Latest news with #DaxueConsulting
Express Tribune
3 days ago
- Business
- Express Tribune
China shoppers swap luxury for pre-loved
Chinese energy sector worker Mandy Li likes to treat herself to a luxury brand handbag once in a while. But since her state-owned employer cut her wage by 10 per cent and the properties her family owns lost half their value, she only buys second-hand ones. "I'm cutting down on large expenditures. The economy is definitely in a downturn," said 28-year-old Li, adding her family's wealth has shrunk due to the property crisis in China since 2021. As deflationary pressures mount in the world's second-largest economy, consumer behaviour is changing in ways that could lead to further downward pressure on prices, raising concerns that deflation could become entrenched, posing more headaches for China's policymakers. Data showed on Monday that consumer prices fell 0.1 per cent in May from a year earlier, with price wars raging in a number of sectors, from autos to e-commerce to coffee amid concerns about oversupply and sluggish household demand. New businesses are seeking success by targeting penny-pinchers. But this trend is worrying economists who see price wars as ultimately unsustainable as losing firms may have to close and people may lose their jobs, fuelling further deflation. Consumer price sensitivities have accelerated growth in the Chinese second-hand luxury market since the pandemic, with annual growth rates surpassing 20% in 2023, according to an industry report by Zhiyan Consulting from last year. But that growth has also led to a spike in the volumes of such items, which is noticeable in the level of discounts on offer – up to 90 per cent. "In the current economic environment we are seeing more existing luxury consumers shifting to the second-hand market," said Lisa Zhang, an expert with Daxue Consulting, a market research and strategy firm focusing on China. "The middle class – their salary has really decreased. The economy is the number one reason we're seeing these trends."
Express Tribune
01-03-2025
- Business
- Express Tribune
China's pet industry takes off in ailing economy
By 2030, China's pet population is set to be double that of its children. PHOTO: File China is battling slowing growth as a real-estate crisis, persistently low consumption and high youth unemployment plague the world's second-biggest economy. Yet the pet industry is one sector that has defied the downturn. This week, throngs of pet lovers packed into large exhibition halls in Beijing's suburbs, eager to shop for new furry companions and accessories ranging from pearl necklaces for cats to raincoats for dogs. The expo runs until Sunday and has attracted thousands of pet lovers and businesses from all around China. In one section of the fair, vendors showcased an array of exotic pets, including crabs and lizards - drawing in curious visitors. Animal rights groups have raised concerns about the exotic pet trade, often linked to poor welfare standards. The pandemic also sparked fears that animals may be carriers of diseases including Covid-19, which was widely believed to have originated in bats. But exotic pets remain popular in China, particularly among young people, with videos on how to raise them widely shared on local social media platforms. At one booth, shop owner Zhao Tingting displayed colourful beds and transparent handbags, accessories specially designed to carry sugar gliders - a small, nocturnal possum she sells alongside other animals like meerkats. A small crowd gathered around as a sugar glider nestled itself inside a worker's hoodie, occasionally sticking its head out to peep at the mesmerised onlookers. Zhao cradled a meerkat dressed in a warm shirt in her arms. "Many people, as soon as they see this, feel that it's soft, cuddly and extremely cute," she told AFP. "It can melt your heart. There are really a lot of people who want one now," the 35-year-old said, adding that demand for these exotic pets has grown in recent years. "Our customers start with one, then it becomes two, then three, and some even end up having more than ten or even 20." 'Flourishing sector' In 2022, China's pet market reached a revenue of around 493.6 billion yuan ($67.8 billion) and it is expected to double this year, according to a report by research group Daxue Consulting. "The Chinese pet market represents a flourishing sector in the country's economy," the report said. By 2030, China's pet population will be well on its way to doubling that of its young children, according to US investment bank Goldman Sachs. Wandering down aisles lined with transparent enclosures, cat-lover Guo inspected a variety of felines, from hairless Sphynx cats to fluffy Maine Coons. The 50-year-old had flown from the eastern province of Fujian specially for the event, and was on the lookout for a new whiskered friend, specifically a Silver Shaded British Shorthair. "We already have two at are relatively affordable and not too expensive," Guo told AFP after completing his rounds. While the broader economy "isn't great at the moment", people are willing to spend on the things they love, including pets, said Guo, who works in the agri-livestock industry. "You can take a look at the exhibition today - it's absolutely packed with people." "Having a cat can provide some comfort and emotional can help alleviate people's negative emotions," he said. Cat seller Dong has also seen customer numbers rise in recent years. "A few years ago, there seemed to be some resistance when it came to pets but now people are more open-minded," Dong told AFP, gently stroking a British Longhair while dangling a toy wand in front of it. Some parents who may be reluctant to have more children may opt to get a pet for their child to keep them company, Dong said. And many Chinese people have a "natural love" for animals, she added. "When they see these incredibly cute, fluffy animals, it brings them joy and happiness." AFP
Yahoo
28-02-2025
- Business
- Yahoo
Off leash: China's pet industry shines in ailing economy
Patterned poop bags, frilly dog dresses and exotic animals including wombats and meerkats were on display at a bustling pet expo in Beijing, where the industry continues to thrive despite a sluggish economy. China is battling slowing growth as a real-estate crisis, persistently low consumption and high youth unemployment plague the world's second-biggest economy. Yet the pet industry is one sector that has defied the downturn. This week, throngs of pet lovers packed into large exhibition halls in Beijing's suburbs, eager to shop for new furry companions and accessories ranging from pearl necklaces for cats to raincoats for dogs. In one section of the fair, vendors showcased an array of exotic pets, including crabs, lizards and minks -- drawing in curious visitors. Animal rights groups have raised concerns about the exotic pet trade, often linked to poor welfare standards. The pandemic also sparked fears that animals may be carriers of diseases including Covid-19, which was widely believed to have originated in bats. But exotic pets remain popular in China, particularly among young people, with videos on how to raise them widely shared on local social media platforms. At one booth, shop owner Zhao Tingting displayed colourful beds and transparent handbags, accessories specially designed to carry sugar gliders -- a small, nocturnal possum she sells alongside other animals like meerkats. A small crowd gathered around as a sugar glider nestled itself inside a worker's hoodie, occasionally sticking its head out to peep at the mesmerised onlookers. Zhao cradled a meerkat dressed in a warm shirt in her arms. "Many people, as soon as they see this, feel that it's soft, cuddly and extremely cute," she told AFP. "It can melt your heart. There are really a lot of people who want one now," the 35-year-old said, adding that demand for these exotic pets has grown in recent years. "Our customers start with one, then it becomes two, then three, and some even end up having more than ten or even 20." -'Flourishing sector' - In 2022, China's pet market reached a revenue of around 493.6 billion yuan ($67.8 billion) and it is expected to double this year, according to a report by research group Daxue Consulting. "The Chinese pet market represents a flourishing sector in the country's economy," the report said. By 2030, China's pet population will be well on its way to doubling that of its young children, according to US investment bank Goldman Sachs. Wandering down aisles lined with transparent enclosures, cat-lover Guo inspected a variety of felines, from hairless Sphynx cats to fluffy Maine Coons. The 50-year-old had flown from the eastern province of Fujian specially for the event, and was on the lookout for a new whiskered friend, specifically a Silver Shaded British Shorthair. "We already have two at are relatively affordable and not too expensive," Guo told AFP after completing his rounds. While the broader economy "isn't great at the moment", people are willing to spend on the things they love, including pets, said Guo, who works in the agri-livestock industry. "You can take a look at the exhibition today -- it's absolutely packed with people." "Having a cat can provide some comfort and emotional can help alleviate people's negative emotions," he said. Cat seller Dong has also seen customer numbers rise in recent years. "A few years ago, there seemed to be some resistance when it came to pets but now people are more open-minded," Dong told AFP, gently stroking a British Longhair while dangling a toy wand in front of it. Some parents who may be reluctant to have more children may opt to get a pet for their child to keep them company, Dong said. And many Chinese people have a "natural love" for animals, she added. "When they see these incredibly cute, fluffy animals, it brings them joy and happiness." isk/je/cms/lb
