiatives aimed at bridging the urban-rural divide. These factors have created a thriving and innovative business environment, providing ample opportunities for companies to flourish in a dynamic market.

Service consumption rebounded as people sought experiences they had missed during the pandemic. Sectors such as catering, culture and tourism, and entertainment saw a resurgence in business as people eagerly dined out, travelled, and explored various entertainment options. Influenced by the pandemic, consumers paid more attention to convenience, comfort, cost effectiveness, and timeliness when shopping.

Chinese businesses showcased resilience and adaptability in response to changing consumer preferences and expectations. The heightened importance of consumer experiences has prompted retail enterprises to focus on offering personalized products, improving service quality and enhancing store experiences. Enhancing consumer experiences has become a critical factor in gaining a competitive edge in the market.

With input from more than 160 top-tier mainland experts, Ten Highlights once again identifies top trends of the past 12 months and anticipates what will shape China’s commercial landscape in the year ahead.

China’s commercial sector is poised to maintain its growth trajectory in 2024. Trends like increasing discretionary spending, rising rural consumption, rapid expansion of the silver economy, and growing demand for environmentally friendly products are likely to continue driving growth in the consumer market. Government policies to bolster rural incomes and consumption will further support this growth, benefiting urban residents with improved access to high-quality agricultural products. Meanwhile, businesses will intensify their efforts in areas like online-offline integration and cross-border e-commerce to seize the emerging opportunities arising from China’s evolving economic and trade landscape. 

For Ten Highlights of the previous years, please visit here.