Multinationals expect to unlock new opportunities in Chinese market through Hainan expo

Innovation catalyst

In the past four decades or so, the Chinese consumer market has undergone a substantial change from focusing on simple and basic goods in the 1970s, and then becoming exposed to world fashion in the 1990s, to setting trends for global fashion and style today, Stephen Perry, chair of the 48 Group Club, observed.

Indeed, China has emerged as a trendsetter in industry and product development, as seen in the Hainan expo where more than 1,000 products from more than 300 brands are expected to make their debut.

Among the exhibitors that have taken part for three consecutive years is US beauty titan Estee Lauder, which inaugurated its China travel retail headquarters in Hainan in January 2023 right after unveiling its China Innovation Labs in Shanghai in December 2022. The labs will be the largest cutting-edge technology research center in Estee Lauder's international market by 2025 as planned.

Fabrizio Freda, CEO of Estee Lauder, said that his group, with high confidence in the Chinese market and an awareness of the importance of Hainan's offshore duty-free market, is looking forward to establishing higher quality cooperation in duty-free shopping, medical care, and talent training, and to introducing new and quality products to more consumers.

The 2023 CICPE highlights such hot topics as green development, healthy consumption, smart life, and new fashion, which are equally the main directions for the exhibitors to foster their product innovation.

On the sidelines of the event, Alfred Xu, CEO of Rhea Vendors Group China, told Xinhua that the Chinese consumer market is shifting towards higher quality, smarter, and more environmentally friendly products, a change that is driving technology and product innovation around the world. Rhea Vendors from Italy is a world-leading producer of customized vending machines.

To meet the demand of Chinese consumers who are embracing a paperless life, Rhea's coffee vending machine products have adopted e-payment options such as UnionPay, digital RMB, Alipay, and WeChat Pay. This allows for quick and easy scan-to-pay transactions, resulting in a more intelligent and convenient experience for consumers, Xu said.

"The requirements of the Chinese market are developing," thereby opening the door to innovation and technology development, not only in China but also beyond its borders, since "everyone realizes that China welcomes any partner working with it inside or outside the Chinese market," Abu Bakr al-Deeb, advisor to the Cairo-based Arab Center for Research and Studies, told Xinhua.