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Chinese consumers have strong demand for imported goods

 

The Ministry of Commerce of the Peoples Republic of China recently released the "Statistical Analysis and Analysis Report on the Supply and Demand of Major Consumer Goods", indicating that Chinese consumers have strong demand for imported goods. Among the respondents, consumers who bought more than 30% of the total consumption of imported goods accounted for more than 20%, and 70% of consumers believed that quality was the main consideration for purchasing imported cosmetics.
 
In recent years, high-quality imported goods have become more and more popular among the public. According to a report released by the Ministry of Commerce of China, over 30% of consumers plan to increase consumption of imported goods in the next six months. The top five products in demand are cosmetics, watches and clocks, maternity products, passenger cars and jewelry. Bai Ming, deputy director of the International Market Research Department of the International Trade and Economic Cooperation Research Institute of the Ministry of Commerce of China, believes that with the improvement of consumption levels, consumers pay more attention to the quality of goods: “In the past, ordinary people may have limited income, more than price. Now More is the difference, the quality of imported products, the brand, because of the improvement of the living standards of our people, we must have certain quality requirements for imported products and certain brand requirements."
 
The strong demand of consumers has also driven the willingness of enterprises to import. The report shows that in the future, enterprises will have a stronger willingness to expand imports. Among the 92 commodity categories reported in the survey, there are 34 companies that have increased import intentions in the coming year, including wine, fresh fruit, sportswear, baby food, diapers, Skincare makeup, watches, cars, etc.
 
In fact, in recent years, China has been releasing signals to actively expand imports, and more and more tariffs on products have gradually declined. According to data from the Ministry of Commerce of the Peoples Republic of China, as of January this year, China imposed zero tariffs on more than 8,000 imported products. Taking agricultural products as an example, the import tariffs on wines in Georgia and Chile are reduced from 14% to 30% to zero tariffs. In the case of industrial products, import tariffs on some watches in Switzerland have been reduced by 50%. Not long ago, China announced that it would reduce the vehicle tariffs of 25% and 20% to 15%.
 
In this regard, Zhang Jianping, director of the Regional Cooperation Research Center of the International Trade and Economic Cooperation Research Institute of the Ministry of Commerce of the Peoples Republic of China, pointed out that expanding imports can satisfy the needs of the people and on the other hand can boost economic growth. “As China becomes a middle-income country, it means that our residents’ demand for consumer goods is rising. We are expanding our imports to meet the real needs of consumer consumption upgrades. On the other hand, we also use them. Consumption is a new driving force to better stimulate economic growth and expand domestic demand.

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