The average growth rate exceeded 100%, and import consumption showed six major trends

The 7th China International Import Expo (CIIE) was held in Shanghai from November 5th to 10th, 2024. The CIIE is no longer just an exhibition, but an open platform for multinational corporations to enter and deeply cultivate China, and a mirror to see through current consumer trends.

In the past year, China's fast-moving consumer goods market has moderately recovered, and Chinese consumers' enthusiasm for searching for higher quality, more personalized, and more diverse products worldwide has not diminished. According to data from the Ministry of Commerce, the number of cross-border e-commerce users has been increasing year by year at a growth rate of nearly 20%, reaching 188 million in 2023. As the main platform for imported consumption, Tmall Global has gradually expanded its consumer base in the past six months, with a transaction volume growth rate of 21%.

During the CIIE, Tmall Global and Yicai Business School jointly released the "Tmall Global 2024 Import Consumption Trend Report". Based on Tmall Global consumption data, the report has identified multiple high growth and strong demand category tracks, with an average sales growth rate of 104%. In the main categories of health care, beauty, maternal and child care, food, pets, fashion, and home furnishings, the report has extracted six major import consumption trends this year: scientific research and maintenance, precision health care, customized breeding, additive pet care, Nth power of home, and urban functions.

When consumers pursue emotional value, home is not just a habitat, but also a container for taste and soul. The aesthetics carried by sofas and appliances, the pleasure brought by e-sports and music, and the interplay of relaxation and clarity given by alcohol and coffee Global goods, turn the physically bounded space of home into an unbounded 'Nth power'.

The most representative product in the food category, "high emotion food and beverage" wine, has the most significant growth rate in consumption scale on Tmall International, reaching 62% in the past year. "Wine Pairing" wine glasses also achieved a consumption scale growth rate of 18500% during the same period. In addition, the consumption scale of "mid-range items" such as lazy sofas that can create a sense of family atmosphere increased by 121% during the same period. Under the demand for freedom in home gaming, the home esports five piece set has become a spiritual charging station for gamers: the consumption scale of mechanical hard drives on Tmall Global has grown by 708%, and the consumption scale and average unit price of wireless mice have achieved continuous growth for three years.