China's evolving consumer trends mean fresh opportunities for malls and shopping centers, according to Joyce Zhu, president of Ingka Centres China.
In Shanghai, Ingka Centres officially opened its 10th Livat complex in late September under the local government's 15-minute living circle initiative.
Livat Shanghai is the single largest investment project of Inga Group globally with a total investment of eight billion yuan (about 1.14 billion in U.S. dollars) and a construction volume over 430,000 square meters, or around the size of 60 soccer fields. It includes a large shopping center, an Ikea store and five office towers. Ingka Centres is a subsidiary of the Ingka Group, which also owns Ikea Retail.
Located in a pilot area of the 15-minute living circle initiative, the new complex will help enhance the quality and convenience of residents' everyday life, Zhu said in an interview with China Global Television Network (CGTN). She also expressed Ingka Centres' confidence in the Chinese consumer market.
"We also observed the consumer trend is undergoing significant changes. This will bring both new challenges but also opportunities for the consumer market. I can share a little bit of our observation. First of all, we see consumers are making more cautious and smarter choices anchored with value-for-money. At the same time there is also a growing emphasis on living a more sustainable and healthy lifestyle. And people are willing to put more emphasis on self-satisfaction and at the same time to make meaningful social belongings," she said.
Zhu said Livat Shanghai is also going to host diversified community activities, aiming to bring playfulness, innovation, and collaboration into reality.
She also emphasized that the company's other Livat shopping centers are doing well citing double-digit year-over-year growth so far in the fiscal year 2024 for total visitations and tenant sales.
"For us, it's not only about the numbers, but when we see all the people-centric approaches, and our meeting place concept has been more and more welcomed and appreciated by many customers. And when we see our Livat meeting places, no matter the new ones or the mature ones, they keep on growing with the people in the city. I think this brings us the true rewarding feelings," the regional company president said.
Changing consumer trends bring new opportunities for malls: Ingka executive
Various celebrations are being staged across China in anticipation of the fast-approaching New Year's Day and the upcoming Chinese New Year holiday, or Spring Festival, boosting the market for related goods as more revelers get into the festive spirit.
In Beijing, more than 1,000 lanterns themed around fashion and technology are offering a colorful display in the city's Wenyuhe Park, making it one of the largest lantern festivals in the city this year.
In Shanghai, business districts have launched a series of themed decorations, exhibitions, performances, and interactive activities. Local authorities have also distributed consumption coupons, further stimulating consumer spending during the New Year's Day holiday, which falls on Wednesday.
In the nearby city of Hangzhou in the eastern Zhejiang Province, several promotional activities have been introduced to boost consumption. Additionally, business areas and shopping streets have been upgraded to meet the consumer demand for high-quality goods.
Special Spring Festival fairs have also been set up across the country as Chinese people gear up for their largest annual celebration around the Chinese New Year, which lands at the end of January in 2025.
In Huaiyuan County of east China's Anhui Province, a local fair is attracting visitors with a variety of well-known agricultural products. In Zhangzhou City of the coastal Fujian Province, a one-stop feature fair allows both visitors and locals to purchase a wide range of items.
Meanwhile, in northeast China's Jilin Province, local authorities in the city of Ji'an have sought to take advantage of the snowy conditions by integrating winter sports, offering visitors the chance to enjoy a range of snow and ice activities while shopping for Spring Festival goods.
Additionally, flowers are in high demand at many marketplaces across China as more people look to prepare some floral decorations as part of the celebrations.
In Kunming of southwest China's Yunnan Province, a special flower street featuring Chinese New Year flowers has been set up, where over 15,000 flowers are available, including more than 120 varieties of orchids.
Local flower markets area also in full bloom in various other places, from the northern cities of Shijiazhuang and Taiyuan to Hetian in northwest China's Xinjiang Uygur Autonomous Region, all offering a wide variety of creative and unique flowers, which have been well received by residents.
New Year celebrations help boost market for festive goods
