British companies are making significant strides in China’s high-end market, with investments soaring by 81% year on year in 2023, according to China’s Ministry of Commerce. This surge is fueled by a growing number of affluent Chinese families, with over 2 million households now holding net assets exceeding 10 million yuan ($1.4 million), as reported by CITIC Prudential Life Insurance.
Highlighting this trend, the iconic 175-year-old department store Harrods has partnered with the renowned Michelin-starred chef Gordon Ramsay to launch a new private members' club in China. This collaboration aims to cater to the sophisticated tastes of China’s wealthy consumers, blending luxury retail with exclusive dining experiences.
Chen Tong from CGTN elaborates that this strategic move by Harrods and Ramsay exemplifies the confidence British firms have in the sustained growth and potential of China’s affluent market. As Chinese consumers continue to seek premium brands and unique experiences, British businesses are well-positioned to meet these demands, fostering stronger economic ties between the two nations.
Reference(s):
cgtn.com
