The Chinese have long been known for spending extravagantly on luxury products, from handbags to clothes that sustain Western luxury brands.
All industries have been significantly impacted by the crisis of the Chinese economy, together with the ongoing pandemic prevention and control, including the luxury brand sector.
According to Reuters, artisanal food, drinks, and smart, trendy appliances have now caught Chinese consumers’ eye.
Kweichow Moutai first offered baijiu-infused ice cream in May for $10 a cup. On the first day, it sold 2.5 million yuan ($350,000).
Hong Kong-listed Budweiser Brewing Asia-Pacific reports that its premium and craft beer products and gift boxes of beer are selling unexpectedly well.
During JD.com’s mid-year 618 shopping festival, sales of gaming gear and home gadgets—including water-saving shower heads, smart toothbrushes, and printers—rose four times higher than those of the previous year.
Mark Tanner, founder of the marketing agency China Skinny said that Chinese consumers are “spoiling themselves with those little things and they’re loving something novel.”
Lucy Lu, a 31-year-old Shanghai resident who works in marketing for a domestic fashion brand, said, “Before, let’s say with a handbag or cosmetics, if I liked it I would just buy it without a second thought, now I really double check with myself if I need something before I buy it.”
“Dining out is now my main treat.”
Under unemployment conditions, residents’ uncertain future income and expenditure expectations have increased. As a result, it has significantly raised residents’ willingness to save money.
Chinese consumers are also selling their luxury goods amid the economic downturn.