Luxury brands around the world are eager to tap into China’s vast consumer market, as the country’s economy is rebounding faster than expected. According to Sophie Phe, the CEO of Remy Cointreau China, 2023 is a year full of hope after the peak of COVID-19 in China, and all the measures are in place to relaunch the economy and consumption. The demand and vibrancy of the Chinese market have returned, and the prospects are very exciting. Chinese customers are returning to physical stores and accessing digital platforms as well. Major indicators are showing an upward trend and improvement in market expectations, with retail sales of consumer goods going up 5.8% YoY in the first quarter of 2023.
These figures have increased the confidence of luxury brands in ramping up investment in the world’s second-largest consumer market. As per Phe, Remy Cointreau Group is still expecting a bigger market share in China, as imported products only account for about 3% of the total alcohol market in terms of value. Categories like cognac and single malt are growing fast. Consumers have an appetite for exceptional spirits with history and craftsmanship, and they are curious about how these products are made and the way to enjoy them.
Bullish on rosy prospects and massive potential, Remy Cointreau Group has increased investment in China in recent years. The group has also laid out plans to broaden its footprint in the Chinese market, as it continuously expands its business in China and grows investments behind its brands. The positive economic policies will boost overall trade, tourism, and demand in the Chinese market, and will positively affect regional trade.