{"id":21139,"date":"2023-08-11T09:30:00","date_gmt":"2023-08-11T09:30:00","guid":{"rendered":"https:\/\/www.prnasia.com\/story\/archive\/4181947_AE81947_0"},"modified":"2023-08-11T09:30:00","modified_gmt":"2023-08-11T09:30:00","slug":"china-growing-into-source-of-consumer-goods-innovation","status":"publish","type":"post","link":"https:\/\/transmediavictoria.net.au\/?p=21139","title":{"rendered":"China growing into source of consumer goods innovation"},"content":{"rendered":"

BEIJING<\/span><\/span>, Aug. 11, 2023<\/span><\/span> \/PRNewswire\/ — A report from GLOBAL TIMES ONLINE<\/span>\uff1a<\/span><\/p>\n

New products are an important engine driving China’s<\/span> consumption growth today.<\/p>\n

This year, a number of new products have been launched in various sectors of the consumption market, including Huawei’s P60 smartphone, the Blossoms Collection perfume of Jo Malone<\/span>, collaboration T-shirts of UNIQLO, as well as new vehicle models by Chinese carmakers BYD, GAC Group and NIO.<\/p>\n

Many consumers told People’s Daily that new arrivals account for a big portion of the products they purchase and can ignite their passion for consumption.<\/p>\n

They said they would often follow the brands they like to see if these brands have launched new products, and they are always tempted by new functions, appearances and experiences.<\/p>\n

According to statistics released by online marketplace Tmall under Chinese e-commerce giant Alibaba Group, every one in six Chinese online shoppers is buying newly released products today.<\/p>\n

Last year, more than 50,000 newly released products on Tmall achieved a turnover of more than 1 million yuan<\/span> ($139,975)<\/span>, which means that 136 one-million-yuan<\/span> commodities were hitting the shelves every day on average. Besides, 500 brands generated over 100 million yuan<\/span> in sales of new products, hitting a record high.<\/p>\n

What’s behind these figures is the record-shattering speed of enterprises in launching new products in the Chinese market.<\/p>\n

Panasonic sells in China<\/span> nearly 3,000 home appliance models in tens of product lines under almost 30 categories. According to Tan Yuewen, head of the product marketing department of Panasonic Appliances (China<\/span>) Co., Ltd., new products make up around 10 percent of major appliances for sale each year, while the figure is above 20 percent for small appliances.<\/p>\n

China<\/span> has the world’s largest and fastest-changing home appliance market with the fiercest competition, and with e-commerce, the market sees the highest demand for product updates, said Tan.<\/p>\n

“Only by constantly speeding up R&D can we catch up with the changes in the Chinese market,” he noted.<\/p>\n

According to statistics, product launches on Tmall jumped 137 percent year-on-year in 2022, and the figure exceeded 500 percent and 300 percent in the motorcycle equipment and ready-to-cook meal sectors, respectively. That in kids’ toys and pet supplies also doubled, making them the niche categories that have generated over 10 billion yuan<\/span> in sales of new products.<\/p>\n

General manager Mu Shan of Tmall’s marketing department told People’s Daily that new products play a significant role in promoting brand development and leading consumption trends, and are a major way to obtain new consumers and a key of enterprises to maintaining their profits.<\/p>\n

Hot-selling new products and brands in China<\/span> are also making their ways in the global market, such as floor washers and multifunctional pet supplies.<\/p>\n

Executives of many enterprises told People’s Daily that apart from placing their production and manufacturing facilities in China<\/span>, more and more enterprises are designing and developing their products in the country and then launching these products overseas.<\/p>\n

This is attributed to the “assistance” from young consumers and e-commerce. Statistics indicate that Chinese young consumers have a strong purchasing power, and they value not only the quality and functions, but also the appearance of products, which creates new space for innovation.<\/p>\n

E-commerce is the best “test field” for new products. Manufacturers can obtain product feedbacks on e-commerce platforms at the earliest possible, which makes possible digital insights, flexible supply chain and co-creation.<\/p>\n

Last year, a special development team was established by American chocolate brand Dove and Tmall, which developed, in a very short period of time, two new products -black chocolate crisp and chocolate&cheese crisp. The black chocolate crisp became the hottest-selling item of Dove’s store on Tmall in just 10 days after its launch, and 76 percent of its buyers were new to the product.<\/p>\n

“Our cooperation with Tmall shortened our R&D cycle by half, which enabled us to turn ideas into commodities in a more swift and targeted manner,” said Gao Haowei with Dove’s e-commerce sector.<\/p>\n

In the fast-changing Chinese market, some enterprises are aiming at not only launching new products, but also developing a set of marketing methodology.<\/p>\n

Gao told People’s Daily that many enterprises are making innovations according to this highly replicable method: leaning consumer demands, creating consumer portraits, building capability in co-creation, optimizing products and promoting them in the market.<\/p>\n

Over recent years, executives of many enterprises in various industries have witnessed the high acceptability of Chinese consumers for innovative products.<\/p>\n

They believe that China<\/span> is growing into a source of consumer goods innovation of the world. In general, consumers are getting more rational and attaching more importance to health and the non-material features, and that’s what brands should target in the future, they said.<\/p>\n","protected":false},"excerpt":{"rendered":"

BEIJING, Aug. 11, 2023 \/PRNewswire\/ — A report from GLOBAL TIMES ONLINE\uff1a New products are an important engine driving China’s consumption growth today. This year, a number of new products have been launched in various sectors of the consumption market, including Huawei’s P60 smartphone, the Blossoms Collection perfume of Jo Malone, collaboration T-shirts of UNIQLO, […]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-21139","post","type-post","status-publish","format-standard","hentry","category-business-news"],"yoast_head":"\nChina growing into source of consumer goods innovation - My Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/transmediavictoria.net.au\/?p=21139\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"China growing into source of consumer goods innovation - My Blog\" \/>\n<meta property=\"og:description\" content=\"BEIJING, Aug. 11, 2023 \/PRNewswire\/ — A report from GLOBAL TIMES ONLINE\uff1a New products are an important engine driving China’s consumption growth today. 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