iSuite Insights Spotlight – Issue #5 Tapping into the Emerging Trend of Chinese Metaverse Fashion Through iAudience

Double 11 is one of the most significant and iconic online shopping events in China, characterized by substantial discount offers and massive consumer spending. The best price guarantee is one of the notable trends of this year’s Double 11, which aims to offer lower prices and faster delivery to boost sales among sophisticated Chinese consumers.

The Chinese spirits market is rapidly growing and transforming, primarily due to the increasing demand for premium and luxury spirits among young Chinese consumers. This shift in consumer preferences, moving away from traditional spirits to premium whiskies, has created opportunities for premium whisky brands in a market that was once dominated by baijiu. According to Statista, the revenue in the whisky market is projected to reach 1.16 billion USD in 2023, with an expected annual growth rate of 2.09% from 2023 to 2027.

The Chinese luxury watches market is a dynamic and booming market. Chinese consumers are increasingly attracted to luxury watches because of the prestige and status associated with them. According to Statista, the revenue in the Chinese luxury watches segment amounts to 10.89 billion USD in 2023, and the market is expected to grow annually by 1.96%. Most revenue will be generated in the Chinese market. International brands are focusing on providing the highest quality watches to increase the sophisticated Chinese consumer base.

Xiaohongshu (XHS), China's leading social commerce platform dedicated to enriching lives, has transformed into a vibrant #community where users enthusiastically share insights about fashion, beauty, food, travel, and more. Seamlessly integrating content, community, and ecommerce, XHS stands as the ultimate destination for Chinese consumers.

The 618 Shopping Festival, originating from the Chinese e-commerce giant Taobao, has evolved into a massive shopping extravaganza in the Chinese e-commerce market. Today, it includes many other prominent platforms like Alibaba's Tmall, Douyin, and Xiaohongshu, magnifying its reach and impact.

The Chinese Labor Day Holiday is an exciting time for the tourism market. The 2023 Labor Day Holiday is the first "Golden Week" holiday since lifting travel restrictions. It showcased a remarkable surge in outbound travel, with spending surpassing pre-pandemic levels. Data from Ctrip shows that overall outbound travel booking volume climbed by about 700% compared to the same period in the previous year, with outbound air ticket and hotel booking volume jumping by almost 900% and 450%, respectively, compared to the same period in 2022.

China is one of the largest travel and tourism markets in the world. Despite the challenges posed by the pandemic, the outlook for Chinese outbound tourism remains optimistic, with a strong rebound expected in the coming years. According to the forecast of China Outbound Tourism Research Institute, the number of outbound trips is expected to reach 115 million by the end of 2023, showing a strong desire for overseas travel.

China has eased its zero-COVID policy and reopened its borders to tourists after three years of COVID-19 closure. The border reopening is a significant step towards economic recovery and the resumption of cross-border activities. According to travel platform Trip.com, outbound travel orders surged 640 percent YoY over the Chinese New Year holiday, while Chinese mainland tourists' bookings for overseas hotels and international flight tickets both soared more than four times over the same period of last year.