Technology helps spur consumer market

Technology is injecting new momentum into consumer markets, producing more diversified consumption scenarios to meet growing demand from consumers, said business executives at the ongoing fifth China International Consumer Products Expo on Monday.

With growing consumer awareness, skin care products are evolving beyond basic moisturizing and whitening to encompass areas like cellular repair and anti-aging within the biotechnology sector.

Zhao Yan, CEO of Bloomage Biotech, highlighted a shift in the roles of Chinese enterprises toward technology-driven and sustainable development.

"Synthetic biotechnology will drive ingredient innovation in fields such as cosmetics and food. The combination of AI with healthcare and cosmetics is giving rise to new scenarios like 'precision skin care' and 'intelligent health management'," she said.

Zhao further emphasized that China's significant market size and diverse product demands are continuously driving Chinese enterprises to innovate and improve quality.

This innovation is then transmitted through the supply chain to global markets, fostering greater efficiency and flexibility in the global industry chain.

Despite facing challenges like trade conflicts, Zhao said the company will actively advance its going-global strategy in the medical devices sector this year, focusing on markets in South America and Southeast Asia.

The food industry is also witnessing a trend toward technological advancement.

On the first day of the expo, CP Group and two other entities signed a strategic cooperation agreement, marking the first contract signing of the expo, with a project scale of 4.38 billion yuan ($600 million). This project aims to provide strong support for elderly health and chronic disease recovery through scientific diet and precise nutritional intervention.

In the field of transportation, Liu Hao, vice-president of electric vehicle brand Zeekr, also shared insights on smart car cabins, saying that today's car's system can understand user's experience and feeling, translating voice orders into actions.

Denis Cheng, EY Greater China consumer sector leader, highlighted the pervasive influence of AI in consumer settings.

"AI plays a vital role in empowering new consumer experiences, stimulating consumption, and driving investment demand," he said.

In discussing the impact of AI on consumer demands, Cheng noted, "AI has led to the creation of new consumer categories like smart homes, wearables, and innovative models such as intelligent health and elderly care, emphasizing 'self-enjoyment' and 'immersive experiences' in consumer preferences."

He highlighted the emergence of new consumer trends and growth opportunities, particularly in areas like green consumption, smart consumption and healthy living, underscoring the significant growth potential in these sectors.