In the vibrant city of Haikou, the 5th China International Consumer Products Expo (CICPE) set new records this year – welcoming 1,767 companies and 4,209 consumer brands from 71 countries and regions.
Event highlights included 52 intended cooperation agreements valued at about 92 billion yuan (roughly $12.6 billion), according to Zeng Rong, chief economist at the Hainan provincial bureau of international economic development. This milestone underlines China's growing appeal as a consumption powerhouse amid global economic uncertainty.
Debuting national pavilions from Slovakia, Singapore, Brazil, Armenia and Kazakhstan added fresh diversity to the expo. The United Kingdom, as guest of honor, doubled its footprint to over 1,300 square meters – showcasing 53 brands spanning fashion, beauty, homeware, health and jewelry.
More than 60,000 professional buyers attended – a 10 percent jump from last year – further boosted by the Ministry of Commerce's 'Shopping in China' campaign. A dedicated exhibition space fostered new ties between foreign trade firms and domestic purchasers, pushing the agenda for expanded domestic consumption.
Launched under the 2020 Hainan Free Trade Port master plan, CICPE has become a key pillar in the island's journey to become a global tourism and consumption hub.
Kuang Xianming, vice president of the China Institute for Reform and Development, said that expanding domestic consumption is not only key to high-quality development but also a strategic move amid global economic uncertainties.
China's consumer market is not just growing in size – it is transforming structurally. In 2024, per capita spending topped 28,000 yuan (about $3,830), up 5.1 percent, while total retail sales hit 48.8 trillion yuan. Services now promise to be the next frontier, with projections showing they could account for over 50 percent of total consumption by 2030.
For global brands eyeing new opportunities, the service-driven shift spells a world of possibilities. As Hainan gears up for the 6th CICPE, hundreds of companies have already signed on, ready to tap into China's next wave of consumer growth.
Reference(s):
cgtn.com
