Southeast Asia’s luxury market: a rising star on the luxury map
The luxury market in Southeast Asia is often overlooked compared to China, Japan, and South Korea. However, the luxury market in this region is on the rise. It generated USD 14.38 billion in revenue in 2022 and is expected to continue to grow. The ASEAN comprises 10 member states, six of which, namely Singapore, Thailand, […]
“Why are young people starting to be against involuted shopping?”: trending hashtag on Chinese social media
Due to the increasing sentiments of anti-consumerism and anti-involution among young Chinese people in recent years, e-commerce platforms and livestreamers are competing against one another more fiercely than ever to boost sales, often offering large discounts and promotions. For instance, during this year’s Double 11 shopping festival, China’s top beauty influencer Li Jiaqi found himself […]
“Is there still a need for the Double 11 shopping festival to exist?”: trending hashtag on Chinese social media
The Double 11 shopping festival, or Singles’ Day, first introduced by China’s e-commerce giant Alibaba in 2009, has become the biggest shopping festival in China as well as worldwide, surpassing America’s Black Friday and Cyber Monday by a substantial margin. However, recent years have witnessed a waning enthusiasm among Chinese consumers, attributed to factors like […]
The shifting honeymoon market in China: fewer marriages, more personalized travel
In China, going on a honeymoon has become a common practice for newlywed couples. The honeymoon market in China has undergone significant transformations in recent years, influenced by shifting perspectives on marriage, evolving travel preferences, and the disruptive impact of COVID-19-related travel restrictions. This combination of factors has brought about a noticeable change in the […]
PayPal in China: Aiming for a slice of the cross-border transactions market
Born in California in 1998 under the name of “Confinity”, PayPal is an online payment system which allows users to send and receive money around the world after associating a credit card or bank account. The platform has the record for the world’s first digital payment platform, and the it’s the oldest which is still […]
Korean chaebols explained: The family-owned empires that developed South Korea
When delving into South Korea’s remarkable economic transformation, chaebols (재벌) are a recurring and prominent group of players. South Korean chaebols are large, family-ran business conglomerates that largely dominate the Korean economy. In 2021, the top ten chaebols, including Samsung (삼성), Lotte (롯데), and LG (엘지), collectively contributed nearly 60% to the nation’s GDP. Even […]
China’s fragrance market: daily life embraces scents, from wearables to cars and homes
The fragrance market in China has experienced significant growth in recent years. In 2022, it reached RMB 16.9 billion, and forecasts suggest it will surge to RMB 38.7 billion by 2026. In 2021, the fragrance penetration rate in China stood at a mere 5%, a marked contrast to the United States (50%) and Europe (42%). This significant […]
Adapting to the rational consumption trend among Chinese consumers
In recent years, a rational consumption trend has emerged in China’s consumer landscape—a departure from impulsive and excessive spending towards a more thoughtful and considered approach to consumption. In a dynamic Chinese market characterized by an increasing number of promotional events, it becomes imperative for brands to comprehend this shift in consumer behavior. With one […]
IKEA in China: Cultivating an omnichannel home décor shopping experience
Over the years, Chinese consumers have displayed a growing willingness to invest in home décor as a way to enhance their quality of life. Thus, IKEA in China has risen as a result of China’s growing furniture market. In 2022, the Swedish furniture brand announced the successful completion of the three-year strategy and fulfillment of […]
Foreign tech investments in China: paving the path to self-sufficiency
The Chinese tech industry’s global prominence has surged, driven by factors such as government support, a vast domestic market, and a culture of entrepreneurship. Companies like Huawei, Tencent, Alibaba, and Xiaomi have risen to international prominence in sectors such as telecommunications, e-commerce, gaming, and artificial intelligence. Foreign tech investments in China have played a crucial […]
South Korea’s low fertility rate: Adapting to changing family dynamics with pets, kids, and eldercare
South Korea faces pressing social issues as its fertility rate continues to decline. In 2022, South Korea’s fertility rate dropped to 0.78, the lowest the country has ever seen and the lowest in the world. This alarming trend persisted when it fell even further to 0.7 in the second quarter of 2023, renewing the country’s […]
Dating apps in China: Meet the platforms bringing China’s singles together
Balancing work, personal development, social and romantic life is becoming increasingly challenging for Chinese people due to the fast pace of the modern environment. This leaves a lot of singles without life partners, especially in big cities. Recent data released by China’s Ministry of Civil Affairs reveals that the rate drastically decreased from approximately 13.5 […]